On Monday, Shares of Goldcorp Inc. (NYSE:GG), lost -12.25% to $12.89, hitting its lowest level, after gold prices dropped.
Gold prices plunged to their lowest in more than five years on Monday, at one point dropping 4 percent on aggressive selling out of China, while the U.S. dollar hit a three-month high on expectations for higher U.S. interest rates, according to Reuters.
The dramatic sell-off in gold came in a matter of minutes in Shanghai. More than 33 tonnes of gold, worth about $1.3 billion, traded in two minutes.
The spot price for gold XAU= was at $1,094.5 an ounce, after hitting a low of $1,088.50 overnight. Reuters Reports.
The dollar jumped to its highest since April 23 against a basket of major currencies .DXY but was then flat on the day. Reuters added.
Goldcorp Inc. engages in the acquisition, exploration, development, and operation of precious metal properties in Canada, the United States, Mexico, and Central and South America.
The other Gold stocks affected from Gold prices are:
Newmont Mining Corporation (NYSE:NEM), dropped almost -12.23%, Yamana Gold, Inc. (NYSE:AUY), dipped almost 11.30% to its new 52-week low of $2.10, & Kinross Gold Corporation (NYSE:KGC), settled at $1.66, with 12.63% loss Monday, hitting its lowest level.
DISCLAIMER:
This article is published by www.wsnewspublishers.com. The Content included in this article is just for informational purposes only. All information used in this article is believed to be from reliable sources, but we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, or reliability with respect to this article.
All visitors are advised to conduct their own independent research into individual stocks before making a purchase decision.
Information contained in this article contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, counting statements regarding the predictable continual growth of the market for the corporation’s products, the corporation’s ability to fund its capital requirement in the near term and in the long term; pricing pressures; etc.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, aims, assumptions, or future events or performance may be forward looking statements. Forward-looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements may be identified through the use of such words as expects, will, anticipates, estimates, believes, or by statements indicating certain actions may, could, should/might occur.
