This figure significantly exceeded consensus forecasts, as economists had anticipated job gains of around 164,000.
Adam Button, a market analyst, pointed out that the unexpectedly strong employment report is driving the U.S. dollar higher, which is consequently weighing on gold prices.
Source – KITCO NEWS
“Gold fell sharply post-Federal Open Market Committee (FOMC) meeting as the Fed’s indication of a slower pace of interest rate cuts than previously estimated for the next year,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
Silver quoted 2.47 per cent lower at USD 29.98 per ounce in the international markets.
“Investors are anticipating US weekly unemployment claims data to be released later on Thursday to assess the strength of the labour market, while focusing on the Personal Consumption Expenditures (PCE) price index data on Friday,” Abans Holdings’ Chief Executive Officer Chintan Mehta said.”
“We expect gold prices to rise further, but any delay in additional interest rate cuts could lead to short-term declines, creating opportunities for accumulation, Mehta said.”
Source – Press Trust of India
A contested mine in Central Idaho that will produce gold and antimony earned the U.S. Forest Service’s final approval following a lengthy environmental review and objections from the Nez Perce Tribe, which will lose access for decades to federal lands guaranteed by a U.S. treaty.
“This approval elevates the Stibnite Gold Project to an elite class of projects in America that have cleared NEPA,” Jon Cherry, Pepetua’s president and CEO, said in a statement.
“The tribe’s treaties with the United States are the supreme law of the land and remain binding,”
Source – Idaho Statesman
“Over the past quarter, we have experienced significant challenges in our Zambian operations brought on by a combination of extraordinary circumstances outside of our direct control. We have addressed the power supply challenge by entering into an additional power supply agreement that sources power across a broader generation network to avoid localised exposure to network instabilities and a single power generation plant,” said Leon Coetzer the CEO of Jubilee Metals
Copper run-of-mine (ROM) and in process stock for Jubilee also increased sharply, reaching 1.21 million tons containing an estimated 8 466 tons of copper units now earmarked for future processing.
Source – Business Report
On January 7, 2025, A-Mark Precious Metals, Inc. (NASDAQ:AMRK) stock closed at $27.50 per share with a market capitalization of $637.563 million.
“As a long-biased fund, we prefer to own various countercyclical companies to lower the risk of our portfolio. At the beginning of the year, we identified a pawn store operator and a wholesaler / retailer of precious metals called A-Mark Precious Metals, Inc. (NASDAQ:AMRK) as interesting long-term opportunities that simultaneously provided a hedging function to our portfolio. We have exited our position in AMRK during the year. We believed that economic uncertainty and higher precious metals prices would spark renewed consumer demand for physical gold and silver coins. This demand did not materialize and we therefore saw no immediate catalyst in AMRK.” stated Night Watch Investment Management in its Q4 2024 investor letter
Source – Insider Monkey
Source – Money Metals
The Toronto Stock Exchange’s S&P/TSX composite index (.GSPTSE)
, opens new tab held steady at 24,793.53 points, mirroring the sentiment on Wall Street.
However, high silver and gold prices helped limit losses for Canadian stocks.
“A lot of gains were experienced yesterday and today you are probably going to see muted markets,” Allan Small, senior investment adviser at Allan Small Financial Group with iA Private Wealth, said on Thursday.
The Bank of Canada is expected to cut interest rates by 25 basis points to 3.00% when it meets later this month, according to a Reuters poll of economists.
Source – Reuters