Australian gold stocks snap four-day winning streak as bullion slides on Fed rate hike bets
GLD•Australian gold stocks fell as much as 1.3%, ending a four-day winning streak, as gold prices edged lower after falling more than 1% in the previous session. The stocks were down 8.5% year to date.
1. Gold stocks decline
Australian gold stocks fell as much as 1.3% and were heading for their worst day in a week. Gold prices edged lower in Asian trading on Friday after tumbling more than 1% in the previous session, as persistent U.S. inflation reinforced expectations of further Federal Reserve rate hikes. Evolution Mining shares dropped 0.3%, while Northern Star Resources gained 0.7%; the gold-stock sub-index was down 8.5% year to date.
