GOLD Fields limited on Friday announced it has repurchased most of its gold hedge position following the recovery of the bullion price. Chris Thompson, chairman and chief executive officer of Gold Fields, said in a statement: “Having looked at the fundamentals of the current gold market … it seems inevitable to us that higher, if not much higher, gold prices are possible. At higher gold prices, the restrictive impact on our balance sheet and the drag on earnings from a continued hedge position would limit our ability to make acquisitions and develop new deposits,” he said. The company said all forward obligations, except for 200000 ounces in forward sales by Gold Fields Ghana, have been closed out at a cost of $3-million.