Eldorado Gold Tumbles as Gold Prices Weaken

Eldorado Gold's stock price has taken a hit, plummeting by 6.3% on September 28th. According to Quiver Quantitative, this decline can be attributed to the weakness in gold prices, which affects gold miners more significantly than the metal itself.

The company made an announcement earlier that day about connecting its Skouries mine in Greece to the national power grid, a milestone aimed at supporting commissioning and steady-state operations. However, this progress appears to have been overshadowed by the drop in gold prices.

Gold prices were lower on September 28th, creating a challenging environment for producers whose revenue and sentiment are closely tied to bullion. This could also be a result of profit-taking after Eldorado Gold's shares experienced a strong run.