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Gold stocks lose their luster

Gold stocks lose their luster

Gold stocks retreated in this morning’s trades as the spot price of dipped after reaching a new record of $1,070 an ounce. Analysts are suggesting the commodity may have a difficulty breaking through the $1,070 barrier, although continuing weakness in the dollar is likely to drive demand.

At 11:15am, Lihir Gold (ASX:LGL) had slipped 2.7% from yesterday’s close to $3.24 and Newcrest Mining (ASX:NCM) had dropped 1.4% to $36.58. Newmont Mining (ASX:NEM) dropped 9c to $5.28. The three bucked the overall positive trend for the ASX200 which was up 1.2%.

BHP Billiton was up 56c to $38.96 and Rio Tinto was up $1.70 to $64.95 – a rise of 2.7%.

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Tags BHP Billitonrio tintogoldLihir GoldNewcrest MiningCommodities

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