Gold miners gain
The spot gold price shot up to a five-week high earlier today just above US$1,250 an ounce over trade war concerns, with gold equities benefitting accordingly.
Staff reporter
Gold price rises on trade war fears
26 MARCH 201826/03/2018commentsshareThe gold price has risen about $20/oz since Thursday when US president Donald Trump signed a presidential memorandum that could impose tariffs on Chinese imports, a plan China "firmly opposes".
Gold stocks rose strongly on Friday and in today's trade, with Newmont Mining (US:NEM) finishing up 3.06% in New York on Friday.
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It was a similar tale in London where Randgold Resources (LN:RRS) closed up 2.95%.
In Toronto, the S&P/TSX Composite Index's gold sector rose 3.08%.
The bigger gainers were near-25-year-old miner Kinross Gold (CN:K), up 6.21%, and OceanaGold (CN:OGC), up 5.41%.
West African-focused SEMAFO (CN:SMF), which is aiming to start its second gold mine in Burkina Faso in the third quarter, also posted a strong gain of 5.38%.
In Australian trade today, gold miners were three of the top five gainers on the S&P/ASX200.
Northern Star Resources (AU:NST) rose 2.65% to a fresh all-time high, Resolute Mining (AU:RSG) was up 2.52% and St Barbara (AU:SBM) gained 1.97% to reach its highest point in 10 years.