Latin American mining ADRs fall as gold prices ease and dollar edges higher

Latin American mining ADRs fall as gold prices ease and dollar edges higher

Shares of U.S.-traded mining companies based in Latin America fell on Friday as gold prices retreated and the dollar gained value against some currencies.

Gold for June delivery fell $27.70 to settle at $915.20 an ounce on the New York Mercantile Exchange after earlier plunging to a two-week low of $907.30.

Meanwhile, the dollar moved higher against the euro to rebound from a record low on Thursday, buying $1.5795 in afternoon trading. A stronger dollar discourages investors from buying commodities such as gold, which is viewed as a hedge against inflation.

Those results sent shares of Latin American mining ADRs lower. ADRs, or American Depository Receipts, represent shares of foreign companies traded on U.S. markets.

Compania Minas Buenaventura SA, based in Lima, Peru, fell $3.61, or 4.9 percent, to $70.77.

Brazil’s Companhia Vale do Rio Doce, lost 5 cents to $37.93.

The Bank of New York Latin America ADR index edged up 0.20 points to 462.53.

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