CAPITAL MARKETS

Gold, Nasdaq gain

Futures were mixed after varied results on markets yesterday, with the Nasdaq again the standout in the US.

Staff reporter
 Centerra Gold started commercial production at Öksüt in Turkey last week

Centerra Gold started commercial production at Öksüt in Turkey last week

The tech-heavy index crossed the 10,000 mark for the first time, Reuters noted, and closed at a fresh record high for the second day in a row, at 9,953.75.

European markets were muted, the S&P 500 finished down 0.78% while Australia's S&P/ASX 200 closed up 2.44%.

The gold price has risen to US$1,715 an ounce on the spot market ahead of the US Federal Reserve's Federal Open Market Committee wrapping up a two-day policy meeting today, with investors awaiting remarks on the state of the economy.

Gold miners enjoyed gains in Toronto, where Barrick Gold (TSX: ABX) rose 3.65% and Centerra Gold (TSX: CG) closed up 5.76% after the producer was upgraded to outperform by CIBC Equity Research.

PolyMet Mining (TSX: POM) shot to a one-year high intraday of C$1.30 on no news, before closing up almost 74% to 66c.

Its last update on May 7 said it had received favourable decisions in six court cases challenging approvals for its NorthMet copper-nickel-precious metals project in Minnesota, with five still pending.

Elsewhere, precious metals producer Fresnillo (LSE: FRES) rose 3.83% in London.

Freeport-McMoRan (NYSE: FCX) finished up just 0.18% despite the copper price strengthening.

SHFE copper touched 46,400 yuan yesterday - the highest since February 20, Marex Spectron's Anna Stablum said from the LME desk (Singapore).

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 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.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.