Wednesday, June 8, 2011

Yamana (AUY) (GG) (NEM) (EGO) (KGC) Close Down as Gold Prices Fall

Yamana Gold (NYSE:AUY), Goldcorp (NYSE:GG), Newmont Mining (NYSE:NEM), Eldorado Gold Corporation (NYSE:EGO) and Kinross Gold Corp (NYSE:KGC) all closed down as gold prices fell on Tuesday.

Gold for August delivery fell in New York to $1,544 an ounce, a loss of $3.20.

The euro strengthened against the U.S. dollar, to a high of $1.4696. The dollar was also down against the Swiss franc to 0.8327. Against a basket of major currencies the dollar dropped to 73.506.

The Dow Jones industrial average was down 19.15 points, or 0.16 percent, to close at 12,070.81. The Standard & Poor's 500 Index dropped 1.23 points, or 0.10 percent, to end at 1,284.94. The Nasdaq Composite Index fell 1.00 point, or 0.04 percent, to close at 2,701.56.

Yamana Gold closed Tuesday at $12.02, down $0.13, or 1.07 percent. Goldcorp ended the day at $47.99, falling $0.39, or 0.81 percent. Newmont Mining closed at $52.94, declining $0.50, or 0.94 percent. Eldorado Gold ended at $14.52, dropping $0.23, or 1.56 percent. Kinross closed at $15.44, losing $0.17, or 1.09 percent.

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