The US dollar dropped against the loonie Thursday afternoon as oil prices declined and after the US Federal Reserve's policy committee kept interest rates on hold as expected.
Market commentators, however, noted that the Fed's decision was not unanimous as there were three dissenters.
Gold futures rose as the US dollar edged down 0.3% to C$1.4005.
Spot gold rose 0.8% at $4,101.62 per ounce, while US gold futures for August rose 1.7% to $4,104.80 per ounce on last look.
Kinross Gold (K.TO) after trade Wednesday reported second-quarter adjusted earnings of $0.71 per share, up from $0.44 per share a year ago.Analysts polled by FactSet expected $0.66.Revenue for the quarter ended June 30 was $2.24 billion, up from $1.73 billion a year ago. The company said the 29% year-over-year jump was due to the increase in the average realized gold price.Analysts expected revenue of $2.26 billion.Kinross said it remains on track to meet its 2026 guidance. On an attributable basis, the company expects to produce 2.0 million gold-equivalent ounces, plus or minus 5%, in 2026.The company also said it appointed Alice Wong to its board of directors.
Agnico Eagle Mines (AEM.TO, AEM) after the close on Wednesday reported second-quarter adjusted earnings per share of $3.07, or adjusted earnings of $1.54 billion, compared to $1.94 per share, or $976 million, in the prior year period. FactSet analysts estimated net income of $2.90 per share.Revenue in the period, ended on June 30, stood at $3.80 billion compared to $2.82 billion, matching the FactSet estimate of $3.80 billion.The company also declared a quarterly cash dividend of $0.45 per common share, payable on Sept. 15 to shareholders of record as of Sept. 1.In its guidance, Agnico said expected payable gold production for the full year 2026 remains near the lower end of the guided range of 3.3 million to 3.5 million ounce. Full year total cash costs per ounce and AISC (all-in sustaining costs) per ounce guidance for 2026 remains unchanged at $1,020 to $1,120 and $1,400 to $1,550, respectively.Total capital expenditures for 2026 are now expected to be between $2.6 billion and $2.8 billion, compared with previous guidance of $2.2 billion to $2.4 billion, the company said.Bausch Health shares were last up $1.18 at $145.61 in US after-hours trading. The stock closed up C$0.22 at C$203.13 on the Toronto Stock Exchange.