Gold miners fall in premarket as gold continues to slide

Mon Apr 15, 2013 9:12am EDT
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By Ryan Vlastelica

NEW YORK, April 15 (Reuters) - Shares of mining companies fell in premarket trading on Monday as the price of gold continued its recent decline, dropping to its lowest since March 2011.

Gold sank 4 percent, breaching a support level at $1,400 per ounce as weak growth data in China suggested a setback for the global economy and investors cut their exposure to commodities.

Freeport-McMoRan Copper & Gold Inc fell 4.3 percent to $30.55 before the bell, while Newmont Mining was off 4.8 percent to $34.61. The SPDR Gold Shares ETF lost 5 percent to $136.77.

Miners were weak around the globe, with U.S.-listed shares of Barrick Gold down 4.4 percent at $21.62 and Goldcorp Inc off 6.4 percent to $27.78 on the New York Stock Exchange.

Gold prices have tumbled recently, falling 5 percent in Friday's session. Gold is down more than 11 percent so far in April. (Editing by Nick Zieminski)