{"id":1592,"date":"2023-11-17T02:29:29","date_gmt":"2023-11-17T02:29:29","guid":{"rendered":"https:\/\/economicherald.net\/?p=1592"},"modified":"2023-11-20T15:37:27","modified_gmt":"2023-11-20T15:37:27","slug":"ground-breakers-gold-miners-run-as-us-economic-data-gets-rally-back-on-track","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=1592","title":{"rendered":"Ground Breakers: Gold miners run as US economic data gets rally back on track"},"content":{"rendered":"

US jobs data and bullishness on bullion lead gold miners higher
\nASX gold sub-index up 2.6% in early trade to take materials sector to 0.3% gain before lunch on Friday<\/p>\n

Gold miners are on the run and major European bank Societe Generale has tipped prices rising to US$2200\/oz <\/a>from the second quarter of next year after lower than expected US inflation data brought prices back into positive territory this week.<\/p>\n

The ASX gold sub-index was up around 2.6% this morning, taking the top gold producers on the Australian bourse to a near 2% gain for the week.<\/p>\n

The cohort is up 13.67% year to date and 21.32% over the past 12 months, but still well below the highs seen in August 2020 despite the relative strength of the price of bullion.<\/p>\n

The yellow metal\u2019s capacity to balance against geopolitical drama has been brought to the fore since Israel\u2019s campaign against Hamas in Gaza began after the events of October 7.<\/p>\n

Prices lifted 1.1% last night in the US to US$1983\/oz after initial US jobless claims hit a 12-week high of 231,000, following the release of inflation data earlier this week which provided hope interest rates could be pulled back by the US Fed.<\/p>\n

Higher interest rates tend to be negative for gold, because it does not accrue interest, driving investors to interest bearing investments like cash and bonds.<\/p>\n

That also means gold tends to fair poorly when the US dollar is rising, as do a range of industrial metals which are traded internationally in US dollars.<\/p>\n

Fitch research unit BMI said it expected gold prices to remain elevated despite a cooling in the safe haven effect of the Middle East conflict in the past week.<\/p>\n

\u201cWe remain neutral towards gold prices for 2023, expecting prices to average USD1,950\/oz. In the longer term, we expect prices to be supported by a gradual weakening of the US dollar and US treasury yields,\u201d its analysts said.<\/p>\n

\u201cBeyond 2023, while we expect significant price volatility, we expect gold prices to remain elevated in the coming years compared to pre-Covid levels.\u201d<\/p>\n

\u00a0<\/p>\n

And on the markets<\/h2>\n

All the big gold miners were in positive territory this morning, with Northern Star (ASX:NST)<\/a> up 3.62% early doors.<\/p>\n

Evolution (ASX:EVN)<\/a> ran 4.44% higher and is now up some 23% YTD, with Regis (ASX:RRL)<\/a>, De Grey (ASX:DEG)<\/a>, Perseus (ASX:PRU)<\/a>, Ramelius (ASX:RMS)<\/a>, Westgold (ASX:WGX)<\/a>, Gold Road (ASX:GOR)<\/a> and Capricorn (ASX:CMM)<\/a> all up between 2% and 5%.<\/p>\n

That compared to stagnant prices for the major iron ore miners and largely negative movements for the lithium crowd, with Allkem (ASX:AKE)<\/a> down 3.65% and Pilbara Minerals (ASX:PLS)<\/a> off 1.12%.<\/p>\n

The materials sector rose 0.3%, largely led by the gold space.<\/p>\n

\u00a0<\/p>\n

Gold miners share prices today<\/h2>\n\n

<\/span>\u00a0
\n<\/span><\/p>\n

The post Ground Breakers: Gold miners run as US economic data gets rally back on track<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

US jobs data and bullishness on bullion lead gold miners higher ASX gold sub-index up 2.6% in early trade to take materials sector to 0.3% [more…]<\/a><\/p>\n","protected":false},"author":1,"featured_media":1593,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1592","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\nGround Breakers: Gold miners run as US economic data gets rally back on track - Economic Herald<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/economicherald.net\/?p=1592\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ground Breakers: Gold miners run as US economic data gets rally back on track - 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