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Newmont Mining (NEM) Stock Falls as Gold Prices Drop

NEW YORK (TheStreet) -- Newmont Mining (NEM - Get Report) stock is decreasing by 2.06% to $16.63 in afternoon trading on Monday, as gold prices decline after the dollar strengthened.

Gold for December delivery is falling by 0.51% to $1,132 per ounce on the COMEX this afternoon.

Gold prices advanced late last week following the Fed's decision to keep the interest rate unchanged, but the dollar gained today on possible policy easing from other major central banks, Reuters reports.

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With a rate hike still expected this year, gold prices face further declines.

"My personal feeling is that the Fed still wants to raise rates and still expects to, but that there is still considerable uncertainty over the timing," Mitsui Precious Metals analyst David Jollie told Reuters. "While the market expects rates to rise, any upside for gold should be somewhat limited."

Additionally, Newmont Mining is considered a likely buyer for Barrick Gold's (ABX - Get Report) U.S. gold assets, which could be sold as soon as this year...


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