Tuesday, April 12, 2011

Kinross (KGC) (ABX) (AUY) Fall as Gold Pulls Back

Gold prices took a breather Monday after soaring for several days, resulting in gold miners like Kinross (NYSE:KGC), Barrick Gold (NYSE:ABX) and Yamana Gold (NYSE:AUY) plunging in share price.

On Monday gold prices fell, 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.

Much of the recent push up 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. The U.S. dollar fought back to gain lost ground from the euro, with the European currency trading at $1.4426, down from $1.4480 on Friday.

Yamana closed Monday at $12.89, falling $0.41, or 3.08 percent. Barrick Gold closed at $53.08, down $1.29, or 2.37 percent. Kinross closed at $16.10, dropping $0.50, or 3.01 percent.

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