Stockhead Don't miss out on the headlines from Stockhead. Followed categories will be added to My News. Up, Up, Down, Down is Stockhead's regular check-up on how metals produced and explored for by ASX miners fared in the past month.
All prices correct as at September 30, 2024. Iron ore, copper, gold and more were in the winner’s circle in a China-led green September for metals, with lithium on the outer. Stimulus measures in the Middle Kingdom had a positive impact, with gold hitting new highs, copper briefly peaking above US$10,000/t and iron ore back.
WINNERS Gold Price: US$2629.95/oz Change: +4.64% Gold rose to levels never before seen (again), as the US Fed finally pressed the go button on rate cuts.
A 50bps trim was effectively priced in by the market, with the initial response tame. But gold has continued to climb since then with buyers again returning to the market after Jerome Powell's call to begin monetary easing in the States was met with a surprise bump in the US dollar. A fair whack of strength in bullion is being added by geopolitical risk, as Israel's war fronts in the Middle East expanded to include Lebanon and non-State militant group Hezbollah.
UP Fitch's BMI Commodity Insights, previously bearish on gold, turned optimistic tipping a run between US$2500-2800/oz in the coming months. Goldman has also lifted its 2025 forecast from US$2700/oz to US$2900/oz. Bell Potter senior research analyst David Coates told Stockhead in September that US$3000/oz was withi.