Gold miners slide as Fed hike bets weigh on bullion
NEM•US-listed gold miners fell in premarket trading as spot gold dropped 0.9% to $4,030.77 an ounce, with sticky inflation fueling expectations of a Fed rate hike later this year.
1. Miners fall premarket
Newmont fell 1.4%, while Gold Fields, AngloGold Ashanti and Harmony Gold declined between 1.1% and 1.6%. Agnico Eagle Mines dropped about 2%, and Kinross Gold fell 2.9%.
2. Gold prices weaken
Spot gold fell 0.9% to $4,030.77 an ounce as sticky inflation fueled expectations of a Fed rate hike later this year. Investors are awaiting US inflation data for clues on the central bank's policy path.
