Gold mining stocks lift amid gold future gains
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The news: Gold miners were among the biggest gainers on the ASX after gold futures spiked in New York over the London spot price after it was reported that one-kilo gold bars from Switzerland would be subject to the US’ import tariffs.
The numbers: At 3:30pm AEST Westgold Resources was the best performing gold miner on the ASX 200, having experienced a share price lift of 5.52% to $3.06.
Northern Star Resources’ share also lifted 4.26% to $18.13 while Newmont Corporation shares lifted 2.59% to $107.06.
Contracts for December delivery, the most actively traded contract, on the Commodities Exchange Centre in New York, were up 1.1%. Meanwhile, the spot price of gold fell by about 0.3%.
The context: This morning the Financial Times reported that the US Customs Border Protection agency said one-kilo and 100-ounce gold bars should be classified under a customs code subject to tariffs.
US President Donald Trump imposed a 39% baseline tariff of goods from Switzerland on 1 August as a part of his global tariff regime, which came into effect on Thursday. The industry had previously expected one-kilo gold bars to be exempt from the tariffs.
Westgold Resources’ shares was also a top gainer on Thursday after the gold miner provided a production guidance range for the 2026 financial year that was higher than actual output in FY25.
The sources: Financial Times, Bloomberg, Reuters
