21 Jul 2015
Gold holds losses, miners slammed
FXStreet (Mumbai) - Gold prices continue to hover near five year low on Tuesday amid rising expectations that the US Federal Reserve will raise interest rates this year. The drop in the hurt share prices of Gold miners in the US.
Miners sink
On Monday, Newmont Mining, one of the largest gold producers, fell 11% to around USD 18.60, the lowest in seven months. Kinross Gold Corporation fell 8% to an all-time low of USD 1.71 per share. Freeport-McMoRan, a producer of gold and copper, fell 4%. The Gold Miners ETF fell 7%, and the SPDR Gold Shares ETF fell more than 2%.
Experts say a sustained rebound in gold prices is unlikely any time before the US raises interest rates. The metal currently trades 0.46% lower at USD 1101.80/Oz levels.
Miners sink
On Monday, Newmont Mining, one of the largest gold producers, fell 11% to around USD 18.60, the lowest in seven months. Kinross Gold Corporation fell 8% to an all-time low of USD 1.71 per share. Freeport-McMoRan, a producer of gold and copper, fell 4%. The Gold Miners ETF fell 7%, and the SPDR Gold Shares ETF fell more than 2%.
Experts say a sustained rebound in gold prices is unlikely any time before the US raises interest rates. The metal currently trades 0.46% lower at USD 1101.80/Oz levels.