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The Resolute Mining Limited share price continues to sink lower

The Resolute Mining Limited (ASX: RSG) share price is certainly not having a great day of trade.

In early afternoon trade the gold miner’s shares are down almost 3.5% to $1.17. This brings its three-month decline to over 17%.

What happened?

Today’s decline is likely to be related to a fall in the spot gold price overnight.

At present the spot gold price is fetching US$1,245 an ounce, down approximately 4% from its month-high of US$1,295 an ounce.

As of the most recent quarter, Resolute was operating with an all-in sustaining cost of US$827 per ounce.

Fortunately for shareholders there appears to be no immediate reason to panic. Despite the recent slide in the gold price, Resolute’s operations are still profitable for the time being.

Elsewhere in the industry, the shares of Newcrest Mining Limited (ASX: NCM) and Evolution Mining Ltd (ASX: EVN) are both down by around 2.5%.

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