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Gold miners experience post Irma sell-off

Gold miners experience post Irma sell-off

Investing.com - Gold miners were one of the major casualties of Hurricane Irma’s smaller than anticipated impact, with the shares of all the major U.S. traded gold miners ending Monday’s session in the red.

Gold futures had rallied in recent weeks, with Hurricane Harvey and Hurricane Irma increasing investors interest in safe haven assets, even following an increased risk aversion following North Korea’s multiple missile launches.

Gold closed last Friday at a one-year high ahead of Irma’s landfall, but on Monday after the storm made landfall gold pulled lower and the major gold miners followed the metal’s price movement. Meanwhile, a pause in tensions between the U.S. and North Korea contributed to investors’ increased risk appetite.

Barrick Gold Corporation (NYSE:ABX), Goldcorp Inc (NYSE:GG) Newmont Mining Corporation (NYSE:NEM, Kinross Gold Corporation (NYSE:KGC), Eldorado Gold Corporation (TO:ELD) and Agnico Eagle Mines Limited (NYSE:AEM) all posted losses on Monday, in the 2-5% range.

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