- Write by:
-
Tuesday, August 2, 2022 - 13:54:05
-
684 Visit
-
Print
Mining News Pro - Gold rose to the highest since early July as investors waited on fresh data to be released on the state of the US economy and the potential pace for interest rate hikes.
Bullion rose 2.2% last week — paring a fourth monthly decline — and continued to climb on Monday as the risk of a recession cooled expectations for how sharply the Federal Reserve will raise rates to tame inflation. The US is due to release key employment data this week, with July jobless claims coming Thursday and nonfarm payrolls Friday.
The labor market remains “extremely tight,” Fed Chair Jerome Powell said last week, referencing a near-record number of job openings and historically low unemployment. But the economy is losing momentum, highlighted by a report Thursday that showed a second-straight decline in gross domestic product.
Gold may benefit from a flight to safe havens, Craig Erlam, a senior market analyst at Oanda, said in a note, citing “extremely high inflation” and the likelihood of more rate hikes. Still, there’s concern that demand for gold jewelry may fall amid weaker economic growth in some of the biggest markets, according to the World Gold Council, which singled out potentially weak consumption in China and India.
Spot gold climbed 0.4% to $1,772.11 an ounce at 4:44 p.m. in New York. The Bloomberg Dollar Spot Index fell 0.3% after sliding 0.8% last week. Platinum and palladium both gained.
Short Link:
https://www.miningnews.ir/En/News/621872
China’s Zhaojin Mining Industry said on Wednesday that its A$733 million ($477.8 million) offer to buy Australia’s ...
Toronto-listed miner OceanaGold Corp said on Wednesday it will raise 6.08 billion pesos ($106 million) through an ...
Gold’s record-setting rally this year has puzzled market watchers as bullion has roared higher despite headwinds that ...
AbraSilver Resource said on Monday it has received investments from both Kinross Gold and Central Puerto, Argentina’s ...
Gold took a tumble as haven demand waned after geopolitical tensions eased in the Middle East.
The four largest indigenous communities in Chile’s Atacama salt flat suspended dialogue with state-run copper giant ...
A prefeasibility study for Predictive Discovery’s (ASX: PDI) Bankan gold project in Guinea gives it a net present value ...
Representatives from the Peñas Negras Indigenous community, in northwestern Argentina, clashed with heavily armed police ...
Newmont confirmed on Wednesday that two members of its workforce died this week at the Cerro Negro mine located in the ...
No comments have been posted yet ...