Gold miners rally ahead of US Fed rate decision
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The news: Gold miners were among the strongest performers across the ASX 200 with six out of 10 gold companies pushing the materials sector higher.
The numbers: Amongst the gold miners, Ramelius Resources (+6.2%), Greatland Resources (+4%), Westgold Resources (+3.9%), Newmont Corporation (+3.9%), Paladin Energy (+3.3%) and Bellevue Gold (+2.9%) all landed in positive territory.
Materials sector (+0.81%) was the best performing sector across the ASX 200 index (-0.17%) as at 12:38pm AEDT.
The context: Gold gained overnight as traders expect a 87.4% chance of a US Federal Reserve rate cut during its upcoming meeting on 10 December, Thursday morning local time.
Spot gold rose 0.11% to USD4,213 ($6,349.33) per ounce as of 12:43pm AEDT. Spot silver climbed 1.31% to USD61.66 per ounce, hitting an all-time high.
The source: Reuters
