Gold Seems Under Pressure Before Legislator’s View On Further Aid – (ABX, NEM, KGC)


Gold reversed course after a big weekly gain, floating within a tapered range ahead of European lawmakers and the U.S. coming to a decision whether the existing monetary policy requires additional support with an aim to support the slowing global economy and ease European financial woes. As of 08:00 (GMT+3), gold for immediate delivery was at $1,620.30 after trading at an intraday high of $1,623.50 and minimum of $1,617.65. The yellow metal started the session at $1,622.70 an ounce.

Barrick Gold Corporation (USA) (NYSE:ABX)

Shares of Barrick Gold Corporation fell after it announced that its second-quarter earnings declined 35%. Barrick reported net earnings slipped to US$750 million, or 75 cents per share in the three months ended June 30. That’s low from $1.16 billion, or $1.16 per share, a year ago.

In last trading session, Barrick Gold Corporation (USA) (NYSE:ABX) slid -1.16% and closed at $32.35 with the total traded volume of 13.23 million shares, more than average volume of 9.48 million. ABX has current ratio of 1.72 and its debt-to-equity ratio is 0.55.

Shares of Barrick Gold Corp (ABX) are downgraded by Macquarie from an outperform rating to a neutral rating.

Newmont Mining Corp (NYSE:NEM)

Newmont Mining Corp (NYSE:NEM), the largest U.S. gold producer, shares fell after it reported second-quarter profit that is below analysts’ estimates. Costs were higher and production dropped more than anticipated.

Newmont Mining Corp (NYSE:NEM) plunged -3.40% to close at $44.53 and its total volume was 13.16 million shares in last trading session.

Net income fell 28 percent to $279 million, or 56 cents a share. Profit excluding one-time items was 59 cents a share, less than the 93-cent average of 16 estimates. Sales dropped 6.5 percent to $2.23 billion, following the $2.47 billion average of six estimates.

Kinross Gold Corporation (USA) (NYSE:KGC)

Kinross Gold Corporation (USA) (NYSE:KGC) moved up +0.48% with the closing price of $8.46. The overall volume in the last trading session was 8.13 million shares. Its fifty two week range was $7.11-$18.25. The total market capitalization remained $9.64 billion.

KGC is ahead of its 52 week low with 18.99% and its last month price volatility remained 4.17%. Its beta coefficient was 0.46 with a target price of $12.56. In its share capital KGC has 1.14 billion outstanding shares while all shares have been floated in the market.


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