Gold miners lower as spot gold price steadies
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The news: Gold stocks led declines on the ASX during morning trade after spot gold retreated on Monday.
The numbers: Gold miners made up eight of the 10 worst performing ASX 200 companies by 11:20am AEDT.
Genesis Minerals (-3%), Bellevue Gold (-2.7%), Regis Resource (-2.5%), West African Resources (-2.4%), Emerald Resources (-2.4%), Capricorn Metals (-2.4%), Ramelius Resources (-2.3%) and Newmont Corporation (-2.2%) were hardest hit by the sell-off.
Materials, down 0.95%, was the worst performing sector as the ASX 200 lowered 0.68%.
Spot gold was trading roughly flat at USD2,606.23 per ounce, according to Bloomberg data.
The context: Gold prices tumbled on Monday as traders awaited fresh US economic data from next week, which may influence the Federal Reserve's interest rate outlook for 2025.
Investors are also anticipating further catalysts for safe-haven demand into the new year, including extended geopolitical tensions and a worsening US debt situation under incoming President-elect Donald Trump.
The source: Reuters
