Gold miners rally as spot price holds record gains
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The news: Gold miners were leading gains on the ASX 200 in morning trade as the spot price of the commodity remained near a record high, building on a fifth weekly advance.
The numbers: At 11:18am AEST, nine of the top 10 biggest gainers were gold miners. The gold mining rally was led by Genesis Minerals, which saw its share price lift 12.5% to $5.68.
Other gainers include Greatland Resources (+11.1%), Regis Resources (+9.8%), Perseus Mining (+8.6%), Bellevue Gold (+8.5%), Northern Star (+7.4%), Westgold Resources (+7.1%), Catalyst Metals (+6.5%) and Evolution Mining (+6.4%).
The spot price of gold had lifted 0.23% to USD3,693.82 ($5,610.55) per ounce after it posted gains in the previous session.
The context: Last week, the spot price of gold lifted in response to the US Federal Reserve’s first interest rate cut of the year before easing as chair Jerome Powell dampened expectations of rapid rate cuts. However, traders have still priced in almost two further rate cuts this year.
Investors will be looking to the release of US personal consumption expenditure data, the Federal Reserve’s preferred inflation metric, for further information on the potential rates cut pathway.
The source: Bloomberg
