Australian gold-related stocks, including Newmont and Emerald Resources, have faced declines in response to the strengthening U.S. dollar, which has exerted pressure on commodities. The S&P/ASX Gold Index saw a significant drop of 6.2%, marking its steepest decline since September 2022. This follows an overnight tumble in gold prices, which was the largest since June, though prices stabilized during early trading in the Asian market.
Emerald Resources NL experienced a sharp drop of up to 7.9%. Similarly, Northern Star Resources saw a decrease of 7.9%, West African Resources fell by 6.7%, Perseus Mining dropped 6.6%, Regis Resources declined 6.1%, and Capricorn Metals ended down by 3.4%.
