Gold Price Plunge Sends CNMC Goldmine Shares Tumbling

CNMC Goldmine shares plummeted by over 8% on Monday (Aug 31) as spot gold prices dropped in response to US Federal Reserve Chairman Kevin Warsh's pledge to combat inflation.

The Fed chief aims to bring US inflation back to its 2% target, sparking bets that the central bank will raise interest rates. This move weighed heavily on the price of gold, which fell more than 3% on Friday and continued its downward trend on Monday.

CNMC Goldmine's shares ended at a low of S$1.36 as they traded ex-dividend, retreating 8.7% or S$0.13 from their previous price. The company's shareholders approved the transfer to the mainboard with effect from Aug 28, and the dividend for this period will be paid on Sep 11 at a total of S$0.02.