Perseus, Newmont lead gold rally ahead of fresh US tariffs
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The news: Shares in Australian gold miners climbed as uncertainty around impending new US tariffs helped drive up global bullion prices.
The numbers: Perseus Mining (3.1%), Newmont (2.6%), West African Resources (2.2%) and De Grey Mining (2.3%) led the rally, lifting the materials sector 1.5% at 3:15pm AEDT, as the ASX 200 index rose 0.6%.
Spot gold was up 0.2% to USD2,864.29 ($4,604.45) per ounce, according to Bloomberg data.
The context: Bullion reignited its advance since the turn of the year, having recorded its first weekly loss of 2025 last week. New US tariffs on Canada, Mexico and China, which are due to take effect from Tuesday, have increased uncertainty in the US economy, boosting the safe haven appeal of gold.
Heightened expectations for a further interest rate cut from the US Federal Reserve are also likely to push investors towards gold as a non-yielding asset.
The source: Bloomberg
