- This week gold futures closed the week at $2,370.10, up $61.50 per ounce, or 2.66%. Gold stocks, as measured by the NYSE Arca Gold Miners Index, ended the week higher by 5.53%. The S&P/TSX Venture Index came in up 2.69%. The U.S. Trade-Weighted Dollar rose 0.27%.The best performing precious metal for the week was silver, up 6.56%, which can be an indicator of speculative interest being revived in the precious metal trade.
Kinross reported operating results that surpassed RBC and consensus expectations with 4% higher production and 5% lower costs. This supported higher adjusted earnings per share . KGC reiterated annual guidance—in their view 1Q positions the company favorably to achieve annual targets.The worst performing precious metal for the week was gold, but still up 2.66%. Gold Fields reported its Q1/24 operational results.
China’s central bank topped up its gold reserves for an 18th straight month in April, although the pace of buying slowed in the face of record prices. The People’s Bank of China has long been one of the market’s largest buyers, steadily growing its bullion holdings since 2022. However, the precious metal’s record-breaking rally since mid-February — with successive all-time-highs reached last month — seems to have dented demand, according to Bloomberg.
The Pan American Silver Escobal mine in Guatemala remains on care and maintenance as the ILO 169 consultations continue with the Xinka indigenous representatives and as a new government gains familiarity with the project. Management notes that the ILO 169 consultation process has experienced delays since the new government in Guatemala took office in January 2024, according to Canaccord.
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