Gold stocks are experiencing strong selling pressure as the price of the precious metal continues to slide during Friday's trading.
Among the biggest losers in the sector is Gold Fields Limited (GFI), which has fallen about 8%. Harmony Gold Mining Ltd. (HMY) has also posted a notable loss, dropping about 7%.
Goldcorp Inc. (GG) has declined about 5%, while Yamana Gold Inc. (AUY), Kinross Gold Corp. (KGC) and Agnico-Eagle Mines Ltd. (AEM) have each posted losses around 4%.
Around 1:10 pm Eastern Time, shares of Gold Fields were down 88 cents at $9.21, while Harmony Gold stock was down 64 cents at $8.56 and Goldcorp shares were down $1.73 at $31.45.
Gold prices continued to decline and are heading towards a sixth straight losing session. December gold fell to $859.90, down $18.00 on the session. Prices touched as low as $857.60, a seven-month low.
The U.S. dollar continued to surge against other majors, reducing gold's hedge appeal. The greenback hit a multi-year high against the pound and a multi-month best against the euro.
Gold has dropped more than $40 in the month of August. Gold lost $21.50 on Tuesday's session. The metals market closed before the Federal Reserve's interest rate decision. The precious metal has been trending lower for three weeks after coming within 50 cents of the key $1,000 an ounce mark on July 15. Gold lost a little more than 2% last week.
The fall in gold prices came as the dollar jumped to new multi-month highs versus its major counterparts on Friday.
Extending yesterday's uptrend, the US dollar surged to new multi-month highs against other major currencies during Asian deals, supported by fresh hopes for a U.S. housing market rebound after a surprise jump in the U.S. June pending home sales index released yesterday.
The gain in pending home sales offset a bleak U.S. jobless claims report, supporting a growing view that the current housing slowdown may be nearing a bottom. The data backed expectations of U.S. rate hikes this year, which has fueled a rebound in the dollar over the past two weeks.
The dollar strengthened to 11-month highs against the kiwi and the loonie, 6-month high against the Aussie, 5 1/2 -month high against the franc and 5-month highs against the euro and the pound. The greenback traded around a 7-month high against the yen.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.