Despite a challenging year due to the COVID-19 pandemic, gold miners are now benefiting from significantly higher margins resulting from a continued focus on operational and cost efficiencies combined with a strong gold price.
An equivalency benchmark, comparing the Responsible Gold Mining Principles and ICMM’s Mining Principles was released today, helping to increase the efficiency of audits.
Following two consecutive months of net sales, central banks resumed buying in October: global official gold reserves rose by 22.8t on a net basis.
China’s gold market in October: higher jewellery retail sales, seasonally lower wholesale gold demand
Gold prices saw marginal declines in October. Even though the US presidential election and a significant rebound in COVID-19 infection cases in many regions kept uncertainty elevated globally, climbing real interest rates in key markets such as the US and China weighed on local gold prices. As a result, the SHAUPM (RMB) and LBMA Gold Price AM (USD) fell by 1.8% and 0.4% respectively in the month.
This blog explores a common question we have been getting 'how much influence will the US election have on gold demand and its performance?"