Gold price slips as traders absorb Biden withdrawal from US election
Spot bullion traded just under $2,400 an ounce, erasing earlier gains.
Gold miner Agnico Eagle Mines (TSE: AEM) reported a fourth-quarter profit on Thursday compared with a year-ago loss, as it benefited from higher gold sales volumes and realized gold prices.
Agnico posted net income of $331.7 million, or $1.38 per share, in the fourth quarter ended Dec. 31, compared with a loss of $393.7 million, or $1.68 per share, a year earlier.
The gold miner also lowered its full-year 2020 production outlook, citing slower-than-expected ramp up of production at the new Nunavut operations in Canada.
Agnico said it now expects full-year production of 1.87 million ounces compared with its previous outlook of 1.9 million to 2 million ounces
Agnico said it now expects full-year production of 1.87 million ounces compared with its previous outlook of 1.9 million to 2.0 million ounces.
The production would also be impacted by a more conservative mining plan in the West mine area at LaRonde, located in the Abitibi region of Quebec.
Gold miners benefited from global geo-political uncertainties and the then ongoing tariff dispute between the United States and China, as investors sought safety in safe-haven assets. Average gold price rose 21% in the quarter compared to last year.
Payable gold production rose to 494,678 ounces compared with 410,712 ounces last year.
(By Arunima Kumar; Editing by Shailesh Kuber)
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