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.
Barrick Gold Corp. (TSE:ABX) will lay off more employees, this time mostly from its Toronto corporate office.
The world’s largest gold producer will let go of about 100 workers, Reuters reported on Monday. These employees make up one-third of the company’s corporate staff.
The cuts come several days after reports revealed Barrick would be laying off 55 employees in the US. The gold producer also said goodbye to dozens of Australian workers at the beginning of June.
Barrick has been hit hard by falling gold prices, dropping to a 21-year low last week.
Meanwhile, gold shows no signs of recovery. The precious metal lost nearly a percentage point on its spot price on Monday.
Creative Commons image by: Peter Lovstrom.
