The yellow metal stayed above that key level until experiencing a pullback on Thursday (August 22), but breached US$2,500 again on Friday (August 23) morning. Gold is seeing support from quickly increasing confidence that the US Federal Reserve will cut interest rates at its next gathering, which is scheduled for September.
“The time has come for policy to adjust. The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook and the balance of risks,” he said.
Powell also said the balance of risks to the Fed’s dual mandate has changed — with inflation now “significantly” down, its attention is shifting to ensuring that the labor market stays strong.
The Fed’s next meeting is set to run from September 17 to 18.
The company previously expected to produce 30,500 to 31,500 metric tons of uranium next year, but now anticipates output of between 25,000 and 26,500 metric tons of the energy commodity.
The firm has pointed to project delays and a sulfuric acid shortage as reasons for the downgrade.
“Kazatomprom had initially intended to ramp up its 2025 production to a 100% of Subsoil Use Agreement levels. However, the uncertainty around the sulphuric acid supplies for 2025 needs and delays in the construction works at the newly developed deposits resulted in a need to re-evaluate our 2025 plans,” said CEO Meirzhan Yussupov.
The gem isn’t the first big find at Karowe, and Lucara credits its success to its X-ray transmission technology, which it set up at the mine in 2017. This technology helps the company identify and preserve large, high-value diamonds.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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