World gold prices continue to run higher yesterday and last night – topping the $A2,070 an ounce level after another round of solid gains.
That’s the highest ever level for the Aussie dollar price of gold.
The rise in the value of the Aussie dollar from last Wednesday has trimmed that gain – the Aussie is up more than one US cent against the greenback.
The Comex futures price traded over the $US1,430 mark and reached $US1,437 at one stage in afternoon and early evening trading in Europe.
That put the gold futures up more than 10% so far this month with only three trading days to go.
That saw a scattering of solid performances from gold stocks on the ASX – mostly those the current surge had left behind because of weak operational performances (such as St Barbara Mines).
Saracen Mineral Holdings rose 6.1% yesterday to close at $3.85, St Barbara advanced 5.5% to $3.08, Resolute Mining climbed 3.7% to $1.26, Regis Resources shares added 2% at $5.16, Evolution Mining firmed 0.9% to $4.34 and Newcrest Mining added 0.6% to end at $32.30. Northern Star Resources shares fell 0.2% to $11.60.
With the gold price up 10% or so this month, the shares of these leading miners are up from around 8% for St Barbara (because of the company’s current problems) to around 23% for Northern Star, 20% for Saracen and 20% for Newcrest.
