- Write by:
-
Wednesday, January 8, 2020 - 10:13:06 AM
-
912 Visit
-
Print
Mining News Pro - Gold futures jumped after reports of rocket attacks on a US military base in Iraq, hitting fresh six year highs.
According to Mining News Pro - Gold for delivery in February touched $1,613.30 an ounce, up $39 an ounce from the settlement price at the end of regular trading on Tuesday.
History suggests that gains driven by geopolitical tensions alone may be short-lived, Macquarie Group strategists including Marcus Garvey said in a report quoted by Bloomberg earlier on Tuesday:
“To illustrate this with the examples of Gulf War 1, the World Trade Center attack of 9/11 and last year’s strike on Saudi Aramco’s Abqaiq facility, gold prices initially jumped higher but were ultimately unable to sustain their newly elevated level,” they said.
Still, there are several other factors in place that are supportive for gold prices, Credit Suisse analysts including Fahad Tariq said in a note this week. Those include a weaker dollar, dovish central bank policies and uncertainty over a more comprehensive deal between Washington and Beijing.
Short Link:
https://www.miningnews.ir/En/News/469399
Copper’s lightning rally to record highs may not be sustainable in the coming weeks, with action concentrated on the ...
Rio Tinto has declared force majeure on third-party contracts for alumina exports from its refineries in Queensland, ...
Gold touched a new record of $2,450 an ounce on Monday as increasing optimism over the Federal Reserve’s monetary policy ...
The copper rally turned ugly this week, morphing into a ferocious short squeeze on the US contract operated by CME ...
The International Centre for Settlement of Investment Disputes (ICSID) ruled in favour of Peru in a decade-long dispute ...
Copper futures in New York rallied to a record high after a short squeeze that’s prompted a scramble to divert metal in ...
China’s CMOC Group Ltd. is being accused by a top US official of using “predatory” tactics to depress prices of a key ...
A Native American group said on Tuesday it will take its fight against Rio Tinto’s proposed Arizona copper mine to the ...
South African diversified miner Sibanye Stillwater is discussing with lenders to temporarily lift limits on borrowings, ...
No comments have been posted yet ...