The ASX200 has closed down 0.1% at 8,214 points in a flat day’s trade.
The gold price has rallied and is up more than 0.43% to $US2,645 as investors flock to the safe haven of the precious metal amid rejuvenated concerns about a slowing US economy.
In a note on China, Goldman Sachs says it expects iron ore prices to continue falling unless there is a meaningful uptick in demand. Eyes are now peeled on the Chinese Finance minister in anticipation of further stimulus declarations.
To the sectors, Energy was the best performing sector, up 0.44%, followed by Health Care, up 0.4%.
Real Estate was today’s biggest loser, down 0.3%, followed by Telecommunication and Discretionary – both down 0.2%
In the Green
Genesis Minerals (ASX:GMD) closed up 1.48% on the back of a surging gold price. In the wake of growing volatility and uncertainty, investors are seeking refuge in gold stocks.
Genesis Minerals closed at $2.06.
Nagambie Resources (ASX:NAG) closed up 35.71% on news diamond drilling will resume at its Nagambie mine early next month. The drilling of the shallow high-grade gold-antimony sulphide orebody is timely given the current record prices for gold and antimony.
Nagambie Resources closed at 1.9 cents.
NRW Holdings (ASX:NWH) finished up 0.55% after striking a contract for works with BHP for $109M at the Jimblebar project in WA.
NRW Holdings closed at $3.64.
In the Red
Trigg Mining (ASX:TMG) closed down 11.77% after kicking off maiden exploration at its Achilles project at the Wild Cattle Creek antimony deposit. The deposit is Australia’s highest grade undeveloped antimony project.
Trigg Mining closed at 3 cents.
WAM Research (ASX:WAX) closed down 5.51% as the company went ex-dividend. In August, the company declared a partially franked final dividend of 5 cents per share.
WAM Research closed at $1.11.
Golden Deeps (ASX:GED) finished down 5.88% on assay results revealing thick copper and zinc bearing sulphide drilling intersections, with silver and sold, at its Havilah project in New South Wales.
Golden Deeps closed at 3.2 cents.
Sean BossThe Market Online, Australiahttps://media.hotcopper.com.au/authors/V2-Sean-Boss.jpgsean-boss/1033T18LMqShhttps://s3.ap-southeast-2.amazonaws.com/content.test.hotcopper/embed/bev58n6c6dnsva5n3wbvp5naje/1/large