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MARKET WRAP: JSE lower as gold miners have their worst day in four years

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Gold miners slump 9% as global sentiment improves a little on the news that the US will delay the imposition of some tariffs on China

Gold miners slumped on Tuesday as global risk appetite improved on news that the US will lift some tariffs on Chinese goods, easing concerns that global growth will continue to be affected by the dispute.

Local gold miners slumped 8.98%, but are still up 12.4% so far in August and almost 68% in 2019. Tuesday was the worst day for local gold miners since August 25 2015. Both the sector and the price of the metal Shortly after the JSE closed, gold was down 0.45% to $1,504.21/oz and platinum 0.41% to $854.42, while Brent crude had jumped 3.52%to $60.54 a barrel.

Flights to Hong Kong have been cancelled due to ongoing pro-democracy protests, ignited by a contentious extradition treaty to China, while Italy looks set for fresh elections amid a seemingly imminent collapse of that country’s coalition government.

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