Gold miners lead ASX losses as commodity price eases from record high
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The news: Gold miners made up all of the top 10 biggest losers on the ASX 200 in morning trade, tracking a decline in the spot price of the commodity overnight.
The spot price retreated from record highs overnight after breaking the USD4,000 ($6,100) per ounce threshold on Wednesday.
The numbers: At 11:10am AEDT, shares in Ramelius Resources had slipped 5.3% to $3.83, leading losses on the ASX 200.
Perseus Mining (-5.2%), Bellevue Gold (-5.2%), Regis Resources (-4.8%), Genesis Minerals (-4.6%), Vault Minerals (-4.5%), Capricorn Metals (-4.4%), Westgold Resources (-4.5%), Emerald Resources (-4.1%) and Northern Star Resources (-3.8%) also fell.
The spot price of gold lifted 0.34% to USD3,990.4 after dropping 1.56% overnight.
The context: The spot price of gold had rallied over the four days to Thursday but has been in overbought territory by some technical measures over the past month.
The safe haven asset has been buoyed this year by geopolitical uncertainty, record prices across major equity market indices, fiscal pressures in the US and US Federal Reserve’s independence.
