Tuesday, April 12, 2011

Goldcorp (GG), (HMY) (AU) Fall as Gold Prices Drop

Gold prices took a breather Monday after pushing up for several days, ending up with gold miners like Goldcorp (GG), Harmony Gold (NYSE:HMY) and AngloGold Ashanti (NYSE:AU) plunging in share price.

On Monday gold prices ended lower, dropping $6 to $1,468 an ounce on the Comex division of the New York Mercantile Exchange. The contract had set a new all-time in the last session, reaching $1,478 a troy ounce.

June gold settlements were $1,468.10, down $7.90; Range was $1,465.40-$1,472.80.

Much of the recent rise in gold prices is based upon the collapsing U.S. dollar, pullback in China, sovereign debt crisis in Europe, unrest in the Middle East, deepening inflation and consequences of the Japanese earthquake are just some of the negative factors hitting the markets.

A stronger dollar on Monday pressured gold prices down. The U.S. dollar battled back to gain lost ground from the euro, with the European currency trading at $1.4426, down from $1.4480 on Friday.

AngloGold Ashanti closed Monday at $49.25, falling $1.84, or 3.60 percent. Harmony Gold closed at $15.08, down $0.48, or 3.08 percent. Goldcorp closed at $53.44, dropping $1.00, or 1.84 percent.

No comments: