Materials Shares Slide as Gold Futures Drop $150.80 to $4135.40 an Ounce
Materials stocks fell as gold prices retreated under pressure from a stronger U.S. dollar. Gold futures slid $150.80, or 3.5%, to $4135.40 a troy ounce, marking the largest single-day decline since June. The metal has declined in five of the past six sessions. Separately, Northern Star Resources rejected Gold Fields’ US$27.2 billion takeover proposal, while Gold Fields said it will keep seeking talks as activist investor Elliott Investment Management presses Northern Star for sweeping changes.