Gold miners drop as higher U.S. inflation dents bullion appeal

Iamgold

13/09/2022 15:07

** Shares of gold miners decline, tracking over 1% fall in
the precious metal's prices 
    ** Spot gold  XAU=  down 1% at $1,707.74/ounce while U.S.
gold futures  GCv1  decline 1.6% to $1,712.90/ounce after an
unexpected rise in monthly consumer prices  GOL/ 
    ** Higher U.S. inflation could support the case for
aggressive rate hikes from the Federal Reserve
    ** Top gold miners Newmont Corp  NEM.N  and Barrick Gold
Corp  ABX.TO  decline 2.1% and 1.5%, respectively
    ** Canadian miners Yamana Gold Inc  YRI.TO , Agnico Eagle
Mines Ltd  AEM.TO  and Kinross Gold Corp  K.TO  fall between
2.6% and 3.3%
    ** IAMGOLD Corp  IMG.TO  drops 5.1%, among top pct decliners
on the S&P/TSX Composite Index  .GSPTSE 
    ** U.S.-listed shares of South African miners Gold Fields
Ltd  GFIJ.J   GFI.N , AngloGold Ashanti Ltd  ANGJ.J   AU.N ,
Sibanye Stillwater Ltd  SSWJ.J   SBSW.N  and Harmony Gold Mining
Co Ltd  HARJ.J   HMY.N  fall 2.5%-5.3%
    ** Although gold is considered a safe haven from inflation,
rising U.S. rates increase opportunity cost of holding bullion

 (Reporting by Arunima Kumar in Bengaluru)
 ((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94))