Gold miners fall as bullion drops 1.4%

• US-listed gold mining stocks declined in premarket trading as spot gold fell 1.4% to $4,084.50 per ounce.
• Newmont shares dropped 2.6%, Barrick Mining fell 2.3%, and South African gold miners declined between 3.4% and 4.2%.
• Rising oil prices raised inflation concerns and reinforced expectations that US interest rates could remain elevated, weighing on gold prices.

Spot gold fell 1.4% to $4,084.50 per ounce Thursday, pushing US-listed gold mining stocks lower in premarket trading.

The decline followed rising oil prices, which increased inflation concerns and reinforced expectations that US interest rates could remain higher for longer.

Newmont (NYSE:NEM) declined 2.6% in premarket trading, while Barrick Mining (NYSE:B) fell 2.3%, tracking weakness in bullion prices.

South African miners Gold Fields (NYSE:GFI), AngloGold Ashanti (NYSE:AU), Harmony Gold (NYSE:HMY) and Sibanye Stillwater (NYSE:SBSW) dropped 3.4%–4.2%.

Canadian miners Agnico Eagle Mines (NYSE:AEM) and Kinross Gold (NYSE:KGC) fell 3.9% and 2.7%, respectively, before the opening bell.

Investors awaited the Federal Reserve's October 27–28 policy meeting for further guidance on interest rates and inflation expectations.

Gold prices have faced pressure from elevated borrowing costs, which reduce the relative appeal of bullion because it generates no interest income.