By Adriano Marchese
Canadian miners were among the top decliners in Canada on Friday, in step with a retreat of gold and silver prices, after President Trump selected former Fed governor Kevin Warsh--who has a track record of supporting tighter monetary policy--to replace Jerome Powell as Federal Reserve chair.
The price of gold recently traded 5.7% lower at $5,048 an ounce while silver is down 15% to $96.80 an ounce.
Canada's large miners, Barrick Mining and Kinross Gold were down sharply, their shares falling 7.7% and 8.1%, respectively. Smaller miners were also dragged, with Aya Gold & Silver down 11.1%, Silvercorp Metal lower by 9.9% and Discovery Silver off 9.9%.
The day's decline is only a small dent for these companies, which have seen their stocks more than double or triple over the past months in lockstep with the meteoric rise in gold and silver prices.
Gold and silver, often considered safe havens, have been climbing in recent months as investors seek a flight to safety against persistent geopolitical instability, sticky inflation and heightened global trade tensions.
Canadian miners have largely been beneficiaries of the rise in commodity prices as producers of the precious metals.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
01-30-26 1141ET
