Gold prices fell the most since 2013, and U.S. gold miners collectively fell sharply

Gold mining stocks across the US plunged after the deepest fall in gold prices in more than a decade. Top producers such as Barrick Gold, Newmont Mining and Eagle Mining all fell more than 8% in early US trading on Tuesday, while the VanEck Gold Mining ETF, which tracks the world's largest miners, tumbled 9.5%, its worst performance since March 2020. Spot gold fell the deepest 6.3% on Tuesday, its biggest one-day drop since 2013, after hitting a record high of $4381.52 an ounce in the previous session. The strengthening dollar has raised procurement costs for most buyers, and the trade situation has eased. India's seasonal gold buying boom has also ended, and the demand for safe haven precious metals has cooled significantly.