For the second day in a row, shares of Yamana Gold, Inc. (AUY), which have synced up with gold prices, moved higher. The Toronto-based gold and copper exploration company rose as high as 2.27% Tuesday, reaching a session high of $4.50 on solid trading volume.
Gold for December delivery rose during Tuesday's session on the COMEX by 0.1% to $1,319.10 per ounce, spurred by the start of the two-day Federal Reserve meeting. Analysts don't expect the Fed to take action when the meeting ends on Wednesday, but investors expect to receive signals that suggest a rate hike is coming as early as December. (See also: Yamana Gold Rises With Higher Gold Prices.)
Despite their recent bounce and five-day rise of about 1%, Yamana shares have fallen more than 15% over the past month amid fears of a rate increase. When interest rates rise, gold struggles to compete with other assets such as equities that bear yield. As a result, investors often flock to where yields are. With analysts expressing doubts that a rate hike will happen this week, investors have begun to speculate in the opposite direction.
"We are back in this pattern where the expectations about the next rate hike determine the short-term swings—when they are pushed backwards, gold rises and when they are pulled forward gold declines," said Julius Baer analyst Carsten Menke, according to Reuters.
"The Fed will prepare markets for a rate hike, possibly in March next year, expectation of which will be positive for the dollar and in turn negative for gold," Menke added. (See also: How a Rate Hike Could Impact Gold.)
It remains to be seen what the Federal Reserve will do once its two-day policy meeting is over Wednesday. In the meantime, with gold prices, which hit a two-week low last Thursday, beginning to rebound, investors are in an apparent race to quickly buy back in.
Read more - https://www.goldcruderesearch.com/comex.php
Gold for December delivery rose during Tuesday's session on the COMEX by 0.1% to $1,319.10 per ounce, spurred by the start of the two-day Federal Reserve meeting. Analysts don't expect the Fed to take action when the meeting ends on Wednesday, but investors expect to receive signals that suggest a rate hike is coming as early as December. (See also: Yamana Gold Rises With Higher Gold Prices.)
Despite their recent bounce and five-day rise of about 1%, Yamana shares have fallen more than 15% over the past month amid fears of a rate increase. When interest rates rise, gold struggles to compete with other assets such as equities that bear yield. As a result, investors often flock to where yields are. With analysts expressing doubts that a rate hike will happen this week, investors have begun to speculate in the opposite direction.
"We are back in this pattern where the expectations about the next rate hike determine the short-term swings—when they are pushed backwards, gold rises and when they are pulled forward gold declines," said Julius Baer analyst Carsten Menke, according to Reuters.
"The Fed will prepare markets for a rate hike, possibly in March next year, expectation of which will be positive for the dollar and in turn negative for gold," Menke added. (See also: How a Rate Hike Could Impact Gold.)
It remains to be seen what the Federal Reserve will do once its two-day policy meeting is over Wednesday. In the meantime, with gold prices, which hit a two-week low last Thursday, beginning to rebound, investors are in an apparent race to quickly buy back in.
Read more - https://www.goldcruderesearch.com/comex.php
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