Gold mid-tiers’ Q3 2024 fundamentals
All-time-high gold prices combined with relatively-contained costs catapulted unit earnings to another epic record.
Investors could be forgiven for not being able to recall the last time gold prices traded below $1,000-an-ounce, considering they’d have to scroll back to September 2009 before running into that level.
But don’t think gold is so far removed from that sub-$1,000 level that it can’t revisit that nadir in short order, warned analysts at Citigroup in a note on Monday. And they said it’s all about the dollar.
“We see no reason why gold should not once more trade at $1,050/oz if US$-DXY rises back to the 100-level (now 95.3). Nor do we see anything to prevent gold falling below $1,000/oz if US$-DXY rises above the 100-level,” said the analysts.
