- By Alberto Abaterusso
Despite macro factors such as rising geopolitical tensions between the U.S. and North Korea, gold bullion is falling on the London market and lost nearly $40 per troy ounce, or 3%, between Nov. 27 - when the yellow metal hit $1,294.90 (the monthly high) - and Dec. 7.
On Friday, the bullion was trading around $1,245.85 per troy ounce.
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- NEM 15-Year Financial Data
- The intrinsic value of NEM
- Peter Lynch Chart of NEM
Many analysts believe the recent tumble was impacted bythe U.S. Federal Reserve"s aggressive monetary policy for 2018.
As a result of lower gold prices, publicly traded miners are downtrending as well on the U.S. stock market.
As is illustrated in the chart below, the largest gold producers are downtrending and have lost between 2.4% and 7% over the past eight trading days.