Gold miners top ASX losses as haven-demand falls amid US tariff delay
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The news: Gold miners were among the biggest ASX 200 losers in morning trading, tracking an overnight decline in haven-demand driven by trade war relief after the US government delayed the commencement of its global tariff regime initially announced in April.
The numbers: At 11:03am, six of the top 10 worst performers on the ASX 200 were gold miners. Evolution Mining faced the biggest decline among them, its shares having slipped 8% to $7.22.
It was followed by Capricorn Metals (down 5.7% to $9.10), Genesis Minerals (down 5.6% to $4.04), Ramelius Resources (down 5.5% to $2.33), Westgold Resources (down 5.3% to $2.7) and Bellevue Gold (down 5.2% to $0.92).
The spot price of gold slipped 1% in the previous trading session.
The context: First announced in April, US President Donald Trump’s Liberation Day tariffs were initially delayed to 9 July but have again been pushed back to 1 August. This was confirmed in a series of letters outlining tariff rates on several countries earlier in the week.
Despite the reprieve from the blanket tariffs, Trump also announced overnight that the US intends to introduce a 200% tariff on pharmaceuticals and a 50% tariff on copper, which could renew haven-demand.
The source: Bloomberg
