Gold mining stocks fall, gold prices pressured by inflation concerns

Investing.com – On Monday before the US stock market opened, gold mining company stocks listed in the US generally declined amid falling gold prices.

Spot gold fell 0.4%, to $4,696.35 per ounce. As high oil prices intensified market concerns about inflation and expectations that interest rates may remain high for a long time, gold prices came under pressure and retreated. Meanwhile, peace talks between the US and Iran remain deadlocked.

The world’s largest gold miner, Newmont (NYSE:NEM), saw its stock price drop 1.5%.

On Sunday, Iran responded to the US proposal to restart negotiations. Iran’s response focused on demanding a comprehensive ceasefire, especially on the Lebanon front, and included demands for war damage compensation. President Trump then posted on social media within hours, rejecting Iran’s proposal.

South African mining stocks also declined. Gold Fields (NYSE:GFI) fell 1.7%, AngloGold Ashanti (NYSE:AU) fell 1.2%, Harmony Gold (NYSE:HMY) fell 0.8%.

Canadian miners also showed similar trends. Equinox Gold (NYSE:AEM) slightly declined, Goldcorp (NYSE:KGC) fell 0.7%.

+0.36% KGC +3.58% HMY +1.14% GFI -0.13% NEM +2.66% GC +0.23% AEM +2.9% AU +6.78%

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XAU/USD +0.36% KGC +3.58% HMY +1.14% GFI -0.13% NEM +2.66% GC +0.23% AEM +2.9% AU +6.78%

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