Gold sell-off pressure mining stocks |
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Mon, 22 Oct 2007 15:02
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NEW YORK (Thomson Financial) - Shares of gold mining companies tumbled Monday, pressured by a sell-off in the yellow metal's prices.The Market Vectors-Gold Miners ETF (GDX) fell 3.4% to $45.23. It had earlier hit $44.62, the lowest level since Oct. 9.Among the fund's heavily-weighted components, shares of Barrick Gold Corp. fell 2% to $40.79, Goldcorp Inc. lost 3.6% to $30.74, and Gold Fields Ltd. shed 2.3% to $17.40.Kinross Gold Corp. fell 2.5% to $16.50.Gold futures fell nearly 2% on the New York Mercantile Exchange Monday following a sharp rebound in the U.S. dollar. Gold for December delivery last traded down $12.80, or 1.6%, at $755.80 an ounce.The StreetTracks Gold Trust ETF (GLD) was off 1.7% to $74.44, the PowerShares DB Gold Fund (DGL) declined 2.2% to $29.31, and the iShares Comex Gold Trust (IAU) fell 1.8% to $74.47.Wanfeng Zhouwz/pcCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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