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Papua New Guinea

Base, precious metals all up

A lack of progress in the US-China trade stoush and an escalation of protests in Hong Kong saw US stocks fall over 1.2% and supported gold.

Gold futures rose to almost $1522 an ounce on Tuesday after peaking at $1521.50/oz . Spot gold was at $1510/oz.

ABM Amro said that it remained positive on gold in the longer-term but expected a short-term correction. Its year-end forecast is $1400/oz, but its end of 2020 forecast has jumped by $100/oz to $1600/oz.

Silver rose back through $17/oz. In base metals, zinc was up 2% to $2269.25 per tonne, while nickel gained 1.1% to $15,680/t.

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