The Weekly Dig
Haywood Mining Team
Gold Price Retreats With Broad-Based Market Sell-off on Friday
§ The week saw an early-week surge in the price of gold as expectations that the Federal Reserve may raise interest rates sometime this year were dampened by disappointing non-farm payroll data Last Friday. After reaching a low of $1,305 per ounce during intra-day trading last week, the yellow metal reached $1,351 per ounce on Monday before retreating Friday again to finish at $1,332 per ounce. Investors continue to remain uncertain of what the Federal Reserve will do during its three remaining meetings in September, November and December; December’s meeting is of particular interest given it will be the first following the U.S. election in November. Gold mining equities rose on the back of the gold price, with the S&P/TSX Global Gold Index climbing above the 250 mark before retreating back to 235 on Friday; the S&P/TSX Venture Index remained above 800, despite falling late in the week to finish at 812. Silver (↓2%) and palladium (↓0.5%) were both down, finishing at $19.10 and $676 per ounce respectively, while platinum was flat for the week, finishing at $1,064 per ounce. Meanwhile, base metal prices were mixed, with copper flat, nickel up (↓3%) and zinc (↓4%) and lead (↓2.3%) down; Friday close saw the four metals finish at $2.09, $4.68, $0.86 and $1.03 per pound respectively. The price of WTI crude finished at $45.66 (↓3%) as speculation continued to circulate Russia and Saudi Arabia may enter an oil supply deal to stabilize the oil market. Finally, the UxC Weekly Spot Price of uranium was up (↓1%) closing at $25.44 per pound on Friday.
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