Australian gold stocks hit 5-year low as bullion loses shine

Emerald Resources NL

26/09/2022 02:34

** Australian gold stocks  .AXGD  fall as much as 5.7%,
hitting their lowest since August 2017
    ** Sub-index to mark worst day since June 27 if losses hold
    ** AXGD among top losers on benchmark ASX 200  .AXJO , which
is down nearly 2% 
    ** Gold prices hit new 2-1/2-year low, weighed down by a
sturdy dollar and prospects of further interest rate hikes by
the U.S. Federal Reserve to bring down inflation  GOL/ 
    ** Gold is highly sensitive to rising U.S. interest rates,
as these increase the opportunity cost of holding non-yielding
bullion 
    ** Newcrest Mining  NCM.AX , Australia's largest gold miner,
 drops 4.4% to hit its lowest since March 2016
    ** Emerald Resources  EMR.AX  falls nearly 9% and among top
losers on the sub-index 
    ** AXGD had tumbled 30.2% this year, as of last close
 (Reporting by Navya Mittal in Bengaluru)
 ((navya.mittal@thomsonreuters.com))