Gold mid-tiers’ Q2 2024 fundamentals
Fueled by dazzling record gold prices and lower mining costs, smaller gold miners’ unit earnings skyrocketed to their highest levels ever.
Money managers’ bullish wagers on gold jumped to the highest in more than four years on expectations for earlier, deeper monetary easing by the Federal Reserve to bolster the economy.
Hedge funds and other large speculators boosted net-long positions by 7.8% to 236,749 as of Aug. 20, the highest since early 2020, weekly US government data showed on Friday.
The precious metal reached an all-time high of $2,531.75 an ounce on Tuesday after topping $2,500 for the first time this month amid mounting expectations that the Fed is edging closer to lowering rates. Lower rates typically are a boon to non-interest bearing bullion.
(By Yvonne Yue Li)
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