Mining stocks extended their rally on Wednesday as new economic measures from China lifted commodity prices.
China expects to lay off nearly two million workers in the coal and steel industries, representing around 15 percent of the total workforce. The country's actions are part of government initiatives to reduce industrial overcapacity amid slowing economic growth.
Currently, gold is trading at $1,240.90, up about 1 percent. Silver prices stand at $14.91, up 1 percent.
Shares of Vale SA (ADR) VALE were up 2.97 percent. Recently, Moody's downgraded Vale S.A.'s ratings to Ba3 from Baa3. The company, which reported a quarterly loss of $8.57 billion on weak commodity prices, is exploring options for its fertilizer business.
Shares of ArcelorMittal SA (ADR) MT rose 4.6 percent and DRDGOLD Ltd. (ADR) DRD gained 3.5 percent.
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