Investors are buying gold stocks, the traditional safe-haven in troubled times, as the big miners fall hard on the back of a further weakening in commodities.
BHP had lost 2.47% to be trading at $25.62 and Rio Tinto 1.76% to $51.26. And pure iron ore play Fortescue Metals was down 3.14% to $1.695.
However, gold stocks surged with Newcrest up 2.69% to $11.84, Northern Star 2.38% to $2.15 and Evolution 5% to $1.05.
Overall, the local market is flat following a weak lead from Wall Street where the US S&P500 closed 0.2% lower overnight.