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Gold equities provide bright spot

Posted by: Admin | Posted on: November 28th, 2017 | 0 Comments

Miners were among the biggest declining stocks in the SP/ASX200, with graphite producer Syrah Resources (AU:SYR) following yesterday’s drop with a further 3.9% fall, nickel miner Western Areas (AU:WSA) dropping 3.1% and iron ore producer Fortescue Metals Group (AU:FMG) falling 2.9%.

The gold price has held above US$1,290 an ounce on the spot market, trading at $1,293.70/oz earlier today, and Australian gold miner Newcrest Mining (AU:NCM) gained 1.7%.

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Among the North American gold majors, Newmont Mining (US:NEM) and Agnico Eagle (CN:AEM), which is celebrating its 60th this year, both gained around 1.2% yesterday.

In Toronto, Barrick Gold (CN:ABX) closed up just over 1% yesterday despite announcing a fatal accident at its Hemlo mine near Ontario.

The company said a full investigation was underway into the cause of the tragic accident and the 60-year-old survey technician had been a colleague for more than 30 years.

In London, the FTSE 100 had closed lower but in keeping with the golden theme, precious metal miner Randgold Resources managed a slight gain.

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