Gold Mining Companies Loose Ground in Australia

US gold production

Gold mining companies’ shares fell early today in the Australian stock market.

Although there is an overall weak performance in the mining companies performance as a result of the challenges they face in financing and production, the direct reason of this decline on Thursday is the announcement of Chinese Purchasing Manger’s Index (PMI) dropping 0.3%. China is the biggest trading partner of Australia.

Rio Tinto Ltd. shares slumped 0.4%, Fortescue Metals Group fell 0.9%, while BHP Billiton Ltd. was down by 0.7%.