Shares of precious metals companies are trading lower amid a rise in the US dollar following a greater-than-expected increase in January inflation.
Portfolio Pulse from Benzinga Newsdesk
Shares of precious metals companies are trading lower due to a rise in the US dollar, which was triggered by a greater-than-expected increase in January inflation.
February 13, 2024 | 6:40 pm
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NEGATIVE IMPACT
DRD shares are trading lower as the stronger US dollar decreases the appeal of precious metals, impacting the company's stock price negatively.
Precious metals companies like DRD typically see their stock prices decline when the US dollar strengthens, as this reduces the global appeal of precious metals priced in dollars.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
GATO's stock is negatively impacted by the rising US dollar, following the unexpected increase in January inflation, making precious metals less attractive.
The increase in the US dollar's value, driven by higher-than-expected inflation, typically leads to a decrease in demand for precious metals, negatively affecting companies like GATO.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
IAG shares are down as the company's valuation is affected by the stronger US dollar, which is a result of the unexpected rise in January inflation.
A stronger US dollar, especially following unexpected inflation data, makes precious metals more expensive for holders of other currencies, negatively impacting IAG's stock.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
KGC's stock price is trading lower as the company faces headwinds from the rising US dollar, driven by a significant increase in January inflation.
The appreciation of the US dollar, particularly after higher-than-anticipated inflation figures, adversely affects precious metals companies like KGC by making their products less competitively priced globally.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
SBSW shares decline as the company's stock is negatively influenced by the strengthening US dollar, a consequence of the unexpected inflation increase in January.
The surge in the US dollar's value, following an unexpected inflation report, diminishes the attractiveness of precious metals, adversely affecting SBSW's stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80