Union files complaint against Orla Mining, alleging violation of worker rights in Mexico
The complaint is only the second of its kind made from Canada using CUSMA’s RRM process since the trade deal came into force in 2020.
Gold extended gains on Wednesday on a weaker dollar and lower yields amid wider economic uncertainty, with investors digesting the Federal Reserve’s latest decision to hike interest rates.
Spot gold was up another 0.1% at $2,019.55 per ounce by 2:30 p.m. EDT, touching a fresh two-week high after surpassing $2,000 the previous session. US gold futures rose 0.3% to $2,030.20 per ounce.
[Click here for an interactive chart of gold prices]
As widely expected, the Fed has raised interest rates by 25 basis points and signaled it may pause further increases, giving US officials time to assess the fallout from recent banking crisis, wait on the resolution of a political standoff over the debt ceiling, and monitor the course of inflation.
Earlier in the day, gold prices eased briefly after data showing US private employers boosted hiring in April, but soon reversed course as 10-year Treasury yields fell and the dollar index shed 0.5%.
“We’re back and forth all morning about what is (Fed Chair Jerome) Powell going to say,” said Bob Haberkorn, senior market strategist at RJO Futures, in a Reuters note.
If they hint at a pause to rate hikes, gold should rally significantly, or if they indicate hikes are still coming, gold will probably be sold off, Haberkorn added. Bullion gained 1% last month as the US banking crisis spurred a flight to safety.
“Gold is caught between growing anxiety over the US banking crisis and uncertainty over the Fed’s stance, but difficulties surrounding a bipartisan agreement over the debt ceiling have the potential to offer further support,” ActivTrades senior analyst Ricardo Evangelista said.
(With files from Reuters)
