The Dow Jones Industrial average lost 72.49 points, or 0.8%, during the May 27-June 2 report period to close at 8,891.24. Gold producers also lost ground as the price of the yellow metal continued to slide.
Newmont Gold lost $1.65 to close at US$25.65, while its parent company, Newmont Mining, lost $1.70 to finish the week at US$24.55.
Among other gold issues on the New York Stock Exchange, Ghana-based Ashanti Goldfields dropped 80 cents to close at US$8.45, Meridian Gold lost 55 cents to close at US$2.75 and American depository receipts for Peru’s Buenaventura bucked the trend, finishing the week up $1.75 at US$15.45.
On the American Stock Exchange, Getchell Gold slipped 95 cents to close at US$18.65. Denver-based Canyon Resources lost 12 cents to close at US88 cents.
Canyon reported that it was near completion of a joint-venture agreement with an unknown party to develop its proposed McDonald gold mine in Montana.
On the Nasdaq, shares of Lihir Gold fell $1.75 to finish the week at US$25.75.
Copper issues continued to fall in sync with the price of the red metal. On New York, Phelps Dodge lost a dollar to close at US$60.30 and Southern Peru Copper dipped $1.20 to close at US$13.20. American depository receipts for Rio Tinto dropped just over $2 to close at US$51.45.
Among platinum-group-metal stocks, Stillwater Mining, listed on the American Stock Exchange, was down $1 at US$24.50.
Be the first to comment on "MINING MARKETS & INVESTMENT NEWS — U.S. MARKETS — Dow and gold continue slide"