Gold stocks lead ASX declines as spot price edges down
Make us a preferred source
Make us a preferred source on Google
The news: Gold miners led declines on the ASX as spot bullion edged lower.
The numbers: Gold stocks made up six of the worst 10 performing companies across the ASX 200 by 2:45pm AEST.
Emerald Resources (-4%), Genesis Minerals (-4%), West African Resources (-3.6%), Ramelius Resources (-3.1%), Newmont Corporation (-2.8%) and Perseus Mining (-2.6%) were all trading lower, while the materials sector added 1.95%, buoyed by a rally from iron ore miners.
Spot gold fell USD3.81 ($5.50), or 0.14%, to USD2,654.43 per ounce, according to Bloomberg data.
The context: Gold miners were among a surge in commodities stocks last week, boosted by China’s slate of new growth policy measures. It extended gains made a few days earlier, when US Federal Reserve's interest rate cut helped gold prices move higher.
The source: Bloomberg
