Editor's Picks: Gold Gets Back Above US$2,000, Major Miners Share Results

Gold was back above US$2,000 per ounce this week after briefly dipping below that level last week. All eyes were on the US Federal Reserve’s latest meeting minutes, which offer clues on when the central bank may start cutting interest rates.

Meanwhile, major miners Newmont and First Quantum Minerals shared their latest results.

#Investing #Mining #Gold

This video was filmed on February 22, 2024.

0:00 – Intro
0:08 – GOLD
1:25 – RESULTS
3:08 – Outro

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Welcome back to our weekly update I’m Charlotte McLoud with investing news.com and I’m here to give you a quick look at our top stories for the week the gold price was back above 2,000 per ounce this week after briefly dipping below that level last week due to stronger than expected US inflation

Data inflation was a key Topic in the US Federal reserve’s latest meeting minutes which were released on February 21st the Central Bank left interest rates unchanged in January and the state confirms that officials want to see more evidence that inflation is headed toward their 2% Target before they lower rates

In fact most are more concerned about cutting too quickly versus hurting the economy by keeping rates higher for longer last week’s Consumer Price Index reading which as mentioned came in hotter than anticipated underscores why the FED is reluctant to reverse course on rates too soon and it seems that most

Market Watchers expected to Hold Steady in March CME groups fed watch tool shows only a 4.5% chance of a cut at that time officials do seem Keen to discuss the fed’s balance sheet at the upcoming meeting with the aim of eventually looking to slow the pace of the runoff

In the more immediate future keep an eye out for the latest us personal consumption expenditures data the pce price index is a fed’s preferred measure of inflation and it’s due out on February 29th this week also saw a number of major miners released their latest quarterly and annual results let’s run

Through a few key bullet points Newmont beat analyst quarterly profit expectations but took a hit as it recorded a 1.9 billion impairment charge 1.2 billion of which was connected to a write down at its penoso mine in Mexico industry participants were also reportedly disappointed with the company’s 2024 gold production forecast

Of 6.9 million ounces newon completed its acquisition of Australia’s new Crest mining this past November and it’s now looking to hone its focus on what it describes as tier one assets with that goal in mind the company is looking to divest six non-core properties meanwhile first Quantum

Minerals said that in Q4 its net loss attributable to shareholders came to 1.45 million or 209 per share the company’s future has been up in the air since Panama ordered it to close the Cobra Panama mine back in November but alongside this week’s results release it revealed a large financing package first

Quantum plans to sell 1 billion in stock and raise 1.6 billion from a note offering company shares reacted positively to the news but remained substantially lower than they were prior to COBRA Panama’s closure that’s all for this week if you like this video make sure you subscribe

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Editor’s Picks: Gold Gets Back Above US$2,000, Major Miners Share Results

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