Gold miners rally as US tariff uncertainty supports prices
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The news: Australian gold miners rallied as spot prices clawed back some heavy losses from earlier in the week, with uncertainty around US President Donald Trump’s global tariffs lending support to the safe haven metal.
The numbers: Gold stocks West African Resources (2.1%), Regis Resources (1.6%) and Vault Minerals (1.1%) were among the best performers across the ASX 200 index at 11:30am AEST, with materials (0.1%) one of only two sectors in the green.
Spot gold traded at $3,314 an ounce, according to Bloomberg data, after advancing nearly 1% on Thursday.
The context: Gold prices gained after a US federal appeals court temporarily paused a ruling against Trump’s sweeping tariffs, allowing the levies to remain in place while the court considers a longer stay.
The precious metal was also supported by a weakening US dollar and new data that showed the US economy contracted during the first quarter of the year.
The source: Bloomberg
