Australian gold sector firing at just the right time
It’s been a challenging few years for gold miners in Australia but the group now looks poised to capitalise on record prices.
Gold prices were modestly lower Wednesday morning after weaker-than-expected US jobs data fuelled expectations that Friday’s payrolls report will fall short of forecasts, forcing the Fed to review the timing and pace of interest-rate hikes.
Spot gold was last trading at $1,285.51 an ounce, little changed from $1,285.60 late on Tuesday.
Courtesy of Kitco Charts.
It had fallen as low as $1,274.79 an ounce earlier in the day after a push to 15-month highs above $1,300 on Monday, fuelled by a weaker dollar, wore down.
June Comex gold futures were last down $1.50 an ounce at $1,290.40. July Comex silver was last down $0.039 at $17.46 an ounce.
Despite the ups and downs, the precious metal has gained 21% in 2016 after three years of losses, since investors have returned to haven assets amid concerns that a deteriorating global economy may delay the end of low borrowing costs in the US.
