Why Harmony Gold Mining Stock Plummeted by Almost 12% This Week
As often happens, the company's shares moved in sympathy with its No. 1 metal.
Overview
A late-in-the-week rally in the gold price couldn't save Harmony Gold Mining (NYSE: HMY) stock from sliding into the red over the past few days. The precious metal sank over the course of the five trading days, putting the hurt on mining companies that traffic in it. Although Harmony Gold is not exclusively focused on its namesake asset, it remains strongly associated with it.
According to data compiled by S&P Global Market Intelligence, the company's shares fell by nearly 12% across the week.
Details
A major development shaking the gold price -- and not in a good way -- was a new about-face forecast from Bank of America Global Research. On Wednesday, the lender's analysts published a note speculating that the Federal Reserve (Fed) will raise key interest rates three times this year to tame inflation.
Source
Originally published at www.fool.com.