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.
The United Nations reported at least 35 people died Saturday when a separatist militia attacked the capital of copper-rich Katanga province in the Democratic Republic of Congo, according to Bloomberg.
In the city of Lubumbashi, the Kata Katanga militia group fought with the army and police before surrendering inside a UN compound. Fifty-four rebels were injured and sent to hospital while 245 will be transferred to the Congolese government. No UN employees were hurt.
The DRC produces more than 3% of the world’s copper and half of its cobalt, with the majority coming from Katanga.
The capital city Lubumbashi is the focal point for the largest mining companies in the country, such as Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) and Glencore International Plc. (LSE: GLEN).
