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Top U.S. gold miner Newmont (NYSE:NEM) finished among Tuesday’s largest losers on the S&P 500, -4.3%, as gold prices slid by the most in two weeks, weighed by a firmer dollar and higher U.S. Treasury yields.
Front-month Comex gold (XAUUSD:CUR) for January delivery closed -1% to $2,026.00/oz, while front-month January silver (XAGUSD:CUR) also fell 1% to $22.933/oz, the fifth loss in six trading sessions for both metals.
ETFs: (GLD), (GDX), (GDXJ), (IAU), (NUGT), (PHYS), (GLDM), (AAAU), (SGOL), (BAR), (OUNZ), (SLV), (PSLV), (SIVR), (SIL), (SILJ), (SLVP)
Other significant movers among precious metals stock included First Majestic Silver (AG) -10%, Barrick Gold (GOLD) -9.5%, Endeavour Silver (EXK) -7.4%, AngloGold Ashanti (AU) -5.6%, Coeur Mining (CDE) -5.5%, Pan American Silver (AG) -5.2%, Agnico Eagle Mines (AEM) -4.5%, Hecla Mining (HL) -4.5%, Kinross Gold (KGC) -4.4%, Gold Fields (GFI) -4.2%, Iamgold (IAG) -4.2%.
The dollar index jumped nearly 1% to a more than one-month high, while yields on benchmark 10-year U.S. Treasurys added 12 bps to 4.07%.
Federal Reserve Governor Christopher Waller said the central bank should not rush to cut its benchmark interest rate until it is clear lower inflation will be sustained.
European Central Bank officials also said it was too soon to discuss cutting interest rates because inflation remains high.
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