CAPITAL MARKETS

Gold rises amid gloom

Saracen among market risers

Staff reporter

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The gloom did push the gold price up on the spot market, with it trading more than US$4 an ounce higher than this time yesterday, close to $1,283/oz.

Australian gold miners benefitted, with Saracen Mineral Holdings (ASX: SAR) the biggest gainer on the S&P/ASX200 at the time of writing, up around 4.7%.

However gold producer Northern Star Resources (ASX: NST) was the exception. The miner was down more than 5.6% after today forecasting higher costs for its Australian and new Alaskan operations.

Precious metals miner Fresnillo (LSE: FRES) had closed 1.83% higher in London yesterday.

In Toronto, metals and mining stocks were down 2.8%.

However gold miner Kirkland Lake (TSX: KL) gained 4.6% and explorer GoldMining (TSX: GOLD) rose 5.75%.

Meanwhile, the US government shutdown continues, concerns remain over US-China relations and Brexit is no closer to being resolved as its March 29 deadline approaches.

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