Sliding gold price hits ASX-listed miners
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The news: Gold miners made up seven of the 10 worst performing ASX 200 stocks following morning trade after gold prices settled lower on Friday.
The numbers: Vault Minerals (-4.2%) was worst hit by the selloff at midday AEDT. Northern Star (-4.2%), De Grey Mining (-4%), Evolution Mining (-3.5%), Genesis Minerals (-3.5%), Regis Resources (-2.9%) and Westgold Resources (-2.8%) also fell.
Materials, down 0.7%, was the third worst performing sector, roughly tracking a decline in the ASX 200 index.
Spot gold was 0.1% higher at USD2,886.42 an ounce, according to Bloomberg data.
On Friday, prices settled more than 1.5% lower than a high of USD2,928.21 on Thursday.
The context: The selloff in gold stocks followed a strong advance by the precious metal last week, as a slew of aggressive tariff announcements by US President Donald Trump pushed investors to the safe haven asset.
The source: Bloomberg
