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Gold Stocks Slide as Bullion Weighs Impact of Bin Laden Death

Larger gold producers including Barrick Gold (ABX.TO) and Goldcorp (G.TO) are lower in initial trading this morning, with shares falling as much as 1.4% despite relatively steady bullion prices this morning in the wake of the U.S.-led killing of Osama Bin Laden.

Gold for June delivery is up $2.10 to $1,558.50 an ounce in New York commodities trade this morning after earlier touching $1,577 an ounce. Other futures contracts are mixed, bouncing in a range of about $5 an ounce either side of even.

Goldcorp shares are now down 1.4% to $52.15 each. Barrick is off 0.85%, paring some of its earlier losses. Most other gold companies are down less than 1% today with Iamgold (IMG.TO) actually turning positive in recent minutes, climbing $0.07 to $19.740 a share.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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