As Global Equities Take a Hit, Gold Miners Are Doing Fine

Newcrest, Harmony gain to push index to two-month high
Bullion outlook improves as Fed may slow pace of hikes in ‘19

Three red hot gold ingots cool after being removed from casting molds by a worker in the foundry at the JSC Krastsvetmet non-ferrous metals plant in Krasnoyarsk, Russia, on Friday, March 3, 2017. Krastsvetmet refines and releases nonferrous metals.Photographer: Bloomberg/Bloomberg

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By Ranjeetha Pakiam

December 18, 2018 at 4:07 AM UTC

Updated on

December 18, 2018 at 11:49 AM UTC

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Global equity markets are getting beaten up, but gold miners have been spared as haven demand swells and bullion’s outlook brightens.

Newcrest Mining Ltd., Australia’s top producer, rallied as much as 2.3 percent on Tuesday, while South Africa’s Harmony Gold Mining Co. Ltd. was the biggest mover, rising 3.8 percent. Canada’s Barrick Gold Corp. -- which is taking over rival Randgold Resources Ltd. -- has surged 28 percent this quarter. The gold miners index is at its highest in two months.