Barrick Gold Corp., the world’s biggest gold miner, posted a 90% drop in quarterly profit on lower gold prices and sales amid questions about its direction after a failed merger effort with Newmont Mining Corp.
The Toronto-based firm on Wednesday reported first-quarter net earnings of $88 million, or 8 cents a share, down from $847 million, or 85 cents, a year earlier. But the results slightly beat analysts’ expectations on higher-than-expected cost savings. (more…)
Gold futures pared much of their earlier losses by the Comex close on Wednesday, then fell further in electronic trading after the Federal Reserve decided to keep trimming its bond-buying program by $10 billion a month, as expected.
Traders spent the regular trading session assessing a weaker-than-expected report on U.S. first-quarter GDP along with the strongest private-sector jobs growth in five months, waiting for the Fed decision, which came after the Comex close, and looking ahead to Friday’s much-anticipated monthly employment report from the government. (more…)
Gold futures pared most of their losses by the close on Wednesday, but fell further after the Federal Reserve said it would keep trimming the size of its bond-buying program by $10 billion a month. June gold GCM4 +0.40% fell 40 cents to settle at $1,295.90 an ounce on Comex ahead of the Fed announcement, which came about a half hour after the official close of regular gold trading on the exchange. Tracking the most-active contracts, gold futures ended the month roughly 1% higher, with much of the gain attributable to safe-haven demand generated by concerns surrounding Ukraine. In electronic trading, June gold was last at $1,293.50.
Gold futures settled lower on Tuesday for a second session in a row, pressured by a rise in U.S. equities as traders assessed data showing a gauge of U.S. consumer confidence for April fell short of forecasts, but the reading for March was revised to its highest stage since 2008.
Gold for June delivery GCM4 -0.36% fell $2.70, or 0.2%, to settle at $1,296.30 an ounce on the Comex division of the New York Mercantile Exchange. Prices were trading just under $1,299 shortly before the consumer confidence data were released. The July contract for silver CLN4 -0.93% lost 8 cents, falling less than 1% to $19.54 an ounce. (more…)
Gold futures closed lower for a second straight session on Tuesday, pressured by a rise among U.S. equities. Traders also assessed data on U.S. consumer confidence, which showed a dip in April’s reading, but an upward revision to the reading for March. June gold GCM4 -0.39% decreased $2.70, or 0.2%, to settle at $1,296.30 an ounce on Comex. Prices dropped 0.1% on Monday.
Gold futures closed under $1,300 an ounce on Monday, giving back part of the gains they saw in the previous session, but prices managed to settle off the day’s low as benchmark indexes tracked U.S. equities lower.
Gold for June delivery GCM4 -0.40% fell $1.80, or 0.1%, to settle at $1,299 an ounce on the Comex division of the New York Mercantile Exchange, off the low of $1,292.10 seen in electronic trading.
Among the most active contracts for silver, May silver SIK4 -0.81% also dipped 10 cents, or 0.5%, to $19.59 an ounce, while the July contract SIN4 -0.81% ended at $19.62 an ounce, down 10 cents, or 0.5%. (more…)
Gold futures closed under $1,300 an ounce on Monday, giving back part of the gains they saw in the previous session, but prices settled off the day’s low as benchmark indexes tracking U.S. equities turned lower. June gold GCM4 -0.40% fell $1.80, or 0.1%, to settle at $1,299 an ounce on Comex. U.S. sanctions in relation to Russia are not as severe as anticipated, U.S. pending-home sales number looked good and there was a rotation back to risk on in the broader market early Monday, which put some downward pressure on gold, said Jeffrey Wright, managing director at H.C. Wainwright.
Gold futures logged a third-consecutive session gain on Friday, with escalating tensions between Ukraine and Russia and a broad decline in U.S. equities fueling the metal’s first weekly price gain in two weeks. June gold GCM4 -0.42% rose $10.20, or 0.8%, for the session to settle at $1,300.80 an ounce on the Comex division of the New York Mercantile Exchange, up 0.5% for the week. Prices hadn’t closed above $1,300 since April 16.
Gold futures on Friday scored a third-consecutive session gain, with escalating tensions between Ukraine and Russia and a broad decline in U.S. equities fueling the metal’s first weekly price gain two weeks.
Gold for June delivery GCM4 -0.42% advanced by $10.20, or 0.8%, to settle at $1,300.80 an ounce on the Comex division of the New York Mercantile Exchange, with prices gaining roughly 0.5% for the week. Prices hadn’t closed above $1,300 since April 16. Read: Peter Schiff says reckless Fed may push gold to $5,000. (more…)
Investors have done well in the past with a simple strategy of buying what China was buying. So earlier this year, things were looking up for gold when it was revealed that China had swept past India to become the world’s biggest buyer in 2013.
For the first time, Chinese demand topped 1,000 tonnes, reaching 1,176 tonnes after a 41% year-on-year gain, not including central-bank buying.
Apparently Chinese consumers had rediscovered their affection for the yellow metal and gone bargain hunting after prices shed 28% last year. The China buying dynamic was credited with restoring gold prices to their upward trajectory. But now, a succession of holes in the bullish China gold-demand story have appeared. (more…)
Gold futures settled higher Wednesday, rebounding the lowest close in three weeks as tensions in Ukraine, weakness in U.S. equities and some downbeat economic data fueled some safe-haven demand for the metal.
Gold for June delivery GCM4 -0.16% climbed by $3.50, or 0.3%, to settle at $1,284.60 an ounce on the Comex division of the New York Mercantile Exchange. Prices had fallen for a third straight session on Tuesday to close at $1,281.10, their lowest level since April 1 on a most-active contract basis, as a six-day rally in the S&P 500 index SPX +0.48% lured investors away from the precious metal. May silver SIK4 -0.45% rose nearly 8 cents, or 0.4%, to $19.44 an ounce. (more…)