Gold miners fall as bullion retreats on yield surge
Gold mining stocks tumbled on Tuesday as the price of spot gold slipped following a surge in Treasury yields and rising inflation concerns. Spot gold prices fell by 1%, reaching $4,369.82 per ounce. Treasury yields surged to their highest levels in decades, fueled by escalating oil prices due to heightened U.S.-Iran tensions and growing worries over inflation.
Analyst Peter Grant of Zaner Metals explained that the steepening yield curve presents a headwind for gold, while the stronger oil prices further contributed to today's decline. Major gold producers such as Barrick Mining and Newmont experienced a 1.1% and 2.8% drop respectively. In South Africa, gold mining companies Gold Fields and AngloGold Ashanti also saw a 1% and 1.15% decline.
Harmony Gold saw a steeper 2.8% decrease. Canadian miners Agnico Eagle Mines and Kinross Gold followed suit, with 0.6% and 1.8% declines respectively.
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