The spot price of gold was down 1% in late morning trading on March 28, settling in around the $1,330 mark. In the midst of volatility in U.S. and global markets gold prices managed to rise above the $1,360 mark yesterday, but a run on equities has failed to materialize. This as the U.S. dollar has bounced back after news that China and the U.S. have started negotiations to avoid a possible trade war. Revised fourth quarter GDP numbers were also released that showed U.S. growth of 2.9% compared to an expected 2.7%.
Kinross Gold Corporation (TSX:K)(NYSE:KGC) was down 2.16% in late morning trading on March 28. Shares of Kinross have dropped 6.1% in 2018 thus far. This is in spite of another year of strong results that met production and cost guidance at the beginning of last year. In 2017 Kinross reported adjusted net earnings of $178.7 million or $0.14 per share compared to $93 million or $0.08 per share in the prior year.
Barrick Gold Corp. (TSX:ABX)(NYSE:ABX), a Toronto-based gold and copper producer, saw its stock drop 2.53% in late morning trading. Shares have declined 10.9% in 2018 so far. Barrick Gold cut compensation for two of its top executives after complications at its mining locations and poor stock performance year over year.
Gold bulls have projected the possibility of a breakout as global markets are rattled by rate tightening and trade tensions. So far in 2018 the spot price of gold has remained relatively static, and gold equities continue to be battered.
