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Category: Gold

Gold price steadies as US jobs report fuels recovery optimism 1 Gold International 

Gold price steadies as US jobs report fuels recovery optimism

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Gold prices steadied during the holiday-thinned trading session on Monday as robust US jobs data fueled hopes for a rapid economic recovery and bolstered global equities, suppressing bullion’s appeal. Spot gold saw a slight gain of 0.1% to $1,731.80/oz by 11:40 a.m. EST, while US gold futures rose 0.2% to $1,732.20/oz. An earlier report showed that employers in the US added the most jobs in seven months during March, as more coronavirus vaccinations and fewer business restrictions bolstered labor market recovery. Non-farm payrolls increased by 916,000 from February, according to a Labor Department… Read More Here
Barrick Gold CEO Says Its Dividend Is ‘Sustainable’ 2 Gold International 

Barrick Gold CEO Says Its Dividend Is ‘Sustainable’

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Barrick Gold CEO Mark Bristow says the company will be smart about any acquisitions and that its quarterly dividend of 9 cents a share is “sustainable” even if gold prices, now at $1,729 an ounce, decline to $1,200. In an interview with Barron’s, Bristow said that Toronto-based Barrick (ticker: GOLD), which shares leadership of the gold industry with Denver-based Newmont (NEM), has “the industry’s best assets, strongest balance sheet with no net debt, and the best people.” Barrick shares are down 10% this year to around $20 as gold prices… Read More Here
Gold price bounces back, but set for another monthly loss 3 Gold International 

Gold price bounces back, but set for another monthly loss

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Gold prices clawed back on Wednesday, boosted by a weaker dollar, but are still on pace for a third consecutive monthly loss, as elevated US bond yields dented the haven metal’s appeal. Spot gold rebounded 1.2% to $1,705.91 an ounce by 11:45 a.m. EST, having earlier touched a three-week low of $1,677.61. In New York, gold futures rose 1.1% to $1,704.30 an ounce. The good news for gold investors is that the US dollar edged off a near five-month peak. International Monetary Fund data showed that the dollar’s share of global currency… Read More Here
The price of gold drops weekly as the dollar weakens 4 Gold International 

The price of gold drops weekly as the dollar weakens

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Gold prices edged up on Friday, offsetting a weekly loss as the dollar slipped against most G10 currencies, as bond yields retreated from session highs after the latest spending data Americans showed declines in February. Spot gold rose 0.2% to $ 1,731.75 an ounce at 2:30 p.m. EST, while US gold futures rose 0.3% to $ 1,729.50 l ‘ounce. However, gold is still heading towards its first weekly loss in three, underlining its choppy comeback from a nine-month low. Optimism over a recovery from the pandemic, a resilient dollar and a… Read More Here
Resolute Mining shares drop 25% on Ghana lease termination 5 Gold 

Resolute Mining shares drop 25% on Ghana lease termination

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Resolute Mining (LSE: RSG.L) said it is seeking legal advice after its mining lease for the Bibiani gold mine in Ghana was terminated. The miner has been ordered to cease all activities and operations at the mine site. Resolute said the action on behalf of the Minister of Lands and Natural Resources had been unexpected, and that the company was seeking clarification from the Minister’s office. Resolute announced in December that it had agreed to sell the gold mine to China’s Chifeng Jilong Gold Mining for $105 million cash. The company acquired Bibiani… Read More Here
Gold drops as dollar strengthens, traders focus on bond auctions 6 Gold International 

Gold drops as dollar strengthens, traders focus on bond auctions

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Gold declined as the dollar remained resilient and 10-year Treasury yields held near the highest level in more than a year, weighing on the precious metal which doesn’t offer interest. Investors will turn their attention to a heavy slate of bond auctions focused in maturities that have gotten pummeled amid a brightening outlook for growth and inflation. Federal Reserve chairman Jerome Powell reiterated in a Wall Street Journal editorial that the central bank will continue to provide aid to the economy “for as long as it takes” as the recovery is far… Read More Here
Barrick reports strong financials in 2020 7 Mining Companies Gold 

Barrick reports strong financials in 2020

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Despite the challenges posed by the covid-19 pandemic, Barrick Gold (TSX: ABX) (NYSE: GOLD) reported ending 2020 with one of the industry’s strongest balance sheets. In its 2020 annual report, the Toronto-based miner first highlighted the fact that it increased its quarterly dividend threefold to 9 cents per share since the announcement of its merger with Randgold Resources in 2018. This means that, in the past two years, the Barrick share price has grown by 118% against a 92% increase in the GDX as of December 31, 2020.   In the document, the company… Read More Here
Komatsu Mining joins The Electric Mine conference as a Gold Sponsor 8 Gold Equipment & Technology 

Komatsu Mining joins The Electric Mine conference as a Gold Sponsor

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Global mining equipment major Komatsu Mining is the latest Gold Sponsor for the forthcoming International Mining conference , The Electric Mine,set to be held in Stockholm, Sweden at the Radisson Blu Waterfront on February 17-18, 2022. It will be the second installment of the conference following the inaugural meeting in April 2019 in Toronto. Komatsu will also be fielding a speaker at the event, for which details will be announced at a later date. The company is at the forefront of electric mining technology, being the leading global player in electric drive large surface mining trucks, while also offering trolley… Read More Here
Gold price retreats as yields climb after Fed meeting 9 Gold International 

Gold price retreats as yields climb after Fed meeting

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Gold prices reversed course on Thursday, dropping from a more than two-week high, as bullion’s appeal continues to be tarnished by climbing US Treasury yields and a firmer dollar. Spot gold fell 1.1% to $1,728.96 per ounce by noon EST, while US gold futures for April delivery held steady at $1,728.80 per ounce. Meanwhile, the benchmark US 10-year Treasury yield rose to 1.74% for the first time since January 2020, helping to lift the dollar from a two-week low.  The US Federal Reserve on Wednesday said the US economy was on… Read More Here
Gold producing countries 10 Gold International 

Gold producing countries

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World output of gold in 2019 showed the first decline in a decade, falling by 28 metric tonnes to 3,533 tonnes or 113.6 million troy ounces. The decline came after relentless growth in primary gold production – 730 tonnes or 23.5m ounces since 2010, according to London-based mining and metals consultants Metals Focus and the World Gold Council. China is in danger of losing its no 1 ranking over the next few years – the country lost 20 tonnes of production while Russia added 34 tonnes or 1.1m ounces in a single year,… Read More Here

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