Gold miners fall, tracking spot gold’s decline
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The news: Gold miners were among the worst performers on the ASX 200 in afternoon trade, tracking the spot price of gold’s continued decline after a fall in US unemployment claims strengthened the case for the Federal Reserve to hold interest rates next week.
The numbers: At 3:13pm AEST, the worst performing gold miner on the ASX 200 was Genesis Minerals, having faced a share price decline of 3.79% to $3.94. Regis Resources (-3.7%), Capricorn Metals (-3.3%) and Evolution Mining (-3.1%) also fell.
The spot price of gold had fallen 0.25% to USD3,360.13 ($5,110.23) per ounce, continuing the decline it has faced since Wednesday.
The context: Data released by the US Department of Labor overnight showed that unemployment benefits claims fell for a sixth straight week, signalling resilience in the labour market. Weekly initial claims hit their lowest level since mid-April.
