SBSW - Precious metals mining stocks tumble on Yellen interest rate comments

Gold prices finished lower after U.S. Treasury Secretary Janet Yellen said interest rates may need to "rise a little bit to make sure our economy doesn't overheat."Her comments contrast with Federal Reserve Chairman Jerome Powell's insistence that the central bank will is not considering raising rates until the economic recovery is complete.The "gold market turned around instantly with even a hint of higher interest rates in policy plans," Jeff Wright, chief investment officer at Wolfpack Capital, told MarketWatch. "Yellen holds a lot of influence" even though she no longer runs the Fed.June Comex gold (XAUUSD:CUR) settled -0.9% to $1,776/oz., following yesterday's 1.4% gain that lifted the metal to the highest settlement for a most-active contract since April 21.July silver (XAGUSD:CUR) closed -1.5% to $26.56/oz., after yesterday's 4.2% boost that drove silver to its biggest single-day percentage gain and highest finish since February.Among other metals traded on Comex, palladium (XPDUSD:CUR) touched

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Precious metals, mining stocks tumble on Yellen interest rate comments