BUZZ-Gold miners down as bullion prices edge lower after record surge
Shares of gold miners decline as bullion prices drop 4.2% to $4,177.81/ounce, marking the steepest fall since November 2020. This decline follows a record high of $4,381.21/ounce, driven by profit-taking after a surge fueled by geopolitical uncertainty and interest rate cut expectations. Major miners like Newmont and Barrick Mining fell 7.7% and 8.2%, respectively, while South African miners also saw significant drops, with Sibanye Stillwater down 11.6%.
(Updates)
Shares of gold miners fall, tracking a drop in prices of the bullion (GOL/)
Spot gold (XAU=) down 4.2% at $4,177.81/ounce, its steepest fall since November 2020
Gold prices fall as the U.S. dollar firmed and investors booked profits after expectations of U.S. interest rate cuts and sustained safe-haven demand drove the yellow metal to a fresh record high in the previous session
Prices scaled an all-time peak of $4,381.21/ounce on Monday and have gained over 60% this year, bolstered by geopolitical and economic uncertainty, rate cut bets and sustained central bank buying
Top miners Newmont (NEM.N) and Barrick Mining (ABX.TO) fall 7.7% and 8.2%, respectively
U.S.-listed shares of South African miners AngloGold Ashanti (AU.N) down 8.4%, Harmony Gold (HMY.N) falls 9%, Sibanye Stillwater (SBSW.N) drops 11.6% and Gold Fields (GFI.N) dips 8.8%
Canadian miners Kinross Gold (K.TO) and Agnico Eagle Mines (AEM.TO) down 9.5% and 7.2%, respectively
