Gold miners up Down Under

The US gold price was lower ahead of a two-day Federal Reserve Federal Open Market Committee meeting starting today, the first to be chaired by Jerome Powell and widely tipped to end with a rise in interest rates.

Staff reporter

Northern Star gains

The spot price was down slightly to around US$1,316 an ounce earlier today, however Australian gold miners were happy with the local price above A$1,707/oz, its highest point since mid-November.

Accordingly, gold producer Evolution Mining (AU:EVN) hit a 52-week high intraday before closing up 3.4%, as did Northern Star Resources (AU:NST) before finishing up 1.36%.

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Newcrest Mining (AU:NCM) didn't fare as well, closing down 0.96%, however it was in a better position than diversified majors, who were out of favour as copper, nickel and iron ore fell on the London Metal Exchange yesterday.

BHP (AU:BHP) was down 1.9% in Australian trade today, following heavy losses by London-listed diversifieds Glencore (LN:GLEN) and Rio Tinto (LN:RIO) yesterday of 4.2% and 3.3% respectively.

Novagold Resources (CN:NG) provided a bright spot in Toronto, gaining 7.84% on no news.