Harmony Gold Mining shares fell nearly 12% this week, according to S&P Global Market Intelligence, as gold prices declined. Bank of America Global Research published a note on Wednesday forecasting three Federal Reserve interest rate hikes this year to tame inflation, reversing its previous prediction of no rate moves through 2026. The prospect of higher rates reduces the appeal of non-interest-bearing assets like gold, triggering a sell-off in mining stocks. A late-week rally in gold, driven by May's personal consumption expenditures price index rising 4.1% year-over-year in line with expectations, was not enough to offset the earlier losses.
Harmony Gold Mining Company LimitedGold prices fell on prospect of Fed rate hikes, reducing appeal of gold and triggering sell-off in mining stocks
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