Shares of precious metals companies are trading lower as gold falls amid a rise in the US dollar.
Portfolio Pulse from Benzinga Newsdesk
Shares of precious metals companies are trading lower due to a decline in gold prices, which is attributed to a strengthening US dollar.
January 17, 2024 | 7:05 pm
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NEGATIVE IMPACT
Newmont Corporation's stock is likely experiencing a downturn as a result of the falling gold prices, given its role as a major gold producer.
As a leading gold producer, Newmont Corporation's financial performance is closely tied to the price of gold. The rise in the US dollar typically inversely affects gold prices, which in turn can lead to a decrease in the stock price of gold mining companies like NEM.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Sibanye Stillwater's shares are expected to be negatively impacted in the short term due to the decline in gold prices, as the company is involved in precious metals mining.
Sibanye Stillwater operates in the precious metals mining sector, and its stock price is sensitive to changes in the price of gold. The current increase in the US dollar value is exerting downward pressure on gold prices, which is typically bearish for mining stocks like SBSW.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Wheaton Precious Metals Corp. is likely seeing its stock price decline as a result of the drop in gold prices, which is influenced by the strengthening of the US dollar.
Wheaton Precious Metals Corp. is directly affected by gold market fluctuations due to its business model that includes purchasing gold. The current strength of the US dollar is causing a decrease in gold prices, which can negatively impact WPM's stock price in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80