Sector Update: Gold stocks under pressure as futures tumble the most in three-weeks
Gold stocks felt the pressure on Wednesday after futures reportedly tumbled the most in three weeks as the dollar climbed, eroding the appeal of the precious metal as an alternative asset.
Barrick Gold Corp (ABX.TO) was off by 2%, Goldcorp (G.TO) was nearly 3% lower as it got the "go ahead" to buy Andean Resources (AND.TO), and Ivanhoe Mines Ltd. (IVN.TO) was down by more than 13% after reaching an agreement Wednesday with Rio Tinto that will see Rio provide more funding for the Oyu Tolgoi copper-gold mine Mongolia and take over management of the massive project.
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