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Sector movers: Precious metals miners pace gains as gold hits fresh high
(Sharecast News) - Precious metals miners' shares caught a bid on Tuesday as gold futures hit an all-time high. Shortly after the end of trading in London, June gold futures on COMEX were to be seen trading 1.94% higher at 2,039.20/oz..
Triggering the move, earlier the U.S. Department of Labor reported that job openings fell by nearly 6.0% in February to reach 9.931m (Oxford Economics: 10.5m) - their first decline below the 10.0m mark since May 2021.
Meanwhile, in his annual letter to shareholders, J.P. Morgan boss said the recent banking crisis wasn't anything like that experienced in 2008.
However, neither did he believe that the crisis was yet over, nor when it would end, he wrote.
He also noted multiple potential storm clouds on the horizon, including from tighter financial conditions, but also from more geopolitical factors, including the unpredictable war, inflationary trade adjustments, economic alliances in flux, a potential for rising oil and gas prices and "huge" economic and geopolitical strains.
In the background, in a research note penned to clients, J.P. Morgan strategist Marko Kolanovic, said his team was expecting a retest of the market's 2022 lows over the coming months.
Inflows into equities over recent weeks "made little sense to him".
Top performing sectors so far today
Precious Metals and Mining 11,509.35 +1.55%
Non-life Insurance 2,998.49 +1.17%
Investment Banking and Brokerage Services 12,538.03 +1.04%
Software & Computer Services 1,869.24 +0.76%
Gas, Water & Multiutilities 6,178.74 +0.71%
Bottom performing sectors so far today
Industrial Transportation 3,385.87 -5.06%
Automobiles & Parts 1,686.05 -4.09%
Tobacco 30,916.25 -1.98%
Telecommunications Service Providers 2,319.43 -1.85%
Chemicals 11,147.14 -1.60%
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