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.
AngloGold Ashanti on Friday posted a 3% drop in 2023 output, weighed down by production slippages at key mines in Tanzania, Guinea and Ghana.
Gold production for the year ended Dec. 31 fell to 2.593 million ounces from 2.672 million, it said in its full-year results, with the decline due mainly to lower ore tons processed and lower recovered grades.
Poor ground conditions at Obuasi in Ghana and a carbon-in- leach (CIL) tank failure at its processing plant at Siguiri, Guinea, had an adverse impact on gold production and total operating costs, AngloGold said.
The company reported a gross profit of $1.027 billion for the year, 9% lower than $1.129 billion the year before. It declared a dividend of $0.19 per share, down from $0.23 previously.
(By Nelson Banya and Felix Njini; Editing by Jason Neely and Jan Harvey)
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