Gold miners fall as bullion drops on higher yields
Shares of gold miners are down, tracking lower bullion prices.
Spot gold XAU= is down 1% at $4,369.82/ounce as Treasury yields surged to their highest levels in decades, with rising energy prices on escalating U.S.-Iran tensions stoking inflation worries and weighing on non-interest-bearing bullion.
"The steepening of the yield curve poses a headwind for gold, while firmer oil prices are also a factor behind today's weakness," said Peter Grant, vice president and senior metals strategist at Zaner Metals.
Top miner Barrick Mining ABX.TO and Newmont NEM.N are down 1.1% and 2.8%, respectively.
South African miners Gold Fields GFI.N falls ~1%, AngloGold Ashanti AU.N falls 1.15% and Harmony Gold HMY.N falls 2.8%.
Canadian miners Agnico Eagle Mines AEM.TO slips 0.6% and Kinross Gold K.TO is down 1.8%.
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