Gold stocks lead ASX declines as gold retreats from 5-week high
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The news: Gold miners lowered in morning trade on the ASX after gold dipped more than 1% on Thursday.
The numbers: Gold producers made up eight of the 10 worst performing ASX 200 stocks by midday AEDT, with Regis Resources (-4.7%), Bellevue Gold (-4.6%), Ramelius Resources (-4.2%), Emerald Resources (-3.8%), Evolution Mining (-3.5%), Westgold Resources (-3.4%), Vault Minerals (-3.3%) and Gold Road Resources (-2.8%) trading lower.
Materials was the worst performing sector, sinking 1.54% as the ASX 200 shed 0.56%.
Spot gold was roughly flat at USD2,682.46 ($4,213.20) per ounce, after falling 1.2% on Thursday, according to Reuters data.
The context: Gold fell on Thursday after briefly hitting a five-week high earlier in the session. Traders were seen to lock in profits on gold ahead of next week's meeting of the US Federal Reserve, with mounting expectations of a December rate cut.
The source: Reuters
