© Reuters.
XAU/USD
+0.04%
Add to/Remove from Watchlist
Add to Watchlist
Add Position
Position added successfully to:
Please name your holdings portfolio
Type:
BUY
SELL
Date:
Amount:
Price
Point Value:
Leverage:
1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000
Commission:
Create New Watchlist
Create
Create a new holdings portfolio
Add
Create
+ Add another position
Close
AXJO
+0.12%
Add to/Remove from Watchlist
Add to Watchlist
Add Position
Position added successfully to:
Please name your holdings portfolio
Type:
BUY
SELL
Date:
Amount:
Price
Point Value:
Leverage:
1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000
Commission:
Create New Watchlist
Create
Create a new holdings portfolio
Add
Create
+ Add another position
Close
NEM
-3.85%
Add to/Remove from Watchlist
Add to Watchlist
Add Position
Position added successfully to:
Please name your holdings portfolio
Type:
BUY
SELL
Date:
Amount:
Price
Point Value:
Leverage:
1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000
Commission:
Create New Watchlist
Create
Create a new holdings portfolio
Add
Create
+ Add another position
Close
Gold
-0.09%
Add to/Remove from Watchlist
Add to Watchlist
Add Position
Position added successfully to:
Please name your holdings portfolio
Type:
BUY
SELL
Date:
Amount:
Price
Point Value:
Leverage:
1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000
Commission:
Create New Watchlist
Create
Create a new holdings portfolio
Add
Create
+ Add another position
Close
EVN
-2.45%
Add to/Remove from Watchlist
Add to Watchlist
Add Position
Position added successfully to:
Please name your holdings portfolio
Type:
BUY
SELL
Date:
Amount:
Price
Point Value:
Leverage:
1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000
Commission:
Create New Watchlist
Create
Create a new holdings portfolio
Add
Create
+ Add another position
Close
NST
-1.70%
Add to/Remove from Watchlist
Add to Watchlist
Add Position
Position added successfully to:
Please name your holdings portfolio
Type:
BUY
SELL
Date:
Amount:
Price
Point Value:
Leverage:
1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000
Commission:
Create New Watchlist
Create
Create a new holdings portfolio
Add
Create
+ Add another position
Close
GMD
-0.66%
Add to/Remove from Watchlist
Add to Watchlist
Add Position
Position added successfully to:
Please name your holdings portfolio
Type:
BUY
SELL
Date:
Amount:
Price
Point Value:
Leverage:
1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000
Commission:
Create New Watchlist
Create
Create a new holdings portfolio
Add
Create
+ Add another position
Close
NEM
-2.97%
Add to/Remove from Watchlist
Add to Watchlist
Add Position
Position added successfully to:
Please name your holdings portfolio
Type:
BUY
SELL
Date:
Amount:
Price
Point Value:
Leverage:
1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000
Commission:
Create New Watchlist
Create
Create a new holdings portfolio
Add
Create
+ Add another position
Close
Investing.com– Shares of major Australian gold mining stocks fell on Wednesday, tracking a fall in the prices of the yellow metal, which retreated from record highs tracking hot U.S. inflation data.
Northern Star Resources Ltd (ASX:NST), the biggest listed gold miner in the country, fell 1.4%, while Sydney shares (ASX:NEM) of U.S. gold miner Newmont Goldcorp Corp (NYSE:NEM) shed 2.6%. Evolution Mining Ltd (ASX:EVN) lost 2.1%, while Genesis Minerals Ltd (ASX:GMD) fell 2.4%.
Gold miners lagged the broader Australian stock market, with the ASX 200 rising 0.3%.
Losses in gold miners came as prices of the yellow metal retreated sharply from record highs this week. Spot gold slid about 2% from a record high of 2,195.20 an ounce, while gold futures fell over 2% from a record high of 2,203.0 an ounce.
Gold prices were hit chiefly by fears of higher-for-longer U.S. interest rates, after consumer price index inflation read higher than expected for February. The dollar and Treasury yields rose after Tuesday’s data, pressuring bullion prices.
Higher rates present a higher opportunity cost for buying into bullion, which diminishes the yellow metal’s appeal. Weaker gold prices in turn present smaller margins for gold miners, who usually operate on very tight margins, given the high capital cost in mining gold.
Still, gold mining stocks were sitting on strong gains over the past two weeks, tracking a melt-up in bullion prices. While the Federal Reserve may delay interest rate cuts in the near-term, it is still expected to eventually bring down rates in 2024.
Source: Investing.com
