Top 50 mining companies take $264 billion hit as gold trade unwinds, lithium stocks exit

AI desk brief

Gold-led selloff knocked the world’s 50 most valuable mining stocks down to $2.26tn at end-September, the second-largest monthly decline on record for the ranking. New York gold futures fell from $4,441/oz at end-August to $4,158/oz at end-September, while the Fed’s first rate hike since 2023, a global bond selloff, and a firmer dollar all pressured bullion. Silver fell 9% and PGMs weakened further, while gold miners gave back $79bn of August’s gains; Newmont and Agnico Eagle both saw double-digit billion-dollar market value losses.