The ASX broke its winning streak on Monday (19 August) morning as reporting season continues and investors keep a close eye on the major retailers.
The S&P/ASX 200 slipped 6.60 points to 7,964.50 points at 10:30am AEST.
Sectors are mixed, with eight of 11 lower today. Information Technology is the best performing sector, gaining 0.09% and 6.12% for the past five days.
The top movers were dominated by gold stocks Ramelius Resources (ASX:RMS), De Grey Mining (ASX:DEG), Red 5 (ASX:RED) and Emerald Resources (ASX:EMR). Ramelius climbed 4.39%, De Grey moved up 3.67%, Red 5 gained 3.57% and Emerald advanced 3.39%.
Fellow gold producer Regis Resources (ASX:RGL), however, was on the opposite end of the scale, dipping 3.94% in early trade.
Over the last five days, the index has gained 2.40% and is currently 2.26% off of its 52-week high.
Gold stocks were likely in the spotlight after the precious metal punched above US$2,500 ($3,747) an ounce, in line with Saxo Bank’s prediction last week.
It is currently fetching around US$2,518.81 an ounce, according to ABC Bullion, which is an all-time high for the safe haven metal.
At the same time iron ore continues to slip and is now sitting around US$97.81 per tonne, according to Trading Economics data. The decline is driven by China’s cooling property market
The ABC reports a continued slide could wipe out $3 billion in revenue for the Australian Government which would push the budget further into deficit in the current financial year.
The gold momentum continues ahead of the Australian Gold Conference being held at the Crown Towers in Sydney from 26-28 August 2024.
The event will be focusing on the role gold has to play in protecting purchasing power.
Attendees can take part in a free special event on Monday 26 August aimed at introducing Australians to the potential of investing in gold beyond traditional avenues, focusing on the shift from culturally influenced jewellery to modern bullion, shares and digital gold products.
Mining.com.au is a media partner of this year’s event. To register click here.
Write to Angela East at Mining.com.au
Images: ASX and Stock
