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Actionable news in NEM: NEWMONT MINING Corp,

Newmont Mining (NEM) Stock Plunging as Gold Prices Slip

NEW YORK (TheStreet) -- Shares of Newmont Mining (NEM - Get Report) are dropping by 6.94% to $16.76 on Monday afternoon, as gold prices move into the red and erase today's earlier gains.

For February delivery, gold is edging down by 0.29% to $1,094.60 on the COMEX this afternoon.

The precious metal increased by 3.9% in the new year on growing concerns over China's slowing economy, which spurred safe-haven demand for gold, Bloomberg reports.

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However, expectations that the Federal Reserve will continue to raise interest rates this year and stronger-than-expected U.S jobs data released Friday have caused some analysts to remain bearish on gold, MarketWatch notes.

"Regardless of recent gains, this metal remains fundamentally bearish and with December's impressive [jobs] report reinforcing the possibility that U.S. rates could be increased once more this quarter, bears have been provided an opportunity to install another round of selling onto this zero yielding metal," Lukman Otunuga, research analyst at FXTM, wrote in...


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