A $7.38 billion bid by a unit of Toronto-listed miner Gold Reserve was named preliminary winner of an auction of shares in the parent of Venezuela-owned refiner Citgo Petroleum, organized by a U.S. court to pay creditors for debt defaults and expropriations in the South American country.

A court-appointed special master recommended a bid backed by Gold Reserve and Koch over a rival hedge-fund offer.

A court-appointed advisor reportedly is prepared to recommend a consortium led by miner Gold Reserve Ltd as the best bidder for refiner Citgo Petroleum's parent company.

Gold prices were stuck in range-bound trade on Thursday as investors awaited U.S. non-farm payrolls data that could influence the Federal Reserve's timeline for interest rate cuts. Spot gold was down 0.

Gold lost its shine after upbeat US jobs data. It hits an intraday low of $3311 and is currently trading around $3323. The June 2025 U.S. Non-Farm Payrolls report demonstrated notable strength in the labor market,