CAPITAL MARKETS

Gold miners gain

Gold price rises on trade war fears

Staff reporter
Gold price rises on trade war fears

Gold price rises on trade war fears

The 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.

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.

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