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Gold Price News: Why Is Gold Down Today? GLD, GOLD, GDX, KGC


News of the falling price of gold on Thursday has shares in several gold stocks taking a similar beating.

A gold bar along with some coins made of precious metals. gold stocks

Source: allstars / Shutterstock.com

The falling gold price news comes as the Federal Reserve signals it may increase interest rates sooner rather than later. That resulted in the value of gold declining while the U.S. dollar increased. This saw gold futures fall 4.5%, which put the price of gold down to $1,777.80 a troy ounce.

That gold price news has several gold stocks dipping lower today. Let’s take a look at what’s happening to some of the biggest players in that space below.

Gold Price News Hits Gold Stocks

  • SPDR Gold Trust (NYSEARCA:GLD) stock is down roughly 3% this morning as some 12.5 million shares of the stock changed hands. For comparison, its daily average trading volume is closer to 8.3 million shares.
  • Barrick Gold (NYSE:GOLD) stock is also on the decline with shares losing more than 5% of their value today. Over 15 million shares have traded, which is close to its daily average trading volume of roughly 16.5 million shares.
  • VanEck Vectors Gold Miners ETF (NYSEARCA:GDX) stock is also down today with shares slipping over 4% as of this writing. It’s also seen some 28 million shares move in comparison to its daily average trading volume of about 19.7 million shares.
  • Kinross Gold (NYSE:KGC) is the last gold stock we’re looking at today and its shares are falling more than 6% this morning. That comes as some 11 million shares change hands. For comparison, its daily average trading volume is closer to 12.1 million shares.

Investors that are looking for more market news today should keep reading.

We’ve got plenty to discuss today with many stocks and assets seeing major movement. A few examples worth looking into today include Sunrun (NASDAQ:RUN), Shiba Inu (CCC:SHIB-USD), and CureVac (NASDAQ:CVAC). You can find out what’s affecting these assets at the following links.

More Thursday Market News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2021/06/gold-price-news-why-is-gold-down-today-gld-gold-gdx-kgc/.

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