The previous week’s 2% gain in gold prices quickly headed lower “after Iran downplayed the strikes as limited, signaling a potential de-escalation in the Israel-Iran conflict,” BofA Global Research noted in a report Monday.
The VanEck Gold Miners ETF fell as much as 4.8% on Monday to mark its biggest intraday drop since Feb. 13, snapping a three-day winning streak. Gold snapped a three-day winning, with prices falling as much as 2.6% to $2,329 an ounce Monday
Newmont Corp. was among the biggest decliners in the S&P 500 Index on Monday, falling as much as 4.2%, to mark its biggest intraday decline since March 12. Peers falling included Barrick Gold Corp., which dropped 3.9%, and Agnico Eagle Mines Ltd., down 2.7%.
(By Geoffrey Morgan)