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Highlights
Shares of major gold miners hit new lows on Monday.
The Resources sector witnessed a broad decline yesterday.
The ASX 200 Resources (ASX:XJR) index ended down 1.53% to 5,005.9 points.
Shares of the ASX-listed Newcrest Mining and Evolution Mining hit their multi-year lows on Monday despite no price-sensitive news announced by their companies. The major reason behind this significant fall in the share prices of these two gold stocks was a broad decline witnessed by the resources sector on Monday.
Notably, the ASX 200 Resources (ASX:XJR) index emerged as one of the worst performers yesterday, ending down 1.53% to 5,005.9 points.
The other reason behind the continued weakness in gold stocks is the dim economic outlook which has created an uncertainty among investors. Weak commodity prices are also weighing on ASX-listed gold miners.
Investors are also closely awaiting US inflation data for the month of June on Wednesday. In case of consumer prices surging further, the US Federal Reserve is expected to hike interest rates yet again. While investors have traditionally invested in the yellow metal amid uncertain times, higher interest rates have increased attractiveness for government debt.
As a result, gold has become less attractive for investors over the past week. Gold’s spot price has fallen below the psychological barrier of US$1,800. Meanwhile, on Monday, the prices of yellow metal slipped to a nine-month low amid rate hike concerns and surge in the US dollar. The US gold futures declined 0.6% at US$1,731.70.
On this note, let’s see how Newcrest Mining and Evolution Mining fared on Monday.
Newcrest Mining Ltd (ASX:NCM)
Newcrest Mining’s share price fell to a multi-year low of AU$19.06 on Monday. However, the shares finally closed 2.53% down at AU$19.26.
Meanwhile, the stock is down over 21% on a year-to-date (YTD) basis. In the past year, the share price has fallen over 25%, while in the past month, the stock has dropped 17%.
Evolution Mining Ltd (ASX:EVN)
Evolution Mining’s share price hit a multi-year low of AU$2.31 on Monday. However, it later pared some losses and ended 4.90% lower at AU$2.33 apiece.
Meanwhile, the stock is down nearly 43% on a YTD basis. In the past year, the share price has fallen 50%. The stock is down over 30% in the past month.
