Pantoro Gold leads gold selloff as precious metals retreat
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The news: Gold miners made up most of the worst performers on the ASX 200 on Tuesday after spot prices retreated overnight.
The numbers: Pantoro Gold (-4.2%) and Ora Banda Mining (-3.7%) — both of which joined the ASX 200 as part of the December rebalance — were among the worst hit by the selloff at 2:30pm AEDT.
Catalyst Metals (-4.2%), West African Resources (-4%) and Newmont (-4%) also tumbled.
The context: Gold and silver both fell overnight as traders booked profit following a strong end-of-year rally that sent both metals to record highs.
Gold prices dropped as much as 5% overnight, but edged up around 0.7% to USD4,362 ($6504) in afternoon trading.
