Gold miners were feeling the pinch of Donald Trump winning the US presidential election, as prices of the precious metal continued to retreat.
Since late October, the price of gold has dropped almost 5% from nearly US$2,800 ($4,228) an ounce to US$2,664 an ounce as of late yesterday.
The S&P/ASX 200 fluctuated between the positive and negative yesterday (7 November), spending the earlier part of the day in the red before ending the trading session up 26.80 points, or 0.33%, at 8,226.30 points.
Over the last five days, the S&P/ASX 200 has gained 0.81% and is currently 1.89% off its 52-week high.
Five of the 11 sectors ended in the green, with energy the best performing sector with a one-day gain of 1.90% and a five-day advance of 0.54%. Meanwhile, industrials rose 0.75% and materials edged up 0.23%.
However, four of the bottom five were gold miners. Westgold Resources (ASX:WGX) dropped 8.39% to $2.84, Bellevue Gold (ASX:BGL) slipped 7.67% to $1.39, Perseus Minerals (ASX:PRU) retreated 6.94% to $2.55 and Vault Minerals (ASX:VAU) closed down 6.67% to $0.35.
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
