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Gold Eagerly Awaits the FOMC Meeting (Continued from Prior Part) Dollar poses weakness
Gold rose yesterday as we saw the US dollar emerging weaker. The dollar, as reflected in the DXY Currency Index, fell 0.17% yesterday, which reduced last week’s gains. The DXY Currency Index is priced against the basket of major world currencies such as the Swiss franc, the euro, Japanese yen, the Swedish krona, the Canadian dollar, and the British pound. As investors awaited the start of the FOMC (Federal Open Market Committee) two-day meeting today, gold for December delivery on COMEX, a commodity division of the New York Mercantile Exchange, traded in a tight range between $1,162.10 and $1,169.60 per ounce. Silver had a trading range bound from $15.77 to $15.98 per ounce.
Economic data
The dollar showed weakness against other currencies after US new home sales data came in lower than expected. Home sales in September were 468,000 annualized—below the 550,000 expectation level. As the precious metals are dollar-denominated, a weaker dollar suggests comparatively cheap metals for investors in other currencies. Gold thus edged higher yesterday, drawing strength from disappointing economic data. Speculation by most traders and investors that the Federal Reserve will keep interest rates lower for longer added fuel to the fire.
Although investors seemed hesitant to make any significant moves in yesterday’s session ahead of the FOMC’s monetary policy meeting, gold future saw a surge. However, the SPDR Gold Shares ETF (GLD) traded flat, rising only 0.06%. The SPDR S&P Metals and Mining ETF (XME) and other mining ETFs saw a fall in their prices, despite the rise in gold and silver. Most mining equities such as Newmont Mining (NEM), AuRico Gold (AUQ), and Gold Fields (GFI) fell yesterday. These four companies contribute 10.1% to the Market Vectors Gold Miners ETF (GDX). GDX itself fell 3.1% yesterday.
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Gold Fields ltd
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PRODUCER |
CODE : GFI |
ISIN : US38059T1060 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Gold Fields is a gold producing company based in South africa. Gold Fields produces gold, copper in Australia, in Ghana, in Peru and in South Africa, develops gold in Mali, and holds various exploration projects in Peru. Its main assets in production are ST IVES MINE and AGNEW in Australia, BEATRIX MINE, DRIEFONTEIN, KLOOF MINE, SOUTH DEEP, KLOOF and BEATRIX in South Africa, DAMANG, TARKWA and DAMANG PROJECT in Ghana and CERRO CORONA in Peru, its main asset in development is KOMANA in Mali and its main exploration properties are LOBO in Philippines and CHUCAPACA and CANAHUIRE in Peru. Gold Fields is listed in France, in South Africa and in United States of America. Its market capitalisation is US$ 11.7 billions as of today (€ 10.5 billions). Its stock quote reached its lowest recent point on November 10, 2000 at US$ 1.69, and its highest recent level on September 13, 2024 at US$ 14.21. Gold Fields has 821 530 048 shares outstanding. |