Gold Spikes To Six Week High

Published on Nov 06, 2020 11:56

COMEX Gold futures soared sharply yesterday as a rally above $1900 per ounce mark extended amid the uncertain outlook on the US Presidential Election results. The metal broke out impressively even as US stocks spiked.Among other positives for Gold were sustained US dollar weakness and US Federal Reserve keeping its lax monetary stance steady. COMEX Gold futures soared near six week top yesterday before easing and are currently trading a $1938 per ounce, down 0.42% on the day.

Meanwhile, Barrick Gold, the world`s second-largest gold producer announced record free cash flow in the third quarter due to recovering production and significantly higher gold prices. In its third-quarter earnings report, released Thursday, Barrick Gold said that its free cash flow totaled $1.3 billion, an increase of 151% compared to the third quarter of 2019. The company said that adjusted net earnings for the third quarter were $726 million or $0.41 per share, up significantly from $264 million, or $0.15 per share reported in the same quarter last year. The company said that it produced 1.155 million ounces of gold in the third quarter, down 11% compared to production reported in the third quarter of 2019. However, the company reported a 30% increase in its average realized gold price of $1,926 in the third quarter.