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 rebounded from its lowest level in more than two years, as the dollar slipped after hitting a fresh record.
The dollar’s rally paused on Tuesday, providing relief for bullion, which rose as much as 1.2%. While gold is seen as a traditional haven in times of economic distress, concerns over a global recession stoked by central banks’ monetary tightening have instead triggered big gains in the greenback.
Traders are also digesting a slew of economic data for signs that price increases are cooling while they wait for additional comments from Federal Reserve officials this week. US durable goods orders fell 0.2% in August, but the value of core capital goods bookings, which is a proxy for investment in equipment that excludes aircraft and military hardware, rose last month by the most since January, even amid rising interest rates.
“Capitulation risk is rising in gold,” said TD Securities commodity strategists led by Bart Melek. They expect gold prices to fall further below the $1,600 level in the next stage of the interest-rate hiking cycle as traders are now pricing the potential for higher interest rates to persist for some time.
This week, the market may face fresh volatility from the release of US inflation data and public speaking engagements by Fed Vice Chair Lael Brainard and New York Fed President John Williams.
Spot gold climbed 0.8% to $1,636.02 an ounce at 11:04 a.m. in New York, after falling 1.3% on Monday. The Bloomberg Dollar Spot Index declined 0.2%, after rising to a record at the start of the week. Silver, platinum and palladium all gained.
(By Yvonne Yue Li, with assistance from Sing Yee Ong and Eddie Spence)
Comments