Why Are Precious Metal Stocks Falling Today?

Newmont Corporation (NYSE: NEM) and Barrick Mining Corporation (NYSE: B) experienced declines in premarket trading, with Newmont falling 4.46% to $116.02 and Barrick down 4.29% to $41.04, as gold prices dropped to their lowest in over seven weeks, falling below $4,200 an ounce. This decline is attributed to rising oil prices, which are raising inflation concerns and increasing expectations for further U.S. interest rate hikes, with a 70.3% chance of a rate hike in October. Additionally, spot silver fell 4.8% to $61.17 per ounce, reflecting broader weakness in precious metal markets.