The materials stocks rose 1.5% at midday Tuesday, after the gold price reached nearly $4,130 per ounce.
Pantoro Gold (ASX:PNR) reported continued high-grade results from its ongoing underground drilling program from the Bullen Decline in the Mainfield at the Norseman project in Western Australia. The results include 2.4 meters at about 43 grams per tonne (g/t) grade of gold and 1.2 meters at nearly 39 g/t grade of gold.
On the flip side, the financial sector fell over 1%. The markets expect inflation to rise to 3.6% from 3.2% at the end of the September quarter, as the reporting of inflation data shifts from quarterly reports to monthly reports, The Australian Financial Review reported.
Bendigo and Adelaide Bank (ASX:BEN), whose shares fell over 8%, said a review conducted by Deloitte found deficiencies in the lender’s approach to the identification, mitigation, and management of money laundering and terrorism financing risks existed throughout the period between Aug. 1, 2019, and Aug. 1. The probe found weaknesses and deficiencies across many key aspects of money laundering/terrorism financing risk management.