Most gold miner stocks lose ground, as gold prices pull back
Shares of most gold miners lost ground Thursday, as a safe-haven rally in gold prices in the wake of Russia's invasion of Ukraine is weighed against concerns over exposure to Russia.
From the Equity Insider archive. This article dates from Feb 24, 2022 and is preserved as first published.
Shares of most gold miners lost ground Thursday, as a safe-haven rally in gold prices in the wake of Russia’s invasion of Ukraine is weighed against concerns over exposure to Russia.
The iShares MSCI Global Gold Miners ETF RING, -3.19% slumped 1.1% in morning trading, reversing an earlier gain of as much as 2.0% to an eight-month intraday high, with 21 of 33 equity components losing ground. Companies within the ETF generate about 4% of total revenue from Russia over the last 12 months, based on data provided by FactSet’s proprietary algorithm. Among the U.S.-listed components, shares of Harmony Gold Mining Co. Ltd. HMY, -3.16% rose 1.5% to pace the gainers and Newmont Corp. NEM, -2.24% gained 1.2%, while Royal Gold Inc. RGLD, -2.84% shed 0.9% and AngloGold Ashanti Ltd. AU, -2.89% declined 0.8%. The Canada-listed shares of Torex Gold Resources Ltd. TXG, -4.45% TORXF, -4.56% fell 2.1% to pace the ETF’s decliners, followed by the 2.0% drop in Agnico-Eagle Mines Ltd. AEM, -4.67% AEM, -5.07%. Meanwhile, gold futures GC00, -0.57% rallied 1.0%, but pared earlier gains of as much as 3.5% to a 17-month intraday high of $1,976.50 an ounce. The S&P 500 SPX, +1.50% fell 0.7%, but was down as much as 2.6% earlier.
0% to an eight-month intraday high, with 21 of 33 equity components losing ground.
