Nord Gold reveals rising profits despite gold price drop

<p>The falling gold price has not affected Nord Gold.</p>

Nord Gold's latest financial results have showed profits are up for the firm, despite the price of gold falling.

The company announced that it made a profit of $325.3 million (£203 million) for the third quarter of the year, up one per cent on the previous three months.

Higher production volumes helped the firm to record an 11 per cent rise in revenues to $942.4 million for the first nine months of the year.

A statement from Nord Gold revealed that total cash costs were improved at eight of its nine mines over the course of the quarter.

"We continue to implement cost optimisation programmes at all of our assets," said the firm.

The falling value of gold has had a negative impact on a lot of companies in the mining sector in the last few weeks.

Gold's value dropped to a new three-week low earlier in the month as investors moved away from the safe haven as the global economic picture improves.

Find out about commodities trading and learn CFD strategies at City Index

Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.