Gold miners fell on Tuesday as spot gold dropped 1% to $4,369.82 an ounce, pressured by a surge in Treasury yields and rising inflation worries. Newmont and Harmony Gold each lost 2.8%, while Barrick Mining, Gold Fields, AngloGold Ashanti, Agnico Eagle Mines and Kinross Gold also declined.
Shares of gold mining companies fell on Tuesday as spot gold prices declined amid rising Treasury yields and inflation concerns. Spot gold dropped 1% to $4,369.82 per ounce, pulling miners lower with it.
Yields climb as oil prices stoke inflation fears
Treasury yields climbed to their highest levels in decades as rising energy prices, driven by escalating U.S.-Iran tensions, raised inflation worries and pressured the non-interest-bearing metal.
According to Zaner Metals: "The steepening of the yield curve poses a headwind for gold", said Peter Grant, vice president and senior metals strategist at the firm. Firmer oil prices added to the pressure on bullion, he said.
Newmont and Harmony lead miners lower
Leading gold producer Barrick Mining declined 1.1%, while Newmont fell 2.8%. South African gold miners also moved lower.
Gold Fields dropped approximately 1%, AngloGold Ashanti fell 1.15%, and Harmony Gold decreased 2.8%. Canadian miners felt the same pressure: Agnico Eagle Mines slipped 0.6%, and Kinross Gold declined 1.8%.
Source: Investing.com
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