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CNMC Goldmine Plunges 7.4% as Fed Pledge Sends Gold Prices Tumbling

Guavy AI Editorial Team
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CNMC Goldmine's shares plummeted by as much as 7.4% on Monday, August 31, following the decline of spot gold prices.

The sharp drop in CNMC Goldmine's value came after US Federal Reserve Chairman Kevin Warsh pledged to fight inflation and bring it back down to its target rate of 2%.

This move by the Fed sparked bets that interest rates would be raised, causing a significant decline in gold prices.

CNMC Goldmine's shares dropped as low as S$1.38 within the first 15 minutes of trading, retreating S$0.11 from its opening value.

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