Umicore SA shares surged as much as 8% after the Belgian recycling and metals refining company said it will generate €410 million ($477 million) in cash from selling its gold inventories.
The metals refiner is cashing in on gold’s record breaking rally to above $4,000 an ounce for the first time. Bullion traded below $2,000 just two years ago, but uncertainties over global trade, the Federal Reserve’s independence and US fiscal stability are driving the precious metal higher.
The Belgian firm is shifting to borrowing gold for its refining operations instead of owning it, reducing its working capital needs ...
