CAPITAL MARKETS

Gold gains ahead of FOMC result

Gold equities gained as the precious metal price rose, ahead of the US Federal Reserve’s Federal Open Market Committee meeting wrapping up later today and more COVID-19 lockdowns being implemented.

Staff reporter
 A gold pour at Newmont’s Akyem mine in Ghana

A gold pour at Newmont’s Akyem mine in Ghana

"While the FOMC has already implemented a huge package of easing over the course of the year, the government's failure to bring another fiscal boost does push the onus back onto Powell et al," IG senior market analyst Joshua Mahony said.

The gold price was up more than US$26 an ounce, near $1,854/oz on the spot market.

Newmont closed 2.6% higher in New York, Harmony Gold Mining rose 3.5% in South Africa and precious metals producer Fresnillo closed up 2% in London.

Copper closed up slightly on the London Metal Exchange as the latest economic data out of China pointed to further growth.

In Toronto, St Augustine Gold and Copper (TSX: SAU), which is focused on the King-king copper-gold project in the Philippines, rose 28.6% on no news.

Nevada Zinc (TSXV: NZN), which last week appointed a new president and CEO as it considers the potential to formulate high-value zinc sulphate chemical products for the US agricultural sector from its Lone Mountain project in Nevada, rose 46% to a one-year closing high of C9.5c.

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