Prices of gold and silver fall over electronic trading Thursday, as gains after the Federal Reserve’s increased monetary stimulus gave way to profit-taking, with a revival in the US dollar as well weighing on the precious metals.
Later than declining in excess of $20 to a low of $1,695.50 per ounce at one point, February gold futures recuperated somewhat to $1,700.80, though still lower $17.10, or 1% from Wednesday’s closing price.
Spot gold prices, which temporarily dropped to $1,693.50 per ounce, were at $1,699.70, down by $11.90, or 0.7%. [article_detail_ad_1]
Gold prices had increased $8.30 in a regular trading on the Comex division of the New York Mercantile Exchange overnight following the Federal Reserve declared a new bond-buying program. The Fed as well stated it would keep interest rates at tremendously low levels until the jobless rate drops to 6.5%, unless inflation speeds up before then.
Barrick Gold Corporation (USA) (NYSE:ABX), the mine operator, stated that just a fraction of Goldstrike is on federal land, and the firm’s taxes have previously quadrupled in the five years of mounting gold prices. Taxpayers are allowed to a royalty from metal sales however, lawmakers stated.
Under Grijalva’s anticipated formula, Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX)’s reserves of copper and molybdenum, which is utilized to toughen steel, would return almost $700 million to taxpayers over the life of the mines, in accordance with a Reuters tabulation of company information.
Kinross Gold Corporation (USA) (NYSE:KGC) added 2.34% to close at $10.07 with the total traded volume during last trading session was 9.88 million shares.
Its total outstanding shares are 1.14 billion shares with the market capitalization of $11.48 billion. Its beta value stands at 0.41 times. Its return on investment was -13.51%.