CAPITAL MARKETS

Markets in need of some charge

Positive US economic data continues to hit gold price

Staff reporter

This article is 7 years old. Images might not display.

Gold was off the boil, too, with investors continuing to shift money away from the yellow metal to the greenback after positive economic news from the US earlier in the week.

On Wednesday, the US government posted GDP data for the September quarter, which showed the economy expanded 3.3% compared with the previous year. This was the country's biggest annual GDP jump since 2014.

The gold price was down around US$1,275 per ounce early London time, compared with $1,294/oz at midday on Wednesday.

Unsurprisingly, bullion price falls fed through to the equities, with Barrick Gold (US:ABX) down 1.78% in New York and Newcrest Mining (AU:NCM) off 0.43% in Australia.

Speaking of Australia, there was some positive news out of power-starved South Australia on Friday, with news the giant lithium-ion battery Tesla had built and installed in 60 days had gone live.

The 100MW battery, made up of Tesla PowerWall 2 batteries, is capable of powering about 30,000 homes for a little over an hour. It actually started dispatching stored wind power into the grid a day ahead of its scheduled start on Friday.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

Mining Journal Intelligence World Risk Report 2024 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 117 jurisdictions globally, assessed across six risk categories and an industrywide survey.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.