Shares of precious metals stocks are trading lower as gold drops amid a rise in the US dollar.
Portfolio Pulse from Benzinga Newsdesk
Precious metals stocks are trading lower in response to a decline in gold prices, which is attributed to a strengthening US dollar.

January 03, 2024 | 5:16 pm
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NEGATIVE IMPACT
Eldorado Gold Corporation (EGO) shares are likely trading lower due to the drop in gold prices, as the company's value is closely tied to the price of gold.
As a company involved in gold mining, Eldorado Gold Corporation's stock price is highly sensitive to changes in the price of gold. The rise in the US dollar typically leads to lower gold prices, which can negatively affect EGO's stock price in the short term.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 80
NEGATIVE IMPACT
Freeport-McMoRan Inc. (FCX) shares are likely trading lower as the company is involved in mining for precious metals, and a drop in gold prices can impact their revenue.
Freeport-McMoRan Inc., being a major mining company, is affected by the prices of precious metals. Although FCX is more diversified and not solely dependent on gold, the decrease in gold prices can still have a negative impact on the company's stock price in the short term.
CONFIDENCE 80
IMPORTANCE 65
RELEVANCE 70
NEGATIVE IMPACT
Gold Fields Limited (GFI) shares are expected to be lower due to the direct correlation between the company's operations and gold prices.
Gold Fields Limited's financial performance is directly linked to gold prices as it is a gold mining company. The appreciation of the US dollar typically leads to lower gold prices, which is a negative driver for GFI's stock price in the short term.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 80
NEGATIVE IMPACT
Hecla Mining Company (HL) shares are trading lower in line with the overall decline in the precious metals sector due to falling gold prices.
Hecla Mining Company is impacted by gold prices as it is part of the precious metals sector. The company's stock price is likely to suffer in the short term due to the negative correlation between the US dollar's strength and gold prices.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 75