Gold miners slide as bullion drops on rate hike fears

U.S.-listed shares of gold miners fall premarket, tracking a decline in bullion prices.

• Spot gold XAU= is down 1.5% at $4,280.61/ounce after posting a third straight weekly decline on Friday.
• Prices decline as expectations of a U.S. Federal Reserve interest-rate hike this week strengthened after recent hot inflation data and rallying oil prices.
• Higher interest rates reduce the appeal of non-yielding gold despite its inflation-hedge status.
• Top miners Newmont NEM.N and Barrick Mining B.N are down 2.7% and 2.3%, respectively.
• South African miners Gold Fields GFI.N, AngloGold Ashanti AU.N and Harmony Gold HMY.N decline between 3.3% and 4.3%.
• Canadian miners Agnico Eagle Mines AEM.N falls 3.7% and Kinross Gold KGC.N dips 2.4%.