Gold Miners Fall as Spot Price Drops Amid Rising Yields

Gold mining companies saw their shares decline on Tuesday as spot gold prices dropped amid rising Treasury yields and inflation concerns.

The price of spot gold decreased by 1% to $4,369.82 per ounce, with Treasury yields reaching their highest levels in decades due to escalating U.S.-Iran tensions and increasing energy costs.

Peter Grant, vice president and senior metals strategist at Zaner Metals, attributed the decline to 'the steepening of the yield curve' and 'firmer oil prices.'

Leading gold producer Barrick Mining (TSX:ABX) fell 1.1%, while Newmont (NYSE:NEM) dropped 2.8%. South African gold miners also declined, with Gold Fields (NYSE:GFI), AngloGold Ashanti (NYSE:AU), and Harmony Gold (NYSE:HMY) down 1%, 1.15%, and 2.8% respectively.