Gold miners have started to protect themselves against further falls in the price of the precious metal, in a tentative return to the long-shunned practice of hedging.
Hedging by selling future production at fixed prices fell out of favour in the industry as gold rallied over the past decade and several large gold miners such as AngloGold Ashanti and Barrick spent billions of dollars to unwind their hedges.
Although the bigger gold miners have yet to return to the practice, several senior precious metals bankers said that small and medium-sized gold companies had rushed to hedge in recent months. The move comes as gold prices have tumbled nearly 30 per cent since the start of the year to a low of $1,180 a troy ounce in June.
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