CAPITAL MARKETS

Gold price stays strong

Gold remains above US$1,900 an ounce as markets await economic data due out this week.

Staff reporter
 Barrick Gold closed lower in Toronto

Barrick Gold closed lower in Toronto

The precious metal was worth more than $1,910/oz on the spot market at the time of writing.

"The fact is we're seeing gold trending strongly higher in an environment where the Fed is laying the groundwork to talk about tapering," Pepperstone head of research Chris Weston said this morning.

Market futures were mixed following holidays in the US and UK yesterday.

Among developments in China, banks are being forced to hold more foreign currencies in reserve for the first time in more than a decade, to rein in the surging yuan, Bloomberg reported.

The country is also looking to ease the current two-child restriction, allowing three to boost the birth rate.

In Toronto, INV Metals (TSX: INV) jumped 55.1% to C76c on news of an acquisition by Dundee Precious Metals, at a 63% premium which implied a value of 80c per INV share.

For its part, Dundee (TSX: DPM) lost 2.27% to C$8.61.

Strike action continues at BHP operations in Chile, however larger copper producers closed lower in Toronto.

Both First Quantum Minerals (TSX: FM) and Lundin Mining (TSX: LUN) lost more than 1%.

Barrick Gold also closed lower, down 1.6%.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.