CNMC Goldmine down 8.7% after gold tumbles on US Fed inflation pledge
This follows spot gold falling more than 3% on Aug 28
Shares of CNMC Goldmine plummeted by up to 7.4% on Monday (August 31) after the price of gold dipped sharply due to the Federal Reserve chairman's promise to combat inflation. The stock plummeted to its lowest point of S$1.36, a decrease of S$0.13, as it was traded without dividend entitlement. The dividend payment, set for September 11, will total S$0.02.
The decline in CNMC Goldmine's value came after gold prices slipped more than 3% on Friday, following Kevin Warsh's speech as the newly appointed Fed chair in May. During the speech, Warsh emphasized his intention to reduce US inflation to the firm and fixed 2% target, leading to speculation of a potential interest rate hike. Gold prices were approximately 0.3% lower at US$4,443.61 per ounce by 3.50 pm on Monday.
On August 20, CNMC Goldmine's shareholders approved the transfer of the previously listed stock to the mainboard, effective from August 28.
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