Gold miners slip on lower haven demand amid Israel-Iran ceasefire, Federal Reserve uncertainty
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The news: Shares in ASX-listed gold miners are slipping amid lower haven demand after conflict between Israel and Iran subsided and US Federal Reserve chair Jerome Powell said the inflation impact of tariffs is still unclear.
The numbers: Evolution Mining was one of the biggest losers on the ASX 200 at 12:16pm AEST, seeing a share price fall of 2.6% to $7.41. Meanwhile, Northern Star Resources shares had slipped 2.5% to $18.79 and Regis Resources shares had fallen 2% to $4.47.
The spot price of gold had slipped 0.01% to USD3,332.09 ($5110.69) per ounce, which is 1% lower than at the start of the week.
The context: Haven demand fell sharply earlier in the week as a ceasefire between Israel and Iran appeared to hold.
Prices have since steadied as investors wait on signs that the conflict won’t reignite and for clarity on the US Federal Reserve’s rate cut plan.
US President Donald Trump is reportedly considering replacing Powell as he remains frustrated by the lack of interest rate cuts.
The source: Bloomberg
