Australian gold stocks drop as Silver Lake Resources falls sharply

Vault Minerals

05/02/2024 01:35

** Australian gold stocks  .AXGD  fall as much as 4.5%, on
track for their worst session since Jan. 17 if losses hold
    ** Silver Lake Resources  SLR.AX  top loser on the
sub-index, falling as much as 15%
    ** Red 5  RED.AX  will acquire Silver Lake to build a
mid-tier gold co valued at $1.5 bln
    ** Gold prices slipped on Friday as the dollar and yields
jumped after a strong U.S. nonfarm payrolls report created some
uncertainty about whether the Fed might start cutting rates soon
    ** Gold sub-index hits its lowest level since Jan. 29
    ** Sector major Northern Star Resources  NST.AX  falls as
much as 4.1%
    ** Sub-index down 6.3% YTD, as of last close

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((shivangi.lahiri@thomsonreuters.com))