SSR Mining shares decline amid falling gold prices

SSR Mining shares experienced a significant decline, with the stock gapping down from a previous close of $35.68 to an opening of $33.64. The decline coincides with a drop in gold prices, which fell approximately 3.9% to around $4,154 per ounce.

Market analysts suggest the sell-off in gold may be driven by rising oil prices and inflation concerns. While rising inflation typically benefits gold, there is apprehension that the Federal Reserve may hike interest rates to combat it. Higher interest rates often make bonds more attractive to investors than non-yielding assets like gold.

Despite the price drop, several analysts maintain positive outlooks on SSR Mining. BMO Capital reiterated an ‘outperform’ rating, though it removed its $41 price target. Other institutions, including UBS Group, Bank of America, and Royal Bank of Canada, have issued various buy or outperform ratings with price targets ranging between $40 and $43.