Gold Mining Stocks Take A Hit From Falling Prices

By The Associated Press

Shares of a number of mining companies fell in trading Friday along with the price of gold.

Gold prices soared following the recession and peaked in 2011. The metal's price often moves in the opposition direction of economic news as investors tend to flock to gold as a safe haven during times of economic uncertainty. While prices were nearly $1,900 an ounce in the fall of 2011, they closed at around $1,635 Thursday.

Gold prices sank roughly 2 percent Friday on reports that a number of major investors are moving some of their investments out of gold and into the stock market.

Shares of mining companies fell across the board. Shares of Goldcorp Inc. retreated 88 cents, about 2.5 percent, to $33.79. Newmont Mining Corp. shares lost $1.28, nearly 3 percent, to $43.27. And shares of AngloGold Ashanti Ltd. fell $1.38, nearly 5 percent, to $26.99.

Barrick Gold Corp.'s shares dropped more than 2 percent to $31.63. The company reported Thursday that it had a loss in its fourth quarter due to a hefty charge tied to its copper business but its adjusted profit beat market expectations.

Gold Fields Ltd. shares tumbled more than 7 percent to $11.16 and McEwen Mining Inc. shares shed 3.6 percent to $2.69.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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