Gold miners reverse gains as prices fall from record high
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The news: Gold miners made up the 16 worst performing ASX 200 stocks at 11am AEST, in a reversal of Tuesday's rally.
The numbers: Genesis Minerals (-8.9%), Ramelius Resources (-8.3%) and Vault Minerals (-8.1%) were worst hit by the selloff, with materials (0.6%) the worst performing sector.
Spot gold was down 0.47% to USD3,364.58 an ounce, according to Bloomberg data.
The context: Benchmark prices declined from a fresh record high of USD3,431.73 an ounce on Tuesday. Gold has advanced in recent weeks as the US dollar weakened and uncertainty over escalating trade tensions between the US and China boosted demand for the safe-haven metal.
