CNMC Goldmine falls 12.4% as gold posts sharpest fall in years
This follows a recent wave of sell-offs amid profit taking by investors who fear that gold’s recent rally has left it overvalued
[SINGAPORE] Shares of CNMC Goldmine fell on Wednesday (Oct 22) morning as the gold rally appears to be cooling.
The yellow metal has hit successive records levels through the year, propelling the meteoric rise of CNMC Goldmine shares, which were up by nearly 400 per cent year to date as at Tuesday.
Shortly after the market opened on Wednesday, the counter declined to S$1.06. It was down by 12.4 per cent or S$0.15 from Tuesday’s closing price of S$1.21, with some 840,300 shares changing hands.
By 9.29 am, it was trading at S$1.11, down by S$0.10 or 8.3 per cent, with more than 5.1 million shares traded.
A recent wave of sell-offs amid profit taking by investors who fear that gold’s recent rally has left it overvalued has seen the yellow metal post sharp drops – with spot gold prices posting their steepest decline in over a dozen years and plunging 6.3 per cent, according to Bloomberg.
