GOLD

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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.

 Write to Rob Curran at rob.curran@dowjones.com 

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