Abitibi Metals boosts resource by 62% at B26 polymetallic deposit in Quebec
Indicated resources increased to 11.3 million tonnes from 6.9 Mt.
Gold prices slipped on Monday due to upticks in both the US dollar and bond yields, with the spotlight on January’s consumer price index data which could steer the Federal Reserve’s rate hike strategy.
Spot gold fell its lowest in over a month, down 0.7% to $1,853.70 per ounce by 11:50 a.m. ET. US gold futures declined 0.6% to $1,863.60 per ounce in New York.
[Click here for an interactive chart of gold prices]
The dollar index held steady, making dollar-priced bullion more expensive for overseas buyers. Meanwhile, benchmark 10-year Treasury yields hit their highest level since early January.
A stronger dollar is weighing on gold, with the metal “a little lower just based off that heading into tomorrow morning’s (CPI) number,” Bob Haberkorn, senior market strategist at RJO Futures, told Reuters.
All eyes are now on the US CPI data due Tuesday morning, which is expected to have climbed 0.4% in January. Revisions to the previous data showed consumer prices rose in December instead of falling as previously estimated.
Fed Governor Michelle Bowman said the Fed will need to continue to raise interest rates in order to get them to a level high enough to bring inflation back down.
Markets have raised the profile for future tightening by the Fed, with rates seen peaking at around 5.15% and with cuts coming later and slower.
(With files from Reuters)
