Gold miners gain as haven demand lifts on US tariff concerns
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The news: Gold miners were among the biggest winners on the ASX 200 in afternoon trade as they tracked a spike in gold prices overnight amid a reinvigoration of global trade tensions after the White House said US President Donald Trump may issue more unilateral tariff letters before 1 August.
The numbers: At 1:20pm AEST, gold miners made up seven of the top 10 gainers on the ASX 200. They were led by West African Resources, which saw its share price lift by 9% to $2.41.
This was followed by Ramelius Resources, which saw its share price lift 7.11% to $2.64, Genesis Minerals, which had increased by 6.46% to $4.12, and Vault Minerals, which was up 6.33% to $0.42.
The spot price of gold ticked down 0.19% to USD3,390.50 ($5,200.18) after it ticked up 1.4% in the previous session.
The context: As White House Press Secretary Karoline Leavitt made comments on the potential for more tariffs before the 1 August commencement date for Trump’s global tariff regime on Monday, the US dollar faced its biggest decline in almost a month helping make gold cheaper.
Investors were also considering the outlook for the US Federal Reserve’s interest-rate path ahead of its decision early on 31 July (AEST).
The source: Bloomberg
