Gold miners lead ASX losses as spot price retreat enters second day
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The news: Gold miners were the top 10 biggest losers on the ASX 200 around noon as the spot price of the commodity plunged from record highs.
The numbers: At 12:49pm AEDT, Vault Minerals shares had slipped 11.4% to 67.7 cents, leading losses on the ASX 200.
Genesis Minerals (-10.7%), Ramelius Resources (-10.6%), Bellevue Gold (-10.6%), Regis Resources (-10.4%), Northern Star Resources (-10.3%), Capricorn Metals (-10.2%), Westgold Resources (-10.1%), Newmont Corporation (-9.5%) and Perseus Mining (-9.3%) were also among the biggest losers.
The spot price of gold had slipped 0.57% to USD4,100.98, continuing losses from Tuesday after settling at USD4,356.30 on Monday.
The context: The gold price retreat comes after a ninth straight week of record-breaking gains in the spot price of the commodity. The rally has been underpinned by increased central-bank buying, greater inflows to gold exchange-traded funds and soaring haven-asset demand amid heightened geopolitical and trade tensions.
Investors are also weighing potential progress on a trade deal as US President Donald Trump prepares to meet Chinese President Xi Jinping in South Korea next week.
