Hochschild and other precious metals miners slip as gold slips to 2026 low
Published: 06:39 08 Jun 2026 EDT
Gold mining shares came under pressure on Monday after bullion prices fell below $4,300 an ounce for the first time this year, extending a sharp month-long sell-off in the precious metal.
Among London-listed miners, Hochschild Mining PLC (LSE:HOC, OTCQX:HCHDF, FRA:H3M) fell 2.6%, Atalaya Mining Copper (LSE:ATYM, TSX:AYM) lost 2.25%, Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF, FRA:6E2) dropped 1.4% and Fresnillo PLC (LSE:FRES) was down 1.2%. Pan African Resources bucked the trend, rising 1.3% after reporting progress at its Zulu project.
Spot gold fell as low as $4,285 an ounce in morning trading, down 9% over the past month, having traded above $4,600 for most of the year and topped $5,000 in the first quarter.
The latest decline came amidst renewed fighting between Israel and Iran, a backdrop that would typically support demand for safe-haven assets, but also drove demand for the US dollar, which often has an inverse relationship with the yellow metal.
According to SP Angel analyst John Meyer, the sell-off accelerated after gold broke below its 200-day moving average, a closely watched technical level that may have triggered additional selling from traders and algorithmic funds.
The move has also coincided with stronger-than-expected US labour market data at the end of last week, which pushed Treasury yields higher and strengthened the dollar. The yield on the benchmark 10-year Treasury rose to 4.58%, reducing the appeal of non-yielding assets such as gold.
Meyer said some emerging market countries may also be selling gold reserves to help fund higher energy costs, creating additional downward pressure on prices.
Despite the recent weakness, he remains constructive on the longer-term outlook, arguing that central bank diversification and changing global reserve patterns could support a return to record highs over time.
