Gold miners slide despite prices holding two-day climb
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The news: Gold miners led losses across the ASX 200, even as spot prices held a two-day rise, spurred by increased uncertainty over US tariffs.
The numbers: Genesis Minerals (-3.6%) was the hardest hit by the selloff at 12:45pm AEST. West African Resources, Emerald Resources, Northern Star Resources and Bellevue Gold each lost between 2.6% and 2.8%.
Spot gold was last up 0.28% at USD3,333 per ounce.
However, investors poured into the resources sector with iron ore miners and rare earth miners rallying strongly. The materials sector was the best performing (+2.05%) and only sector in green.
The context: Gold has rallied over the past two sessions as uncertainty over US tariffs pushed investors towards the safe-haven metal.
US President Donald Trump announced a slate of new duties this week, including a 50% tariff on copper imports, and signalled hefty levies on imports from Brazil and Canada.
The source: Bloomberg
