Stock Track | Ramelius Resources Plummets 5.56% Intraday as Gold Prices Decline on Profit-Taking
Stock Track
Jan 30
Ramelius Resources Ltd (RMS.AU) saw its stock price plummet by 5.56% during intraday trading on Friday. The decline was part of a broader sell-off in the Australian gold mining sector.
The sharp drop followed overnight losses in gold prices as investors engaged in profit-taking after bullion hit a record high. This prompted a sector-wide decline, with the Australian gold stocks index logging its biggest intraday percentage decline in over a week.
As a constituent of the gold index, Ramelius Resources was directly impacted by the downward pressure on gold prices, reflecting the typical sensitivity of gold mining stocks to fluctuations in the underlying commodity's value.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.