Gold miners lead ASX 200 losses as spot price tracks down
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The news: Gold miners made up most of the biggest losers on the ASX 200 in morning trade as the spot price of gold tracked down from the previous session.
The numbers: At 10:57am AEST, Evolution Mining shares had slipped 6.9% to $9.22 each, leading losses on the ASX 200. The materials sector fell by about 0.8% as eight gold miners made up the top 10 biggest losers.
Meanwhile, shares in Regis Resources (-6.6%), Emerald Resources (-5.3%), Capricorn metals (-4.4%), Bellevue Gold (-3.9%), Genesis Minerals (-3.7%), Vault Minerals (-3.4%) and Westgold Resources (-3.2%) also fell.
The context: Gold remains near record highs, having surged past USD3,600 per ounce for the first time last Monday. Gold miners had jumped last week, tracking the spot price.
Gold is holding its gains ahead of the US Federal Reserve’s next interest rate decision early on Thursday morning (AEST), with markets expecting the first US interest rate cut of the year of 25 basis points to 4%.
The source: Reuters
