Gold Miners Plummet on Higher Inflation Bets

Gold miners took a hit on Wednesday after spot gold prices fell 1% to $4,369.82 per ounce.

The decline in gold prices followed the release of U.S. inflation data, which was largely in line with expectations.

This increased bets on a Federal Reserve interest-rate hike next month, causing investors to sell off gold, and its associated miners.

Top miners Barrick Mining and Newmont were down between 0.8% and 2%, respectively, while South African miners Gold Fields, Harmony Gold, and AngloGold Ashanti fell by 1.5%, 1.8%, and 3.7% respectively.