Wednesday, April 13, 2011

Kinross (KGC) (NG) (GRS) (AUY) Fall with Broader Commodities

Gold prices fell Tuesday after soaring recently, as oil prices dropped, dragging commodities in general down with them. Gold miners like Kinross Gold (NYSE:KGC), Novagold (AMEX:NG), Gammon Gold (NYSE:GRS) and Yamana Gold (NYSE:AUY) all closed down over 2 percent on the day

Gold for June delivery fell $14.50, or 1%, to $1,453.60 an ounce on the Comex division of the New York Mercantile Exchange. It had traded as low as $1,445 an ounce.

Weak news was enough to push the price of gold and gold miners down, as the market seemed to be looking for any excuse for gold prices to correct. The U.S. dollar fell again, making the downward move even more counterintuitive to the fundamentals.

Yamana Gold closed at $12.60, down $0.29, or 2.25 percent. Gammon gold closed at $10.11, falling $0.26, or 2.51 percent. Novagold ended the session at $12.82, declining $0.31, or 2.36 percent. Kinross closed at $15.66, dropping $0.44, or 2.73 percent.

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