Why Eldorado Gold Stock Was Diving This Week
No prizes for guessing which direction the gold price was heading in the past few days.
Overview
With the price of its favorite precious metal declining, Eldorado Gold (NYSE: EGO) stock has taken it on the chin over the past few trading days. According to data compiled by S&P Global Market Intelligence, the mining company's shares were down almost 13% week to date as of early Friday morning.
Gold is currently on a losing streak due to several factors. Chief among these is the growing expectation from analysts and economists that the Federal Reserve (Fed) will raise interest rates in the coming months. After all, inflation is still a problem -- not least because of the economic fallout of the war with Iran -- and the primary remedy for a central bank is higher rates.
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Originally published at www.fool.com.