Shares of precious metals stocks are trading lower amid a drop in gold following February inflation data.
Portfolio Pulse from Benzinga Newsdesk
Shares of precious metals stocks, including GFI and NEM, are trading lower due to a decrease in gold prices following the release of February inflation data.
March 12, 2024 | 3:40 pm
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NEGATIVE IMPACT
Shares of Gold Fields Limited (GFI) are trading lower as a result of the drop in gold prices following February inflation data.
Gold Fields Limited, being a major player in the precious metals market, is directly impacted by fluctuations in gold prices. The release of inflation data often influences gold prices due to its status as a hedge against inflation. The reported decrease in gold prices following the inflation data suggests a negative short-term impact on GFI's stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Newmont Corporation (NEM) shares are experiencing a downturn in response to the recent fall in gold prices triggered by February's inflation data.
As one of the leading gold mining companies, Newmont Corporation's stock is sensitive to changes in gold prices. The inflation data for February has led to a decrease in gold prices, which in turn negatively affects NEM's stock price in the short term. This is due to gold's role as an inflation hedge and the direct impact of gold prices on the company's revenue.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80