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%.

Join the CIO Australia group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.

Join the newsletter!

Error: Please check your email address.

Tags CommoditiesLihir Goldrio tintoBHP BillitongoldNewcrest Mining

Show Comments

Market Place