Key Takeaways
- The price of gold and gold-related stocks fell Monday after the U.S. and China announced plans to temporarily lower tariffs on each other.
- The drop comes after the precious metal hit record highs in recent weeks as investors reached for traditional safe havens amid worries about tariffs.
- Gold mining stocks like Barrick and Alamos Gold were among those that declined on Monday.
The price of gold and gold-related stocks lost ground Monday, among the few asset groups to see declines amid a broad market rally fueled by news of easing U.S.-China tariffs.
The drop comes after a surge in gold and mining stocks in recent weeks as investors piled into safe-haven assets amid worries about the Trump administration’s tariffs. Gold set several records this year, and peaked at an intraday record of just over $3,500 per ounce late last month.
Gold futures were down more than 2% Monday morning, after reaching a low of $3,207.96 per ounce earlier in the session. Shares of mining companies like Barrick Mining Corp. (B), Agnico Eagle (AEM), Newmont (NEM), and Alamos Gold (AGI) fell Monday morning.
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