** Shares of Newmont NEM.N and Canada's Barrick Gold ABX.TO, the top two gold miners, fell in 2024 despite bullion's more than 27% rise
** The two gold miners were hit by rising costs, primarily on labor as well as production issues across continents
** Spot gold prices XAU=, however, touched record high this year, banking on lower interest rates as well as safe-haven demand amid rising global tensions
** Newmont is down 10.9% in 2024, a third successive yearly decline, as co struggled with production issues at Nevada mines and newly acquired assets while costs rose
** Barrick's output in Nevada also declined while it remained locked in dispute with Mali over the miner's Loulo-Gounkoto gold mine complex
** Toronto-listed shares of the miner has fallen 7.4% this year
** However, Morningstar analysts have said current valuations of Barrick and Newmont are relatively "cheap" amid rising gold prices
(Reporting by Sourasis Bose in Bengaluru)
((Sourasis.bose@thomsonreuters.com))
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