Hummingbird Resources sold to Nioko Resources in $17.5m cash deal
Hummingbird has flagged continued challenges around operational performance at its two African mines.
Gold was little moved on Monday ahead of the US Federal Reserve’s final interest rate decision of the year, with traders also weighing the policy outlook for 2025.
Spot gold gained only 0.1% to $2,651.67 per ounce by 11:50 a.m. ET, while US gold futures slipped 0.1% to $2,673.60 per ounce in New York.
Bullion is coming off a 2.6% decline over the previous two sessions on the back of mixed US data — including accelerating wholesale inflation and higher-than-expected jobless claims.
The Fed is expected to cut interest rates by 25 basis points at its Wednesday meeting, and swap traders are pricing in a total of three quarter-point cuts over the next 12 months.
Also contributing to gold’s strength is the “continuous presence of geopolitical risks,” said Nitesh Shah, commodity strategist at WisdomTree, adding that China, a key player in the global gold market, has resumed buying.
Meanwhile, 10-year Treasury yields in the US dipped 0.2% on Monday, further supporting the non-yielding bullion.
“The economic and political background is generally supportive for gold – but the Fed may cap prices if it points to an extended pause in rate cuts after December,” said StoneX analyst Rhona O’Connell.
Citi projects strong gold and silver demand until US interest rates stabilize, forecasting a peak for both metals in late 2025 to early 2026.
The precious metal has risen about 29% this year, putting it on track for its biggest annual gain since 2010.
(With files from Bloomberg and Reuters)
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