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.
South Africa’s Harmony Gold expects to report a more than 200% increase in half-year profit, driven by higher gold output and firmer prices, it said on Thursday.
Harmony’s trading update said it expects headline earnings per share – South Africa’s most common profit measure – between 9.37 and 9.76 rand ($0.4965-$0.5172) in the six months to Dec. 31, up from 2.93 rand in the same period of 2022.
The miner estimates a gold production increase by as much as 14% year on year to between 820,000 and 835,000 ounces. The company said it also recorded higher grades and prices than a year earlier.
Harmony, which has operating mines and projects in South Africa, Papua New Guinea and Australia, is scheduled to release half-year results on Feb. 28.
($1 = 18.8715 rand)
(By Nelson Banya; Editing by David Goodman)
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