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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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PRODUCTEUR |
CODE : GFI |
ISIN : US38059T1060 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Gold Fields est une société de production minière d'or basée en Afrique Du Sud. Gold Fields est productrice d'or, de cuivre au Ghana, au Perou, en Australie et en Afrique Du Sud, en développement de projets d'or au Mali, et détient divers projets d'exploration au Perou. Ses principaux projets en production sont ST IVES MINE et AGNEW en Australie, BEATRIX MINE, DRIEFONTEIN, KLOOF MINE, SOUTH DEEP, KLOOF et BEATRIX en Afrique Du Sud, DAMANG, TARKWA et DAMANG PROJECT au Ghana et CERRO CORONA au Perou, son principal projet en développement est KOMANA au Mali et ses principaux projets en exploration sont LOBO aux Philippines et CHUCAPACA et CANAHUIRE au Perou. Gold Fields est cotée aux Etats-Unis D'Amerique, en Afrique Du Sud et en France. Sa capitalisation boursière aujourd'hui est 11,7 milliards US$ (10,5 milliards €). La valeur de son action a atteint son plus bas niveau récent le 10 novembre 2000 à 1,69 US$, et son plus haut niveau récent le 13 septembre 2024 à 14,21 US$. Gold Fields possède 821 530 048 actions en circulation. |