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Nordgold matches Shandong Gold’s offer for Cardinal in takeover battle

A long-running battle between Nordgold (LON: NORD) and China’s Shandong Gold over Cardinal Resources (ASX: CDV) took a fresh turn on Wednesday, after the Russian gold miner matched Shandong’ s latest bid of A$1 per share.

Both suitors have been locked in a back-and-forth contest for the Australian miner — which owns the 5.1 million-ounce Namdini gold project in Ghana — since Nordgold put forward a 45.7 Australian cents-a-share bid in March this year.

Kinross Gold mulling sale of Americas mines

Canadian miner Kinross Gold (TSX: K) (NYSE: KGC) is said to be studying a sale of its gold mines in North and South America and moving its primary stock listing to London in a move to increase the company’s value.

The Toronto-based gold producer is also considering doubling down on its portfolio of assets in Russia and West Africa, The Globe and Mail reported citing three unnamed sources familiar with the matter.

Chinchillas prevent Gold Fields from accessing 3.5 million gold ounces

South African bullion producer Gold Fields (TSX, NYSE: GFI) could soon access 3.5 million ounces of extractable gold in northern Chile – if an operation to capture and relocate a population of critically endangered chinchillas living around the project proves successful.

Hunted for centuries for their thick, soft pelt, chinchillas are now only found in the wild in parts of Chile and are protected by law. Chief executive Nick Holland acknowledged in 2017 the animals were among the main obstacles facing the company at the Salares Norte asset.

Gold, silver prices on track to long-term uptrend – report

Despite a more tempered performance from precious metals during the third quarter of 2020, gold and silver prices still demonstrated gains and outperformed initial expectations from analysts at Haywood Research.

During the quarter, gold prices averaged $1,911/oz, which was above the firm’s forecasted gold price of $1,800/oz and 11% higher than the second quarter average of $1,714/oz. Silver averaged $24.35/oz, again above the forecast of $18.00/oz and 49% higher than the second-quarter average of $16.38/oz.

Gold price jumps on US stimulus hopes

Gold prices advanced and stood firm past the $1,900 mark on Thursday, boosted by an easing dollar and increased investor confidence that there will be further US fiscal stimulus measures to aid the economy.

Spot gold jumped 1.1% to $1,907.89 per ounce by 12:20 p.m. EDT, having ended September 4.3% lower — its biggest monthly decline since November 2016. US gold futures were 1.0% higher, trading at $1,914.50 per ounce in New York.

Gold price rebounds on Fed’s new inflation policy

Gold prices rebounded on Friday from Thursday’s drop as the US dollar sank with investors weighing the impact of the US Federal Reserve’s new approach to setting monetary policy.

Spot gold advanced 1.8% to $1,964.89 per ounce by 11:20 a.m. EDT, heading for its first weekly gain since early August. US gold futures were 2.2% higher, trading at $1,975.50 per ounce in New York.

Comments from Federal Reserve Chair Jerome Powell sent bullion on a roller-coaster ride in the previous session — with prices seesawing between a 1% gain and a 2% decline — after he signaled the central bank will stay accommodative for longer, with a more tolerant approach on inflation.

Top 10 countries with largest gold reserves

Beginning in 2010, central banks around the world turned from being net sellers of gold to net buyers. Last year, official sector activity declined 1% from the year prior, with central banks adding a total of 650.3 tonnes.

This is slightly lower than 2018 when banks purchased 656.2 tonnes – the second highest level this century, according to data compiled by the World Gold Council (WGC).

The top 10 central banks with the largest gold reserves have remained mostly unchanged for the last few years.

Gold price rebounds from biggest one-day drop since 2013

Gold prices went on a rollercoaster ride on Wednesday, sinking below the $1,900/oz mark earlier in the session before overturning those losses later.

By 11:30 a.m. EDT, spot gold rebounded from an intraday low of $1,866.40/oz and advanced 1.4% to $1,938.42/oz. US gold futures were up 0.2% to $1,950.90/oz in New York.

Gold’s headline-setting rally over recent weeks has been engulfed by volatility as investors reassess the merits of one of the hottest pandemic-driven trades of the year.

Gold price rally reaches new high

Gold advanced to a fresh record high on Wednesday – pushing towards the $2,050/oz mark after breaking through $2,000/oz on Tuesday on the back of a weakening dollar, falling US Treasury yields and expectations of more stimulus measures for the pandemic-ravaged global economy.

Spot gold rose 1.3% to $2,045.32/oz as of 11:20 a.m. EDT, after reaching an intraday high of $2,055.48/oz earlier in the session. Gold futures were up 1.4% to $2,049.50/oz on the Comex in New York.

Gold price set for best month in eight years

Gold prices edged higher on Friday as the worsening covid-19 pandemic continues to stifle the global economy.

Spot gold rose 11% for the month of July, heading for its biggest monthly gain in over eight years, driven by a declining US dollar and real yields. By 11:15 a.m. EDT, the spot price was up 1.0% to $1,974.40 per ounce, near an all-time high.

Concerns have also been raised about the dollar’s status as the world’s reserve currency of choice as it gets closer to its biggest monthly drop in almost a decade.