Gold miners gain as US tariffs, inflation data lift prices
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The news: Bellevue Gold and Capricorn Metals led a rally by gold producers in morning trade as spot gold prices continued their recent rise, driven up by tariff uncertainty and cooler inflation data in the US.
The numbers: Bellevue (6.5%) and Capricorn (5.2%) were the top two performing stocks across the ASX 200 index at midday AEDT. Westgold Resources (4.3%), West African Resources (3.8%) and Vault Minerals (3.6%) also saw significant gains.
Spot gold was up 0.2% to USD2,939.83, according to Bloomberg data.
The context: Gold miners have been among the main beneficiaries of recent trade uncertainty, with investors increasingly turning to the precious metal as a safe haven amid aggressive tariffs from the new US administration.
Elsewhere, new US inflation data overnight lifted expectations for further interest rate cuts by the US Federal Reserve, with non-yielding gold typically thriving in a low interest environment.
Meanwhile, Capricorn's shares climbed this morning after the gold miner announced the acquisition of the Kings Find project tenement, expanding its Mount Gibson gold project in Western Australia.
The source: Reuters
