Gold miners hammered by metal’s biggest one-day loss this month

Shares in most gold miners fell Monday as the precious metal price dropped more than 1% in early trading and was steadily heading to its largest single-session loss of the month.

Gold prices fell in New York to as low of $1,219 an ounce and were last trading at $1,222.60, while the dollar index remain strong and very close to its daily high.

Commodities priced in US dollar usually have an inverse relationship to the world's reserve currency, particularly gold.

Worries about the price’s outlook were evident among gold mining stocks with heavy selling across the board.

Gold miners hammered by metal’s biggest one-day loss this month

Canada’s Barrick Gold (NYSE, TSE:ABX), the world’s largest producer, were slightly down in Toronto (-0.96%) to Cdn$25.26 and -0.97% to $19.30 in New York before noon. While world number two in terms of production, Newmont Mining Corp (NYSE:NEM), shed 0.93% in morning trade.

The biggest losers before noon were Eldorado Gold (-3.43%) to $3.66, and Jaguar Mining (-3.45% to $13.98), followed closely by Kinross (-3.18% to $3.96) and IAMGOLD Corp (-2.28% to $4.72).

Investors are cautiously waiting for US Federal Reserve Chairwoman Janet Yellen's comments. She is scheduled to appear before the Senate Banking committee on Tuesday and the House Financial Services Committee on Wednesday. But while her comments are closely followed, a rate increase isn't expected until June.