...Gold Outlook Remains Stable: Fitch Ratings expects gold prices to remain in a range through second-half 2019. We see support at our $1,200/ounce price assumption for 2019, given positive trends such as net central bank purchases, equity market volatility, elevated geopolitical and trade risk, and dovish monetary policy in consideration of trade-related growth concerns, offset by a strong U.S. dollar. Fitch's view is supported by the CRU Group's modest mine supply outlook over the medium term as many recent projects were undertaken to replace dwindling production at older mines and improve cost position. Cost Position Remains Key: Gold miners are focusing on lowering all-in sustaining costs (AISC) and enhancing mining efficiency to improve financial and operating flexibility, rather than maximizing production in times of lower prices. Divesting of higher cost or non-strategic mines allows companies to optimize their asset base and increase profitability. Recent examples include the newly...
