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 prices edged higher on Monday as the dollar eased, with the precious metal regaining ground after last session’s retreat and ahead of this week’s US inflation data.
Spot gold gained 0.3% to $2,023.27 per ounce by 12:25 p.m. EDT, while US gold futures rose 0.5% at $2,036.10 per ounce.
[Click here for an interactive chart of gold prices]
Meanwhile, the US dollar index dipped for a second straight session, making bullion more attractive to overseas buyers.
“Markets are really just discounting the aftermath of last Friday’s payrolls report, which came on very strong and knocked gold off its highs,” said Daniel Ghali, commodity strategist at TD Securities, in a Reuters note.
Prices are about 3% lower from near record levels reached last week, pressured after data showed US job growth accelerated in April, pointing to persistent labor market strength.
Still, “the gravitational pull for gold is higher … as we approach an upcoming recession, the market pricing for Fed cuts on the horizon is set to grow and in turn, that should support discretionary traders to deploy their capital in gold,” Ghali added.
Markets saw a 91% chance of the Fed holding rates at their current level in June, and a 33% chance of a rate cut in July, according to CME’s FedWatch tool.
Later on Monday, the Fed’s loan officer survey might show whether and how hard banks are tightening up on credit after three US lenders failed over recent weeks.
“If the woes among regional banks are thrust back into the spotlight, that could trigger another leg up for this safe-haven asset,” said Han Tan, chief market analyst at Exinity.
Along with the US consumer price index due on Wednesday, traders are also keeping a tab on developments surrounding the debt ceiling.
(With files from Reuters)
