Hedge funds slash bullish wagers on gold over Trump election win
The precious metal has fallen about 8% from a record high on Oct. 31, with losses accelerating after Trump’s election victory last week.
Australia’s biggest gold miner Newcrest Mining Ltd on Thursday cut its full year production forecast, while reporting a fall in third-quarter production.
Newcrest now expects production of 2.25-2.35 million ounces of gold for the full-year ending June 30, down from 2.4 million to 2.7 million ounces expected earlier. It also downgraded guidance for its flagship Cadia mine which restarted production earlier this month following a shutdown due to damages caused by an earthquake in April last year.
The outage at Cadia, pushed down gold production in the March quarter to 575,791 ounces from 598,602 ounces produced last year.
Reporting by Susan Mathew in Bengaluru Editing by Tom Brown.
