Gold miners lead gains on spot price spike after weak US jobs data
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The news: Gold miners are among the biggest gainers on the ASX 200 after the spot price of the commodity surged in a previous session in the wake of weak jobs data in the US and as President Donald Trump finalised his global tariff regime.
The numbers: At 11:55am AEST, the top 10 best performers on the ASX 200 were gold miners. Bellevue Gold led the way as its shares rallied 7.5% to 83.2 cents.
This was followed by Northern Star (+6.2%), Vault Minerals (+6.1%), Genesis Minerals (+5.2%) and Ramelius Resources (+4.6%).
During the previous session, the spot price of gold lifted 2.2% to USD3,363.48 ($5,187.59). On Monday, while the spot price retained most of its gains, it was down 0.33%.
The context: On Friday, the US Bureau of Labor statistics reported that a lower-than-expected 73,000 jobs were added to the economy in July while non-farm payroll gains were also revised down by 258,000 from initial estimates.
Trump claimed the numbers were rigged to make him look bad and ordered Commissioner Erika McEntarfer be sacked.
The US president also signed an executive order cementing a global minimum tariff of 10% alongside a slew of high country-specific tariffs, the highest since the 1930s.
