Australia's gold stocks drop on lower bullion prices

Pantoro Gold

19/05/2023 05:48

** Australian gold stocks  .AXGD  fall as much as 2%,
hitting their lowest since April 5
    ** The sub-index is set to mark its second straight week of
losses
    ** Gold prices on course to post it biggest weekly drop in
3-1/2 months after fading expectations of a rate cut by year-end
took some shine off bullion  GOL/ 
    ** Country's largest gold miner Newcrest Mining  NCM.AX 
fell as much as 2.5% hitting its lowest since April 4
    ** Shares of Pantoro  PNR.AX  and St Barbara  SBM.AX  lead
losses on AXGD falling 6.7% and 3.8%, respectively 
    ** The sub-index has fallen ~21% so far this year, as of
last close 
    


 (Reporting by Navya Mittal in Bengaluru)
 ((navya.mittal@thomsonreuters.com))