Gold, gold miners slip as safe-haven assets under pressure

|About: Gold Fields Limited (GFI)|By:, SA News Editor

Gold prices are solidly lower as risk appetite is upbeat to start the trading week; Comex gold -1% to $1,507.40/oz, silver -1.1% to $16.92/oz.

Safe-haven assets are under pressure following reports over the weekend that China plans to further stimulate its economy with interest rate reforms, combined with news late last week that the European Central Bank plans further monetary policy stimulus in September.

“The rally in bond markets seems to have paused at least for now and we’ve seen some additional gains in stocks over the weekend, so a bit of a more optimistic start to the week is helping to attract profit taking in gold,” says Saxo Bank commodity strategist Ole Hansen.

Among pre-market movers: GFI -4.3%, IAG -4.2%,FSM -4.1%, AU -3.6%, SAND -3.2%, KGC -2.9%, SBGL -2.7%, GOLD -2%, AEM -2%, PAAS -1.8%, AUY -1.5%.

ETFs: GLD, GDX, NUGT, GDXJ, JNUG, GGN, DUST, IAU, PHYS, JDST, SGOL, GOEX, UGLD, SGDM, UGL, DGP, GLL, ASA, GLDI, OUNZ, RING, DZZ, SGDJ, DGL, DGLD, DGZ, GOAU, GDXX, BAR

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