Gold Stocks Are Getting Dumped On The Australian Market

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Gold stocks are getting hammered on the ASX after the metal’s price dropped more than 2% in overnight trade.

Newcrest Mining was down 4.2% to $9.34, Alacer Gold down 6.1% to $1.915 and St Barbara 6.6% to $0.112.

Explorer Beadell was down 3.2% to $0.242 and Northern Star 3.34% to $1.120.

Gold prices slid to their lowest level in almost a month, bouncing down below US $1,200 an ounce before recovering in early trade in Asia.

The rest of the local market is doing better, with the S&P/ASX 200 firmer by 0.69% to 5,514.00.

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