Spock - a lot of the interest in holding gold as an asset goes back to the gold standard idea for money, that gold and dollars should be able to substitute for each other.
High interest rates = monetary inflation => price of gold goes up. A rate cut does the reverse.
So gold markets are assuming from the rate cut that the POG will either fall or flatten relative to its recent increases. POG either falling or flattening is not good for NST, hence the SP pullback.
Ann: Resource and Reserve Update - 1 August 2019, page-24
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