More than 9M oz of gold produced or as resources nearby

Portions of Grizzly's Greenwood Project being explored by Kinross

Sponsored
AGORACOM NEWS FLASH

BREAKING NEWS!!!

American Creek Reports High-Grade Gold and Silver on GR2/HC Zone – up to 4.89 G/T Gold for 9.7 M and 1,118 G/T Silver for 2.85 M – at Treaty Creek Project

  • Up to 4.89 G/T Gold for 9.7 M and 1,118 G/T Silver for 2.85 M
  • Treaty Creek Project is situated immediately north of Seabridge Gold’s KSM property and near Pretium’s Valley of the Kings Mine

Hublogolarge2 copy

Hub On AGORACOM / Read Release

 

 

Message: Gold rises, tries to regain grip on $1,300 level, bodes well for $GZD.ca

 

 

Gold on the rise.

  • Gold futures rose Thursday, pushing the yellow metal toward $1,300 as investors read minutes from the Federal Reserve’s September policy meetings as slightly dovish
  • Offering a lift to the commodity
  • December gold GCZ7, +0.43% was $8.80, or 0.7%, higher at $1,297,
  • Flirting with its highest settlement since Sept. 26 at $1,301.70, according to FactSet data.

An account of the most recent meeting of the Federal Open Market Committee, released after gold futures settled on Wednesday, showed signs that policy makers questioned the need for an interest-rate hike in December—though one appears likely—as levels of inflation continued to track below the central bank’s 2% annual target.

Although the market’s reaction was relatively subdued, the minutes suggest that Chairwoman Janet Yellen and other policy makers will increase interest rates once more in December, but that efforts to normalize policy will otherwise run at a gradual pace.

A measured rate of interest-rate increases can be supportive for gold, which doesn’t offer a yield. Wall Street is pricing in an 83% chance of a rate increase in December, compared with a nearly 88% probability the day before, according to CME Group data.

Meanwhile, a popular dollar gauge, the ICE U.S. Dollar Index DXY, +0.19% was trading flat at 93.029. Gold prices are on track to climb for four of the past five sessions, as the dollar has weakened 0.8% over the week. A softer buck can make commodities priced in the currency more appealing to buyers using weaker monetary units.

Elsewhere, silver for December delivery SIZ7, +0.30% added 12 cents, or 0.7%, to trade at $17.255 an ounce, and is on track to rise five of the past six sessions. The silver-focused ETF, the iShares Silver Trust SLV, -0.18% was little changed.

Mark O’Byrne, research director at GoldCore Ltd, said recent gains can also be attributed to expected seasonally stronger demand for gold by India heading into the Diwali holiday, or Deepavali, as well as geopolitical tensions tied to North Korea, the Middle East and U.S. President Donald Trump. Tensions between Iraq and Kurds in the region have escalated after a Kurdish independence referendum, while Trump’s belligerent rhetoric with North Korean leader Kim Jong Un has had investors on edge.

“Against this global macro backdrop, I do think that we possible we will push $1,400 [an ounce], and then close above $1,300 by year-end,” he said.

Source: http://www.marketwatch.com/story/gold-rises-tries-to-regain-grip-on-1300-level-2017-10-12

Share
New Message
Please login to post a reply