The metal has neared a four-week high, passing US$18/oz, despite a strong recovery in the US dollar and falling gold prices.
The decision was the result of a review of the US$16bn merger of CSN's mining and logistics units with its Asian partners in the Namisa iron ore venture.
The company expects improvements in the gold price to accelerate in H2, possibly reaching record highs in 2020-21 as investors flee stocks and the US dollar due to economic and political jitters.
Nippon Steel-backed Romel Erwin de Souza was replaced by Ternium ally Sérgio Leite last week in another chapter of the clash between the controllers of the Brazilian steelmaker.
The sag in end-use demand for steel is expected to result in a sharp sell-off in the benchmark iron ore price, the UK-lender said.