The ASX continued its run down into Tuesday (12 November), with gold miners the biggest losers as the price of the precious metal retreated further.
The S&P/ASX200 slid 33.40 points, or 0.40%, to 8,232.80 points at 10.30am AEDT. Over the last five days, the index has gained 1.24% and is currently 1.81% off its 52-week high.
Eight of the 11 sectors are higher despite the decline in the broader market. However, materials was again in the red with a 1.24% decline and energy edged back 0.14%.
Gold continued to lose ground, sliding to US$2,628 an ounce.
The continued decline in the price of the safehaven metal saw the bottom five dominated by the miners, with Vault Minerals (ASX:VAU) losing 5.63% at $0.335, Newmont (ASX:NEM) down 5.41% to $3.64, Bellevue Gold (ASX:BGL) wiping off 5.30% to $1.34 and Ramelius Resources (ASX:RMS) dropping 5.17% to $2.02.
Uranium producer Paladin Energy (ASX:PDN) was also in the red today with a 24.79% slide to $7.28 after revealing it was expecting lower production from its Langer Heinrich Mine in Namibia. Lower than expected production and ongoing operational challenges have seen Paladin cut its anticipated 2025 production from 4-4.5 million pounds to 3-3.6 million pounds.
Pilbara Minerals (ASX:PLS) was among the gainers, advancing 2.36% to $3.03.
The S&P/ASX200 is Australia’s leading share market index and contains the top 200 ASX-listed companies in terms of market capitalisation, and accounts for about 80% of the country’s equity market. The index is designed to measure the performance of the 200 largest index-eligible stocks listed on the ASX by float-adjusted market capitalisation
It is recognised as the institutional investable benchmark in the country.
Write to Angela East at Mining.com.au
Images: ASX & Stock
