Q3 Gold Dehedging Shows Smallest Cut Since 2006

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Gold producers cut 2,03-million ounces during the quarter ended September, leaving the global hedge book standing at 16,92-million ounces in delta-adjusted terms.

Gold producer dehedging slowed in the third quarter of the year, showing its smallest quarterly cut since the end of 2006, precious metals consultancy GFMS said on Monday.

Gold producers cut 2,03-million ounces during the quarter ended September, leaving the global hedge book standing at 16,92-million ounces in delta-adjusted terms.

However, the nominal hedge book stood at 21,37-million ounces, of which 11,92-million ounces comprised forward sales and the balance represented the total options positions. This equated to a decline of 3,58-million ounces for the quarter.

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