Hedge funds slash bullish wagers on gold over Trump election win
Hedge funds and other large speculators boosted net-long positions by 11% to 197,362 as of Nov. 12, the lowest in 14 weeks.
Newcrest Mining on Thursday posted a 21.2% fall in first-quarter gold production as output declined at its flagship Cadia mine and the Lihir operations in Papua New Guinea due to maintenance activity.
Australia’s largest listed gold miner said production of the yellow metal fell to 396,214 ounces in the three months to Sept. 30, from 503,089 ounces a year earlier.
But the company maintained its annual gold output forecast, saying production of copper and gold would increase in the fourth quarter due to lower planned shutdown activities.
Gold miners had a strong 2020 as prices of the safe-haven metal rose over 25% on pandemic-driven economic uncertainty, but this year’s recovery has pulled bullion down from those levels.
Newcrest earlier this month estimated its production costs would halve over the next decade while the copper output would rise.
Its copper production declined nearly 30% in the third quarter.
(By Savyata Mishra and Indranil Sarkar; Editing by Aditya Soni)
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