The gold price is back up above US$2,600 ($3,997) an ounce and the Australian Securities Exchange is marginally higher today (19 November).
CommSec says the surge in the US dollar stalled and heightened uncertainty over the Russia-Ukraine conflict, rekindling demand in the safehaven metal.
The US dollar fell overnight with the Australian dollar moving higher to US$0.6507.
The S&P/ASX200 is up 28 points, or 0.35%, at 8,329.20 points at 10.30am AEDT. Over the last five days, the index has gained 0.89% and is currently 0.66% off of its 52-week high.
Utilities is the best performing sector, gaining 0.22% in early trade and 5.69% over the past five days. Energy rose 0.15%, industrials edged up 0.14%, and materials gained 0.13%.
Gold miners Vault Minerals (ASX:VAU) and Regis Resources (ASX:RRL) were among the top movers, advancing 4.62% to $0.34 and 4.31% to $2.66, respectively.
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: iStock
