03:39:14 EDT Fri 29 Mar 2024
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Barrick Gold Corp
Symbol ABX
Shares Issued 1,164,669,758
Close 2015-07-22 C$ 9.59
Market Cap C$ 11,169,182,979
Recent Sedar Documents

Globe/wire say Kinross, rivals watch gold price slide

2015-07-23 08:23 ET - In the News

See In the News (C-K) Kinross Gold Corp (2)

The Globe and Mail reports in its Thursday, July 23, edition that gold futures retreated for a 10th day in the longest run of losses since 1996 as Goldman Sachs predicted further declines and investors sold more through funds. A Bloomberg dispatch to The Globe reports the metal dropped 6.2 per cent over 10 days of losses. Prices reached a five-year low of $1,080 an ounce on Monday, and holdings in exchange traded products are the smallest since 2009. Bullion has fallen out of favour with investors as the Federal Reserve prepares to raise interest rates, boosting the dollar and hurting gold's allure. Prices could fall below $1,000 for the first time since 2009, says Goldman head of commodities research Jeffrey Currie. ABN Amro Bank's Georgette Boele and Robin Bhar of Societe Generale are also bearish. "It looks like the bear case is gaining more momentum," says RJO Futures analyst Phil Streible. He says, "People who are bullish on gold are most likely not going to risk more losses" if prices fall below $1,080. Fed Chairman Janet Yellen said last week she expects officials to raise borrowing costs this year. There is a more than 50-50 chance the Fed will increase them in September.

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