Australian Gold Miners Experience Largest Intraday Decline Since June Despite Weekly Gains

July 19, 2024 03:13 PM AEST | By Team Kalkine Media

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Australian Gold Miners Experience Largest Intraday Decline Since June Despite Weekly Gains — Image source: Shutterstock

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Australian gold miners (INDEXASX: XGD) saw their shares fall by as much as 3.4%, marking the biggest intraday percentage decline since 11 June 2024. Despite this sharp drop, the sub-index remains on track for its third consecutive weekly gain.

Gold Price Movements

Gold prices slipped on Friday but are still on course for a fourth straight weekly gain. The ongoing rise in gold prices is driven by expectations that the Federal Reserve will likely cut U.S. interest rates in September, which enhances the appeal of non-yielding bullion.

Performance of Major Gold Miners

Northern Star Resources (ASX: NST): Shares dropped by as much as 1.45% to AU$14.31 apiece.
Evolution Mining (ASX: EVN): Shares fell by as much as 2.69% to AU$3.98 apiece.

Year-to-Date Performance

Despite the recent decline, the gold miners' sub-index has risen 12.2% this year, as of the last close. This increase reflects a positive overall trend in the sector, buoyed by favorable market conditions for gold.

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