Gold Prices News
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Hedge funds are making the biggest bet ever against gold prices, signaling continued volatility for the metal after prices entered a bear market last month.
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Canadian stocks rose for a third day, sending the benchmark equity gauge to the highest level in almost two months, as commodity producers and banks rallied.
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Detour Gold Corp., a producer of the metal backed by hedge-fund manager John Paulson, raised C$153 million ($149 million) to help fund its mine in northern Ontario.
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Barrick Gold Corp. chief executive officer Jamie Sokalsky said gold prices can resume their gains toward the $1,700 to $1,800-an-ounce range.
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Koza Altin Isletmeleri AS headed for a 16-month low after Deutsche Bank AG cut its price estimate for the Turkish gold miner, citing the impact of the commodity’s deteriorating outlook on earnings.
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Credit downgrades, recession and President Francois Hollande’s gaping budget shortfall have done little to prevent French bonds from outshining gold.
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Ghana’s central bank will probably leave its benchmark interest rate unchanged for a fourth time as a weakening currency pushes inflation to a three-year high.
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Hedge-fund managers are making the biggest ever bet against gold as billionaire George Soros sold holdings last quarter and Goldman Sachs Group Inc. predicted more declines after the longest slump in four years.
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Freeport-McMoRan Copper & Gold Inc. won approval from shareholders of Plains Exploration & Production Co. for a $6.63 billion takeover after sweetening the bid for the largest U.S. oil and natural gas purchase announced in the past year.
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Billionaire investor George Soros joined Northern Trust Corp. and BlackRock Inc. in cutting holdings of exchange-traded products backed by gold before a bear market in prices last month, while John Paulson maintained a stake that lost about $165 million in the first quarter.
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