NEW YORK (Thomson Financial) - Shares of gold-mining companies tumbled
Friday after the yellow metal pulled back more than $30 amid a sharp rally in
the U.S. dollar and a broad-based retreat in the commodities sector.
The Gold Miners ETF (GDX) plunged 3.7% to $48.97.
Gold for June delivery fell as much as $35.60 to $907.30 an ounce Friday.
The contract last traded down $29.30, or 3.1%, at $913.60 an ounce on the New
York Mercantile Exchange.
The dollar rallied after hawkish talk from the Federal Reserve overnight and
higher U.S. bond yields boosted sentiment towards the greenback. Well-received
first-quarter results from Citigroup Inc. also helped.
The Dollar Index, which tracks the greenback against a basket of the world's
major currencies, rose 0.9% to 72.31.
Among individual gold issues, shares of Barrick Gold Corp. tumbled 4.2% to
$43.26, Newmont Mining Corp. dropped 3.4% to $45.91 and Goldcorp Inc. declined
3.9% to $40.60.
Gold Fields Ltd. lost 1% to $14.81, Kinross Gold Corp. slumped 4.4% to
$23.82 and Compania de Minas Buenaventura S.A.A. declined 4.3% to $71.21.
Yamana Gold traded down 2.5% to $14.17 and Agnico Eagle Mines Ltd. plummeted
5.3% to $71.82.
Wanfeng Zhou
wz/vj
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