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Gold prices steadied after experiencing their largest one-day drop since July, trading around $2,745 an ounce. The decline followed a surge in Treasury yields and a decrease in expectations for aggressive Federal Reserve interest-rate cuts, driven by strong US economic data. Higher interest rates typically exert downward pressure on gold, which does not yield interest.
Gold's price has surged by 38% over the past year, reaching a record high of over $2,700 per troy ounce, driven by strong demand from investors and central banks. Despite offering no dividends or yield and having limited ties to jewellery demand, the precious metal's appeal continues to grow. Experts discuss the factors fueling this remarkable rally.
Canadian Natural Resources Ltd. and Cenovus Energy Inc. are scaling back gas drilling due to persistently low prices. Canadian Natural plans to reduce its gas-drilling program to 74 wells in 2024, while Cenovus has deferred the completion of some gas wells, focusing instead on liquid-targeting sites.
European buyers are close to finalizing a deal with Azerbaijan to secure natural gas supplies, aiming to maintain flows to the continent after the expiration of a transit agreement between Russia and Ukraine at year-end. Hungarian and Slovak companies are expected to sign a contract for 12-14 billion cubic meters of gas annually, utilizing the existing pipeline network that currently transports Russian gas to the EU.
The upcoming US presidential election could significantly impact several multi-billion-dollar energy projects. Republican candidate Donald Trump has pledged to eliminate climate policies he criticizes and increase oil and gas production to lower energy costs, stating, “If they drill themselves out of business, I don’t give a damn.”
TotalEnergies reported a 37% drop in adjusted net income for the third quarter, totaling $4.2 billion, slightly below analyst expectations. Adjusted EBITDA fell 23.6% year-on-year to $10 billion, as the company faced a significant 65% decline in refining margins.
As Samvat 2081 approaches, gold, EMS, and power utilities emerge as key investment themes. Gold continues to be a favored choice for investors, serving as a hedge against inflation and geopolitical risks, despite recent price increases. With last year's bull run leading to significant stock gains, caution prevails as valuations appear stretched.
TotalEnergies SE experienced a larger-than-expected profit decline in the third quarter, driven by falling refining margins and oil prices. As the energy sector adjusts from a period of high prices, weak economic growth in Europe and China is dampening demand, impacting the financial stability of major companies in the industry.
Shell reported a third-quarter profit of $6 billion, exceeding analyst expectations, despite a year-on-year decline due to falling crude prices and lower refining margins. The company announced a $3.5 billion share buyback while maintaining its dividend at 34 cents per share. Net debt decreased to $35.2 billion, and shares have dropped about 3% year-to-date.
DSM-Firmenich AG has raised its profit outlook for the second time this year, anticipating full-year adjusted earnings before interest, taxes, depreciation, and amortization to reach approximately €2.1 billion ($2.3 billion), up from around €2 billion. This adjustment comes as supply disruptions have led to increased prices for certain vitamins.
Commodities
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
gold steadies after sharp drop as rate cut expectations diminish
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gold prices soar to record high as demand from investors surges
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19:41 31.10.2024
canadian natural and cenovus reduce gas drilling amid low prices
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totalenergies reports significant profit decline amid refining and oil price slump
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Shell reports strong third-quarter profit and announces share buyback plan
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DSM-Firmenich increases profit forecast amid rising vitamin prices
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