BUZZ-Miners stocks rapidly lose sheen as gold hits more than 5-year low

Mon Jul 20, 2015 10:43am EDT
 
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** Shares in gold miners such as Newmont Mining and Barrick Gold fall sharply on Monday as the commodity hit its lowest level since March 2010 after as sellers in top consumer China offloaded the metal

** Weakness mirrors global sell-off as more than $8 bln wiped off market value of major gold mining stocks

** The NYSE Arca Gold Bugs Index down 7.8 pct, its biggest decline since October, hitting its lowest level since April 2003. The index has fallen 34.9 pct since May 18

** Newmont Mining shares fall 7.9 pct to $19.04 in heavy trading; Royal Gold shares fall more than 7 pct to $52.80, Barrick Gold U.S. shares off 8.8 pct at $8.01; Gold Resource Corp shares fall 6.7 pct to $2.08

** Gold's 4 pct slide in a matter of minutes on Monday came after a record 3.3 million lots of the metal, or about 33 tonnes, were traded on a key Shanghai physical contract, as top consumer China appears to be increasingly shunning bullion.

** Spot gold fell $45.55 to its weakest since March 2010 at $1,088.05 an ounce shortly after the Shanghai Gold Exchange opened, with volumes soaring to a record. {ID:nL3N1002DI}

(Reuters Messaging: sinead.carew.thomsonreuters.com@reuters.net)