Harmony Gold (HMY) Loses 11% on Gold Dive

We recently published 10 Firms Crashing Harder Than Wall Street. Harmony Gold Mining Co. Ltd. (NYSE:HMY) is one of the worst performers on Tuesday.

Harmony Gold tumbled by 10.99 percent on Tuesday to close at $17.98 apiece as investors sold off positions amid gold and silver’s steepest drop in years.

In intra-day trading, gold and silver fell by 6.3 percent and 8.7 percent, respectively—their biggest single drop since 2013, as investors turned took profits from record highs.

Prices, however, pared losses toward the end of the session, but spilled over to mining stocks, including Harmony Gold Mining Co. Ltd. (NYSE:HMY), Anglogold Ashanti and Hecla Mining, among others.

In other developments, gold investors will be closely watching out for the US central bank’s Federal Open Market Committee meeting on Wednesday next week, highly anticipating an interest rate cut.

Lower rates typically buoy prices of precious metals as it weakens the US dollar, making it cheaper for foreign investors to acquire gold.

In recent developments, Harmony Gold Mining Co. Ltd. (NYSE:HMY), through its Australian subsidiary Harmony Gold (Australia) Pty Ltd.,  successfully acquired MAC Copper for AU$1.08 billion.

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READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.