WEEKLY GOLDEN TIDBITS

Top Five Market Moments

1. SSR Mining’s Share Price Decline:

SSR Mining (ASX: SSR) experienced a 15% decline in its share price to $18.30, attributed to a disappointing quarterly update where the company reported a decrease in profits​.

2. Evolution Mining’s Share Performance:

Evolution Mining (ASX: EVN) shares rose by 1.1% during lunch hour trading on Thursday trading at $3.63 per share. This rise came despite a wider market sell-off with the ASX 200 down by 1.2%​.

3. Trading Halt by De Grey Mining:

De Grey Mining (ASX: DEG) requested a trading halt on one of the trading days within the specified period to undertake capital raising activities​.

4. Top Performing ASX Miners in October:

Dacian Gold (ASX: DCN) was one of the top-performing ASX resources stocks in October with a return of +167%​.

5. Impact of Gold Price Surge on ASX Mining Shares:

The surge in gold prices by 7% positively impacted the share prices of gold mining companies. Evolution Mining was notably mentioned for capitalizing on this price environment, with a 19% share price increase.

Commodities Corner: Gold Recap

During the week of October 30 to November 2, 2023, gold prices saw a notable uptick at one time briefly touching $2,003.69. This was largely driven by weak U.S. jobs data which led to a decrease in both the U.S. dollar and Treasury yields. The disappointing jobs data fuelled expectations that the Federal Reserve may halt its interest rate hikes, which in turn, bolstered the gold prices as higher rates increase the opportunity cost of holding gold. Additionally, the tension in the Middle East contributed to gold’s appeal as a safe-haven asset, further supporting its price.

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