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Last Updated : 22 January 2010 at 01:20 IST

Gold prices weaken, gold stocks sink on NYSE

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NEW YORK (Commodity Online): US gold stocks sink on the stock exchanges as the yellow metal continues downward journey to USD 1098.20 per ounce today.

Some of the key gold stocks on the New York Stock Exchange (NYSE) including Coeur D Alene Mines Corp (NYSE:CDE), which traded at USD 16.54 down by 3.36%. Freeport-McMoran Copper & Gold Inc (NYSE:FCX) traded at USD 76.97 down by 7.84% on NYSE today.

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Newmont Mining Corporation (NYSE:NEM) traded at USD 44.90 with loss of 3.25%, while Yamana Gold Inc (NYSE:AUY) fell by 2.86% to USD 10.88 on the exchange.

Gold prices remained range bound between USD 1099.20 to USD 1098.20 per ounce in the US trade. A rising US dollar makes dollar-based commodities like gold more expensive to buy in other currencies, creating the inverse correlation between prices and the dollar. Also contributing to gold's slide was increased worries over Chinese credit tightening.