Gold ticked slightly upward Monday morning amid a mixed day for stocks.
While the Dow Jones Industrial Average and S&P 500 opened slightly lower, the precious metal nudged upward. February gold COMEX futures rose .6% to $1226.80 an ounce.
Gold has been hyper-sensitive to U.S. political machinations in recent weeks and Monday was no different. President Donald Trump's Super Bowl Sunday interview with Bill O'Reilly raised more questions about his attitude towards Russian President Vladimir Putin. The President didn't help his cause Monday morning when he sent out a tweet deriding negative polls about his approval rating as "fake news."
On the corporate front, Randgold Resources GOLD, the biggest gold producer on the London Stock Exchange, posted a stronger-than-expected rise in full-year profit and boosted its annual dividend by more than 50%.
Randgold said its net profit for the fourth quarter of 2016 came in at $94.3 million, the company said, a 74.35% increase from the same three-month period last year. Full-year profits increased 38% to $294.22 billion. The South Africa-based group will increase its dividend 52% to $1 per share, paid in cash.
Randgold shares rose more than 4% in early London trading to change hands at closed at 7,140 pence each, making it the top gainer in European and extending its three-month advance to 5% against a 6.06% decline in cash gold prices.
"This year we also took the market through our 10 year plan and showed how we intend to remain profitable at a long-term gold price of $1 000 per ounce while producing at an annual rate in excess of 1.2 million ounces and generating cash that will support our continued investment in our future as well as well as being able to continue to pay dividends," said CEO Mark Bristow.