The Philadelphia Gold & Silver Index (XAU) slid 3.0% to 205.17 on Wednesday, fueled by substantial losses in precious metals.
COMEX gold futures were lower by $73.70, or 4.0%, at $1,787.60 per ounce in mid-day trading, while silver futures dropped $1.83, or 4.3%, to $40.46 per ounce.
While news in the gold sector was quite light today, one company making headlines was Newmont Mining (NEM).
RBC Capital Markets upgraded the U.S.-based gold producer to Sector Perform from Underperform. Shares of NEM nonetheless fell 3.0% to $59.44 alongside its peers.
RBC also upgraded Allied Nevada Gold (ANV) to Outperform from Sector Perform, and downgraded Randgold Resources (GOLD) to Sector Perform from Outperform. ANV and GOLD each moved lower in concert with the gold sector, by 5.3% to $39.06 and 2.1% to $104.63 per share, respectively.