XAU Slides 3.0% as Gold, Silver Shares Under Pressure

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DG365FD46564GFH654FU898 The Philadelphia Gold & Silver Index (XAU) slid 3.0% to 205.17 on Wednesday, fueled by substantial losses in precious metals. COMEX gold futures were lower by $73.70, or 4.0%, at $1,787.60 per ounce in mid-day trading, while silver futures dropped $1.83, or 4.3%, to $40.46 per ounce. While news in the gold sector was quite light today, one company making headlines was Newmont Mining (NEM). RBC Capital Markets upgraded the U.S.-based gold producer to Sector Perform from Underperform.