Gold Road leads gold selloff after Trump tariff comments
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The news: Gold stocks lowered on the ASX after US President Donald Trump said he would impose tariffs on steel, aluminium and copper imports, boosting the US dollar but sending spot gold tumbling.
The numbers: Gold Road Resources (-4.7%) led the selloff, after the miner guided higher-than-expected production costs for 2025.
Vault Minerals (-4.1%), Westgold Resources (-3.2%) and Genesis Minerals (-2.9%) were the next worst hit among ASX 200 gold miners.
The context: Spot gold traded near USD2,740 ($4,384) an ounce after Trump's latest announcement on tariffs, weighing on gold which typically has a reverse relationship with the direction of the US dollar.
Investors are also monitoring the fallout from Wall Street following concerns over Chinese startup DeepSeek’s cost-effective AI model, with traders selling gold to cover losses in equities.
The source: Bloomberg
