Australia's gold stocks slide nearly 5% as dollar rally dims bullion's appeal

Firefinch

10/05/2022 02:01

** Aussie gold miners  .AXGD  extend slide into a third
straight session, down up to 4.8% as bullion retreats
    ** Bullion prices drop over 1% amid market expectations of a
more aggressive policy tightening by the U.S. Federal Reserve to
tame inflation  GOL/ 
    ** The metal's appeal also took a hit from economic slowdown
in China, pushing up the rival safe-haven U.S. dollar to near
two-decade highs  .N 
    ** Sub-index set to log its sharpest one-day loss since Jan
27, if losses hold
    ** Firefinch  FFX.AX  is the biggest loser on AXGD, shedding
nearly 10%, heavyweight Newcrest Mining  NCM.AX  slips 3.2% to
its lowest since March 4
    ** ASX-listed Canadian gold miner SSR Mining Inc  SSR.AX 
drops 6% to its lowest since April 7
    ** AXGD hits its lowest since Feb 14
    ** Stock down 1.3% this year, as of last close, compared
with a 4.4% decline in the ASX 200 benchmark index  .AXGD 

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.mishra@thomsonreuters.com))