The spot price of gold was trading just above US$2,300 per ounce as of after hours trading on Tuesday, April 23. Gold has put together a marvelous run in the first months of 2024, but it suffered its worst daily loss in two years as gold futures slipped over 2.5%. The spot price of gold is now trading roughly 4% of its all-time high of US$2,400 that it set in the second half of April.
Despite the sharp loss yesterday, gold has been a fantastic investment in 2024. This bad performance occurred in the face of a shift to a positive day for the S&P 500. Meanwhile, events on the geopolitical front have cooled since the flareup between Israel and Iran. Where are gold mining stocks headed for the rest of 2024?
How are top gold miners performing in this environment?
Barrick Gold (TSX:ABX)(NYSE:GOLD) is a Toronto-based company that is engaged in the exploration, mine development, production, and sale of gold and copper properties in Canada and around the world. This gold miner is the second-largest gold on the planet. Its shares plunged 4.33% on Monday, April 22. That pushed Barrick Gold stock into negative value territory in the year-to-date period.
Newmont Corporation (TSX:NGT)(NYSE:NEM), another top gold mining stock, dropped 4% on Monday, April 22. Its shares have now plunged 8.4% so far in 2024. Meanwhile, Newmont stock is now down 21% in the year-over-year period.
Gold has been a stellar performer over the past year, but investors who picked up the wrong mining stocks could easily miss out on these gains.