Gold stocks have followed the downward trajectory of the precious metal with its trading price falling nearly $US30 today.
At midday, spot gold in Sydney was trading at $US771.40 per fine ounce, down $US28.80.
The lower price for the precious metals also follows falls in the Australian dollar, which dipped below US80 cents today, and a weaker oil price with light crude for October delivery dropping $US3 to $103.26 per barrel.
Accordingly gold miners closed sharply lower, with Newcrest Mining Ltd down nearly 6 per cent to $20.02, Newmont Mining Corporation fell 6.5 per cent to $4.55, Avoca Resources Ltd dropped 1.5 per cent top $1.685 and Lihir Gold sank 10.7 per cent to $1.75.
Meanwhile Norton Gold Fields, which operates the Paddington gold mine in Western Australia closed unchanged at 18 cents.
The latest trading price for the precious metal is a far cry from highs reached earlier this year of over $US1000/oz, and a forecast made by Sino Gold chief executive Jake Klein in August that gold could climb as high as $US1200/oz.
