Gold miners gain as prices hit two-week high
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The news: Australian gold miners climbed in early trading on the ASX after gold prices rose overnight.
The numbers: Gold stocks made up seven of the top 10 performing ASX 200 companies at 11am AEDT. Vault Minerals (3.8%), Genesis Minerals (3.6%), Gold Road Resources (3.4%), Westgold Resources (2.9%), Newmont Corporation (2.9%), Perseus Mining (2.7%), and West African Resources (2.6%) were the biggest movers.
The spot gold price rose above USD2,660 ($4,288) after hitting a two-week high in early trading.
The context: Spot gold jumped 27% in 2024, marking its best year since 2010. Continued geopolitical tensions and a series of outsized rate cuts by the US Federal Reserve helped boost the safe-haven metal.
The source: FXStreet
