CAPITAL MARKETS

Gold forms 'death cross'

Downward trend continues

Staff reporter
 Gold major Newmont is boosting its dividend but closed lower in New York

Gold major Newmont is boosting its dividend but closed lower in New York

The pattern indicated further losses could be on the horizon, Bloomberg said, adding a stronger dollar and better-than-expected US economic data had diminished the appeal of the metal as a haven.

Comex gold for April delivery was down around US$1,775 an ounce and the price was similar on the spot market at the time of writing.

Meanwhile gold major Newmont has announced it would increase its quarterly dividend by 38%, ahead of releasing its full-year results later today.

It closed down 1.4% in New York.

Other miners set to announce 2020 results today include Barrick Gold, Sibanye-Stillwater and Gold Fields.

Barrick closed 4% lower in Toronto and Gold Fields (JSE: GFI) lost 3.48% in South Africa, while Sibanye-Stillwater (JSE: SSW) gained 0.59%.

Copper producer Antofagasta was a standout in London, rising 4.8%, and Freeport-McMoRan rose 3.8% in New York.

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