Newmont leads gold rally as prices resume advance
Make us a preferred source
Make us a preferred source on Google
The news: Gold miners rallied on the ASX, after retreating on Wednesday, as spot gold settled near a record high.
The numbers: The world's largest gold miner Newmont led the rally, rising 2.9% by midday AEDT.
Bellevue Gold (2.4%), West African Resources (2.2%), Westgold Resources (1.9%), Perseus Mining (1.8%) and De Grey Mining (1.7%) were also among the top 20 performing companies across the ASX 200 index.
Materials, up 0.94%, was the best performing sector, as the ASX 200 gained 0.39%.
Spot gold was up 0.16% to USD2,908.68 after touching an all-time high of USD2,942.68 on Tuesday.
The context: Gold resumed its weeks-long advance despite an unexpected rise in US inflation, which added to speculation that the Federal Reserve could delay further interest rate cuts.
The precious metal has been spurred this week by a slew of aggressive tariff announcements by US President Donald Trump, pushing investors to turn to the safe haven asset.
The source: Bloomberg
