Harmony Gold (HMY) Loses 11% on Gold Dive

Core Insights - Harmony Gold Mining Co. Ltd. (NYSE:HMY) experienced a significant decline of 10.99% on Tuesday, closing at $17.98, as investors reacted to a sharp drop in gold and silver prices [1][2] - The prices of gold and silver fell by 6.3% and 8.7%, respectively, marking their largest single-day drop since 2013, as investors took profits from previous record highs [1][2] - The decline in precious metal prices has negatively impacted mining stocks, including Harmony Gold, Anglogold Ashanti, and Hecla Mining [2] Company Developments - Harmony Gold Mining Co. Ltd. successfully acquired MAC Copper through its Australian subsidiary for AU$1.08 billion [3] - Investors are closely monitoring the upcoming Federal Open Market Committee meeting, anticipating a potential interest rate cut, which could positively influence precious metal prices [2][3] Market Context - Lower interest rates typically support precious metal prices by weakening the US dollar, making gold cheaper for foreign investors [3]