|Delayed - 08/10 09:08:33 pm|
Materials Down As Gold Rally Pauses, Miners Give Mixed View -- Materials Roundup
|07/30/2020 | 05:48pm|
Producers of metals and other raw materials fell as a surge in the value of gold paused and as mining giants gave mixed growth projections.
Gold futures retreated $11.10 per troy ounce, or 0.57%, to $1942, snapping a nine-session winning streak. The price of silver, which has also been on a tear, adding about 25% in July, sold off.
Anglo American, a precious and industrial metals miner with extensive South African operations, posted a significantly lower profit for the first half of the year as coronavirus-induced restrictions hit production.
Iron-mining giant Rio Tinto increased its midyear dividend payout despite a 20% fall in net profit, as it balanced high iron-ore prices against an uncertain outlook for the global economy. Iron-ore prices have risen steadily in recent months on supply concerns.
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