Harmony Gold Mining Company Limited

Harmony Gold Mining shares dropped nearly 12% this week as gold prices weakened on renewed expectations of Federal Reserve interest rate increases. Bank of America Global Research shifted its forecast to three rate hikes this year, reversing an earlier prediction of no moves through 2026, which dampened appetite for non-interest-bearing assets like gold. A late-week rally in gold, triggered by U.S. PCE inflation data meeting expectations, was not enough to offset the earlier sell-off. The company remains strongly associated with gold prices as it focuses on mining and producing precious metals.