Shares of commodities producers fell while gold futures rose in the aftermath of North Korean missile tests.
Continue Reading Below
The price of gold hit an 11-month high after North Korea fired a ballistic missile over northern Japan. Gold and industrial metals prices were also supported by a slide in the dollar to a 2 1/2-year low against a basket of currencies. The dollar's turnaround is related to moderated expectations for rate increases, and it has gained momentum recently.
Shares of mining company Freeport-McMoRan declined after it agreed to sell down its majority stake in the Indonesian Grasberg copper and gold mine. Facing demands from a government keen to reap more rewards from local resources, Freeport agreed to gradually cut its ownership stake from 90.64% to 49% and continue developing underground infrastructure at the former surface mine in the remote region of Papua in return for an extension of a mining license.
Rob Curran, firstname.lastname@example.org
(END) Dow Jones Newswires
August 29, 2017 16:33 ET (20:33 GMT)