Barrick Mining Corporation (B) experienced a significant pre-market plunge of 5.21% on Monday, as gold miners across the board faced downward pressure. The drop comes in the wake of declining gold prices and uncertainty surrounding potential tariffs on bullion bars.
The precious metal's spot price fell 1.1% to $3,362.21 per ounce, retreating from its highest level since July 23 reached last Friday. This decline in gold prices is directly impacting major mining companies, with Barrick Mining and its peer Newmont both down nearly 1.5% in pre-market trading.
Investors are closely watching for clarity from the White House regarding potential country-specific tariffs on bullion bars, which could significantly affect the gold market. Additionally, upcoming U.S. inflation data is eagerly anticipated, as it could provide crucial insights into the Federal Reserve's future rate decisions, further influencing gold prices and mining stocks. This combination of factors has created a challenging environment for gold miners, leading to the observed pre-market selloff.
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