Gold Spikes to Fresh 5 Year Highs

Gold continued to rally on Friday, reaching its highest levels since September of 2013 before beating a retreat. The yellow metal powered higher after Wednesday’s FOMC meeting, where the US central bank left interest rates unchanged, but adopted a more dovish stance. The CME Fedwatch Tool currently shows a 100% chance of a rate cut at the July meeting.

Analysts attributed the surge in gold to falling treasury yields and a weaker U.S. dollar after the Fed meeting. Lower interest rates makes non-yielding investments such as gold more attractive. Meanwhile, geopolitical tensions in the Middle East escalated following Iran shooting down a U.S. drone on Thursday, boosting oil prices and supporting safe haven assets.

KEFI Minerals plc (LON:KEFI) is an exploration and development company focussed on gold and copper deposits, primarily in the highly prospective Arabian-Nubian Shield.

Click to view all articles for the EPIC:
Or click to view the full company profile:
Facebook
Twitter
LinkedIn
KEFI Minerals Plc

More articles like this

KEFI Gold and Copper

Gold on track for third monthly gain

Safe-haven gold was poised for a third consecutive monthly gain as geopolitical risks and central bank demand lifted bullion’s appeal, although prices fell on Tuesday as market focus shifted to the Federal Reserve’s policy meeting. Spot

KEFI Gold and Copper

Rising demand for Copper driven by electric vehicles and AI

Flourishing activity in the electric vehicle, power infrastructure, AI and automation sectors will lead to at least 10m tonnes of additional copper consumption over the next decade, commodity trader Trafigura told Reuters. Technological developments such as

KEFI Gold and Copper

Copper prices soar to 11-month high on Chinese smelter cuts

Copper prices soar to an 11-month high as Chinese smelters cut production, sparking potential long-term investment opportunities. Copper prices skyrocketed to over $4.1 per pound, hitting their highest point in more than eleven months. This surge

KEFI Gold and Copper

Gold prices near two-month high

Gold prices lingered close to a two-month high on Monday, after softer US economic readings last week cemented prospects of an interest rate cut in June by the Federal Reserve. Spot gold edged 0.1% lower to

KEFI Gold and Copper

KEFI unveils Abu Salal deposit in Saudi Arabia

KEFI Gold and Copper has unveiled the discovery of a third significant copper-gold deposit within the expansive Hawiah Copper-Gold district in Saudi Arabia. This follows the original Hawiah discovery when drilling commenced in 2019 and the