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 slid to its lowest in two months on Thursday as optimism surrounding the US debt ceiling talks lowered safe-haven demand, while robust economic data continue to fuel bets of another rate hike.
Spot gold was down 0.6% to $1,946.31 per ounce by 11:20 a.m. EDT, below the $1,950 level for the first time since March. US gold futures recorded a 1.0% loss at $1,945.50 per ounce.
[Click here for an interactive chart of gold prices]
White House and Republican negotiators made some progress in late-night talks over raising the debt ceiling, top congressional Republican Kevin McCarthy said.
“It’s a one-two punch for gold … if a deal is done over the weekend, then that will remove the biggest risk off the table,” Edward Moya, senior market analyst at OANDA, told Reuters.
Gold extended losses from earlier this week after revised estimates showed the US gross domestic product increased at a 1.3% annualized rate last quarter, up from the 1.1% pace estimated last month.
“A rather impressive round of economic data suggests this economy is still showing so much resilience … the argument for possibly delivering another rate hike is gaining steam here,” Moya added.
Traders looked to the Fed-favored inflation gauge, core personal consumption expenditures index, due Friday.
Markets now priced in a 41% chance of a 25-basis points hike in June, seeing cuts no sooner than September, according to the CME FedWatch tool.
Meanwhile, the US dollar climbed to its highest since mid-March, making gold less attractive for overseas buyers, while benchmark Treasury yields were near highs seen two months ago.
Gold was “really viewing things through the lens of the dollar,” said independent analyst Ross Norman.
(With files from Reuters)
