INV: Gold rebounds from 6-week low on weak data in China: Barrick Gold
Gold climbed 1 percent on Monday, buoyed by weak Chinese factory data and earlier dollar weakness, lifting prices above the prior session’s six-week low, though caution over the timing of a U.S. interest rate hike kept prices hemmed within a narrow range.
Silver also jumped, to its highest level in nearly four weeks, on the coattails of gold prices. Trading across financial markets was thinned by a UK holiday on Monday.
Spot gold was up 1 percent at $1,189.65 an ounce at 2:58 p.m. EDT (1858 GMT), off a high of $1,193, while U.S. gold futures for June delivery settled up $12.30 an ounce at $1,186.80.
“We got some good news for gold coming out of China overnight; the drop in PMI lifted gold. The dollar’s strong but gold is holding,” said Eli Tesfaye, senior market strategist for brokerage RJO Futures in Chicago.
“We see technical improvement in gold precipitated from overnight news from China.”
China’s factories suffered their fastest drop in activity in a year in April as new orders shrank, the HSBC/Markit Purchasing Managers’ Index (PMI) showed, hardening the case for fresh stimulus measures to halt a slowdown in the world’s second-largest economy.
In the last trading session, Barrick Gold Corporation (USA) (NYSE:ABX)’s price moved -2.77 % above its 200 day moving average, changing hands as low as $ 13.14 per share. The stock is currently trading 9.38 % down its SMA 50. The worst hit in its 52 week range is $ 10.04 per share, with $ 19.49 being the 52 week best price, which compares with a latest closing price of $ 13.17.
Kinross Gold Corporation (USA) (NYSE:KGC) has a market value of $ 2.83B. It employs 9300 people, over the last 12 months has generated revenue of $ 3.47B and has a net income of $ -1400.00M. The firm’s operating margin is 6.50 %and net profit margin -33.70 %. The latest closing price of $ 2.49 was up 2.46 % from the 50-day moving average.
For Yamana Gold Inc. (USA) (NYSE:AUY), a return on equity of -35.60 % was realized due to the financial situation. Last twelve months earnings per share reached a value of $ -1.56. Last fiscal year, $ 0.06 has been paid in form of dividends to investors. Earnings are projected to move up 135.00 percent for the coming five years. The stock closed at $ 3.83, up $ +0.02 or 0.52 % from previous close and at a distance of -1.76 % from 20-day simple moving average.
Shares of Goldcorp Inc. (USA) (NYSE:GG) traded up 0.43 % during last trading session, reaching $ 18.76. The stock has a 52 week low of $ 17.01 and a 52 week high of $ 29.65. The company has a market cap of $ 15.61B . The P/S ratio is 4.56 and P/B ratio 0.90. The beta value is 0.11. The stock’s RSI amounts to 44.08.
