Military Metals acquires past-producing antimony project in Nevada
The Last Chance property is situated in Nye county, Nevada, approximately 18 km due west of the Round Mountain gold mine operated by Kinross Gold.
Gold prices remain subdued on Monday as the dollar and US Treasury yields firmed on the Federal Reserve’s higher-for-longer stance on interest rates.
Spot gold fell 0.4% to $1,916.97 per ounce by 12:10 p.m. EDT, near a two-week low. US gold futures were also down 0.4%, trading at $1,937.40 per ounce.
[Click here for an interactive chart of gold prices]
“Slightly hawkish Fed and global central banks are currently suppressing gold,” although some signs of economic stress are also keeping the market supported overall, according to Everett Millman, chief market analyst at Gainesville Coins.
In a Reuters note, Millman forecasted gold prices to trade between $1,910 and $1,950 for the rest of this quarter.
Fed officials warned on Friday of further rate hikes even after voting to hold the benchmark rate steady last week, with three policymakers saying they remain uncertain about whether the inflation battle is over.
The US dollar index was up 0.4%, while benchmark 10-year Treasury yields were near a 16-year peak.
“My baseline forecast is that gold will reach a new all-time high in 2024, if we see at least a mild recession in the global economy. If we get a recession, Fed will be forced to cut rates sooner,” Millman added.
Market focus now shifts towards the personal consumption expenditures (PCE) price index, the Fed’s preferred inflation gauge, which is scheduled to be released on September 29.
Mirroring investor sentiment, holdings in the SPDR Gold Trust, the world’s largest gold-backed ETF, fell to their lowest level since Jan. 2020.
(With files from Reuters)
