Gold Mining Winners & Losers: AngloGold

(Updated for stock prices) NEW YORK (TheStreet) -- Inflation worries -- or, in Monday's case, the lack of them -- continue to tilt gold prices and gold stocks.

The December gold futures contract slipped below $1,000 an ounce in overnight trading Monday and did the same when pit action began on the New York Mercantile Exchange. The contract was trading Monday morning at $998.4, down $11.90, or 1.18% from Friday's close.

As the dollar strengthened on Monday, gold, the world's most popular inflation hedge, couldn't hold on to a recent rally that saw the precious metal remain above the $1,000 level for six straight trading sessions.

Said Gavin Newsom, senior commodities analyst at DTN, "We're just not building that strong of an inflationary argument right now."

But Newsom said that a correction in the stock market would set gold up to move toward, if not through, the record highs set in March.

Gold mining stocks fell in sync with the metal. Among the majors, Barrick(ABX Quote), Gold Corp.(GG Quote) and Newmont Mining(NUE Quote) all lost 3% to $35.92, $39.92 and $43.64, respectively.

AngloGold Ashanti(AU Quote), however, led gold stocks to the downside. American depositary receipts of the South African company gave up 6% to $40.99 in brisk trading on the New York Stock Exchange.

Elsewhere, Yamana(AUY Quote) lost 4.8% to $10.37, and Freeport McMoRan(FCX Quote) retreated 2.2% to $68.60.

-- Written by Scott Eden in New York

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