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- The ASX 200 traded higher today on the back of gold and technology stocks, which were driven by a rise in inflation and a drop in borrowing costs.
- The gold stockswere in demand on account of yellow metal’s role as a hedge against inflation.
- Resolute Mining, Perseus Mining and Whitehaven Coal are some of the top gainers.
Australian equity benchmark ASX 200 traded higher today as a rise in inflation coupled with a fall in borrowing costs drove the stocks of gold and technology companies. Gold stocks were in demand on account of yellow metal’s role as a hedge against inflation. Tech stocks also surged to seven-week high after Australian bond yields eased.
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Resolute Mining Ltd (ASX:RSG)
The stock surged over 14% to hit the day’s high of A$0.56. The shares of the gold miner traded higher today after it said that it had successfully negotiated the restoration of the Bibiani mining lease contract with the Ghanaian government.
Perseus Mining Ltd (ASX:PRU)
The stock soared nearly 8% to the intra-day high of A$1.30. The gold miner also saw sharp returns as the Australian index of gold companies touched a two-month peak. Gold stocks are generally seen as hedge against inflation, which hit its highest level in eight and a half years in the US in the month of March.
Whitehaven Coal Ltd (ASX:WHC)
The stock rose nearly 6% to the day’s high of A$1.86. The coal miner was up, keeping in sync with the gold miners. The miners have been on the rise in the recent days on account of optimistic outlook around commodity prices, especially iron and coal. The demand from China is also expected to get better going ahead.
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Polynovo Ltd (ASX:PNV)
The stock surged by 5% to A$3.10. The stock was up without issuing any major positive update recently.
Mineral Resources Ltd (ASX:MIN)
The stock rose nearly 5% to A$42.89. The lithium share traded on the upside since global brokerage giant Macquarie upgraded a number of ASX lithium shares. The lithium price outlook got a boost as the broker said that buoyant iron ore prices would support Mineral Resources in the near term. It also said that company’s entry into lithium production was expected to drive medium to long term value.