On Thursday gold prices eased with the US dollar strengthening and investors booking some returns. However, the losses were limited as uninspiring US manufacturing and retail data deepened concerns of a coronavirus driven global recession.
Spot gold dropped 0.1% to around $1,714.74/oz after the yellow metal had dropped 0.7% on Wednesday to halt gains racked in four consecutive sessions. On the other hand, US gold futures gained 0.3% to $1,744.50/oz. There is some profit-taking currently but the upward is expected to continue and spot gold is targeting the $1,675/oz to $1,701/oz range after failing to break resistance at $1,744.
Top Gold Stocks to Watch : Turquoise Hill Resources (NYSE:TRQ)
With most gold miners suspending operations this past month because of coronavirus it is expected that production will drop. In its Q1 update, Turquoise Hill Resources (NYSE:TRQ) has indicated that its YoY gold production in Q1dropped 78% to 26,154 ounces with copper production also dropping 23% to around 35,203 metric tons.
The company indicated that despite sales being affected in January and February by reduced operations in China they experienced strong sales in March that exceeded expectations. The company says it is on track to attain its production guidance this year.
Top Gold Stocks to Watch : Asanko Gold Inc. (NYSEAMERICAN:AKG)
Also, Asanko Gold Inc. (NYSEAMERICAN:AKG) has indicated that its joint venture with GFI, the Asanko Gold mine had record production in the first quarter since it started production 4 years ago. Gold production increased by 9.8% from Q1 last year to 66,333 ounces.
Following this strong performance, the company was able to distribute $45 million to partners in the quarter. The company expects to achieve its 2002 production guidance of between 225,000 ounces and 245,000 ounces from the mine.
Top Gold Stocks to Watch : B2God Corp (NYSE:BTG)
The spread of the coronavirus has continued and it has hit at the heart of B2God Corp (NYSE:BTG).The company has announced a positive coronavirus case at its Fekola exploration camp. However, since the case occurred in the camp which are far from the Fekola mine location operations have not been affected.