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For U.S. pricing, BNN Bloomberg uses the front-month futures contract price for a troy ounce of gold on the COMEX division of the New York Mercantile Exchange. The price is a benchmark for investors, according to NYMEX.
For Canadian pricing, BNN Bloomberg converts the spot price of gold into Canadian dollars
The head of Barrick Gold Corp. says the mining giant is poised to take advantage of near-record-high gold and copper prices following the company’s release of its latest quarterly results on Wednesday.
Dan Rohinton, portfolio manager of iA Global Asset Management joins BNN Bloomberg to discuss the top markets movers of the day including oil and gold. He says there is a risk premium being built into gold, helping to drive up its price.
Karl Schamotta, chief market strategist at Corpay, joins BNN Bloomberg to discuss his outlook for the economy. He says resilient economies could lead to more hawkish messages from central banks. He adds a improved sentiment in the Canadian economy could lead to outperformance for the Canadian dollar in the short-term. However, he says risks such as debt could lead the loonie lower by the end of 2024.
Gold rose to another record after Federal Reserve Chair Jerome Powell reiterated that it will likely be appropriate to begin lowering interest rates “at some point this year.”