Shares of precious metal companies are trading lower amid a drop in the price of gold. Weakness in the commodity may be due to August's ISM Manufacturing PMI data indicating an economic contraction and pending non-farm payrolls data that may determine the size of future rate cuts.
Portfolio Pulse from Benzinga Newsdesk
Shares of precious metal companies are declining as gold prices drop. This is influenced by August's ISM Manufacturing PMI data showing economic contraction and upcoming non-farm payrolls data, which could impact future rate cuts.
September 03, 2024 | 3:56 pm
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NEGATIVE IMPACT
Agnico Eagle Mines (AEM) shares are likely to be impacted negatively due to the drop in gold prices, driven by economic contraction signals.
AEM, being a gold mining company, is directly affected by gold price fluctuations. The current drop in gold prices due to economic data suggests a negative impact on AEM's stock.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
AngloGold Ashanti (AU) shares are likely to decline as gold prices fall, influenced by economic contraction indicators.
As a gold mining company, AU's stock is sensitive to gold price changes. The current decline in gold prices suggests a negative short-term impact.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Coeur Mining (CDE) shares may experience downward pressure due to the drop in gold prices linked to economic contraction data.
CDE, involved in gold mining, is directly impacted by gold price movements. The current price drop suggests a negative impact on its stock.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Barrick Gold (GOLD) shares are expected to decline as gold prices fall, influenced by economic contraction signals.
As a major gold producer, Barrick Gold's stock is sensitive to gold price changes. The current decline in gold prices suggests a negative short-term impact.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Wheaton Precious Metals (WPM) shares are likely to be negatively impacted by the drop in gold prices due to economic contraction data.
WPM, a precious metals streaming company, is affected by gold price fluctuations. The current drop in gold prices suggests a negative impact on its stock.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80