Barrick says Ontario Superior Court dismisses 2022 Tanzanian security case
A group of 21 Tanzanian nationals had alleged that Barrick was complicit in extrajudicial killings by police guarding its North Mara mine.
The gold price on Friday dropped back below the psychologically important $1,400 an ounce level as profit takers make the most of the metal’s recent run.
By mid- afternoon the yellow metal was trading at $1,396.80 on Comex in New York, down more than $16 from Thursday’s close and well below a three-month intra-day high of $1,434 reached Wednesday.
Despite the pull-back on Friday – traditionally not a good day for the gold price as traders close out positions – gold is still up 5.7% in August.
Gold has also rallied 16.5% from the intra-day low of $1,182.60 an ounce hit on June 28.
Reuters quotes VTB Capital analyst Andrey Kryuchenkov as saying “the move higher in August was driven mostly by short-covering and opportunistic buying, which seems to have now run out of steam.”
BullionVault spoke to David Govett at brokers Marex Spectron who said Syria was also playing a role in Friday’s decline: “My feeling is that without Syria [the gold price] would be sub-1400. [But] with that simmering in the background, the majority [of traders] are nervous of being short.”
Silver also succumbed to selling pressure Friday, with December futures down 2.5% or 62 cents to $23.53 an ounce.
Silver investors enjoyed a fantastic August with the volatile metal gaining 19.5% over the month, but this time last year silver was still trading above $30 an ounce.
