Gold stocks are extending a recent slide in late morning trading on Thursday, despite some strength in the broader markets. The weakness in the gold sector comes amid a steep drop by the price of the precious metal, which is backing further away from the record highs set earlier this month.
Reflecting the weakness in the sector, the NYSE Arca Gold Bugs Index is currently posting a 2.1 percent loss. The move comes as the price of gold for February delivery is currently down $18.50 at $1,367.70 an ounce.
Within the gold sector, Agnico-Eagle Mines Ltd. (AEM) is turning in one of the worst performances and is currently down by 4.4 percent. The stock is now on pace for its lowest closing price in nearly two months.
The loss by Agnico-Eagle Mines comes even though the company announced that it would begin paying a quarterly cash dividend of $0.16 per share instead of the current annual dividend of $0.18 per share.
Additionally, shares of Buenaventura (BVN) and Gold Fields Ltd. (GFI) are also under pressure, posting losses of 2 percent and 2.2 percent, respectively.
Buenaventura is on target for its lowest closing price in almost three months, while Gold Fields is falling from its highest level in three years, set earlier this week.
Notable losses by Barrick Gold (ABX), Harmony Gold Mining (HMY) and Goldcorp (GG) are also weighing on the sector.
View the original article here
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment