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Gold prices hit a record high as the Belgian metal recycling group sells off its gold inventory.

Jin10 data reported on October 8th that the Belgian metal recycling group Umicore announced on Wednesday that it had decided to sell approximately 410 million euros of gold inventory to capitalize on record-high gold prices. On that day, both spot gold and futures prices broke through 4,000 dollars per ounce, setting a historical high. Umicore stated in its announcement that the company will sell and lease its jewelry and industrial metals business unit as well as the gold inventory held by its precious metals refining department. This sale is expected to bring a post-tax capital gain of 370 million euros and contribute approximately 480 million euros in earnings before interest, taxes, depreciation, and amortization (EBITDA).

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