Permitting delays impact British Columbia projects valued at C$38 billion, AME says
British Columbia's exploration sector has over 60 critical mineral projects waiting for permits.
Gold rose after mixed signals from the US, where optimism is growing the economy is on target for a soft landing as the Federal Reserve fights inflation.
The precious metal climbed as much as 1% on Monday, following its first back-to-back weekly losses since February. Investors have been mulling a softer-than expected US jobs print that added to evidence the economy is gradually slowing, easing fears that markets are headed for a painful rut marked by high inflation and sluggish growth.
Chicago Fed President Austan Goolsbee said Friday that additional reports like April’s would give him comfort the economy isn’t overheating, which may boost the case for monetary easing this year. Higher rates are typically negative for bullion, which doesn’t pay interest.
Gold has advanced about 12% this year despite the elevated inflationary environment and uncertainty over when the US central bank will reduce rates. A record-breaking rally saw the metal hit a succession of all-time highs in April, with those gains linked to strong central-bank purchases, demand from Asian markets and haven buying amid conflicts in Ukraine and the Middle East.
Bullion became less attractive in recent weeks on signs that the Middle East is easing away from a potential full-blown war.
However, Israel’s military has begun moving civilians out of Rafah, a possible prelude to a long-expected attack on the Gazan city. The move comes after cease-fire talks between Hamas and Israel in Cairo over the weekend seemingly stalled, the main sticking point being the Iran-backed militant group’s insistence that any truce is permanent.
Spot gold climbed 0.8% to $2,319.75 an ounce at 10:46 a.m. in London. The Bloomberg Dollar Spot Index was little changed. Silver, palladium and platinum all gained.
(By Sybilla Gross)
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