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The Tsetsaut Skii km Lax Ha Nation wants the province to declare that it failed to fulfill its duty to consult with them.
Gold extended declines for the third straight session on Wednesday as appeal for the safe-haven metal took a hit from bets that the Federal Reserve may keep interest rates elevated.
Spot gold was down 1.0% to $1,881.62 per ounce by 11:45 a.m. EDT, its lowest in over a month. US gold futures also declined 1.0%, trading at exactly $1,900.00 per ounce.
[Click here for an interactive chart of gold prices]
Meanwhile, the US Dollar Index gained 0.3%, as prospects of higher-for-longer rates have sent investors scurrying to the safety of the US currency instead.
Further hammering appetite for the non-yielding bullion, Treasury yields also remained near 16-year highs.
“As long as the narrative remains higher-for-longer, it’s going to continue pressuring precious metals,” said Ryan McKay, commodity strategist at TD Securities, adding the break below the $1,900 mark also triggered technical selling.
Investors now turn their attention to the personal consumption expenditures (PCE) index, the Fed’s preferred inflation measure, which is due on Friday.
“If the (inflation) data continues to come in stronger, that will be another thing that continues to weigh on gold,” McKay added.
However, “If the inflation number falls, we could see some support coming to gold and the expectation of tightening monetary policy could dampen a bit,” ANZ analyst Soni Kumari told Reuters.
A “soft landing” for the US economy is more likely than not, Minneapolis Fed President Neel Kashkari said on Tuesday, but there’s also a 40% chance that the Fed will need to raise rates “meaningfully” to beat inflation.
On the flip side, gold continued to find some support from robust physical demand, especially from central banks and in China, although “the near-term dynamics are certainly the Fed,” TD’s McKay said.
(With files from Reuters)
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