The Dow Jones industrial average climbed 315.01 points, or 3%, to 10,932.33, late in the report period ended Nov. 16, spurred by an interest rate hike by the U.S. Federal Reserve.
The rate hike helped buoy the gold price, which rose slightly to US$294.70 on the Comex division of the New York Mercantile Exchange. Newmont Mining responded well, picking up $1.13 to close at US$22.75 for the week; South Africa’s Anglogold lost 25 cents to close at US$28.44; while Ashanti Goldfields slid another 12 cents to US$3.69, still smarting from its hedging fiasco. Nasdaq-listed Durban Roodepoort Deeps rose 18% to US$1.81, up 28 cents, while Peru’s Buenaventura inched up 13 cents to US$15.75.
Australia’s Broken Hill Proprietary charged up $2.63 to US$23.25, as copper prices edged downward to US78 cents per lb. on the Comex. Phelps Dodge tacked on 56 cents to close at US$55.81, though Southern Peru Copper fell 50 cents to US$15.88.
Class A and B shares of Freeport-McMoRan Copper & Gold picked up 81 cents and 69 cents, respectively, to close at US$15.69 and US$17.75. Rio Tinto rocketed up $7 to US$74 on the strength in European resource stocks.
Nasdaq-listed De Beers Consolidated Mines dropped 60 cents to US$25.59, while platinum producer Stillwater Mining picked up $1.38 to close at US$22.88. Apex Silver Mines slipped 19 cents to US$11.75.
Among the juniors, Royal Gold dipped 24 cents to US$4.88, while Chief Consolidated Mining was off 19 cents to close at US$3.
Nord Resources lost 3 cents to close at US25 cents after learning it would be delisted from the New York Stock Exchange.
Be the first to comment on "MINING MARKETS & INVESTMENT NEWS — U.S. MARKETS — Gold lifted by rate hike"