Gold miners rally as trade tensions push bullion prices higher
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The news: Australian gold miners advanced on Monday as demand for the safe haven metal was spurred by escalating trade tensions between the US and China, as well as strikes exchanged between Russia and Ukraine ahead of peace talks this week.
The numbers: Four gold stocks — Ramelius Resources (3.3%), Evolution Mining (2.9%), Regis Resources (2.9%) and Vault Minerals (2.9%) — were among the top 10 performing ASX 200 companies at 2:15pm AEST.
Spot gold was last up 0.67% to USD3,311 per ounce, according to Bloomberg data.
The context: Gold prices climbed as Russia and Ukraine exchanged attacks on Sunday, heightening tensions on the eve of US-backed bilateral peace talks in Istanbul.
US President Donald Trump also reignited uncertainty regarding the direction of his global tariffs policy, vowing to double import duties on steel and aluminium to 50% and accusing China of breaking a trade agreement reached last month.
Bullion is still up more than a quarter since the turn of the year, with the fallout from Trump's sweeping tariffs and ongoing wars in Ukraine and Gaza supporting prices.
The source: ASX
