Australian gold miners (INDEXASX: XGD) saw their shares fall by as much as 3.4%, marking the biggest intraday percentage decline since 11 June 2024. Despite this sharp drop, the sub-index remains on track for its third consecutive weekly gain.
Gold Price Movements
Gold prices slipped on Friday but are still on course for a fourth straight weekly gain. The ongoing rise in gold prices is driven by expectations that the Federal Reserve will likely cut U.S. interest rates in September, which enhances the appeal of non-yielding bullion.
Performance of Major Gold Miners
- Northern Star Resources (ASX: ASX:NST): Shares dropped by as much as 1.45% to AU$14.31 apiece.
- Evolution Mining (ASX: EVN): Shares fell by as much as 2.69% to AU$3.98 apiece.
Year-to-Date Performance
Despite the recent decline, the gold miners' sub-index has risen 12.2% this year, as of the last close. This increase reflects a positive overall trend in the sector, buoyed by favorable market conditions for gold.