11:34:10 EDT Wed 22 Mar 2023
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NuLegacy Gold Corp
Symbol NUG
Shares Issued 588,852,453
Close 2023-01-16 C$ 0.015
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Globe/wire say Kinross, rivals hear gold price may soar

2023-01-17 08:47 ET - In the News

See In the News (C-K) Kinross Gold Corp (2)

The Globe and Mail reports in its Tuesday edition that gold prices are expected to rise above $2,000 an ounce this year, albeit with a little turbulence, as the United States slows the pace of rate hikes and eventually stops increasing them (all figures U.S.). A Reuters dispatch to The Globe reports that spot prices have climbed above $1,900 an ounce, surging by about 18 per cent since early November as inflationary pressures recede and markets anticipate less aggressive monetary policy from the U.S. Federal Reserve. Fast-rising interest rates hammered gold prices last year, knocking them down to $1,613.60 in September from a high of $2,069.89 in March -- just shy of a record peak in 2020. Higher rates lifted returns on bonds, making non-yielding gold less desirable for financial investors, and pushed the dollar to its strongest in 20 years, making dollar-priced gold costlier for many buyers. The weakening U.S. currency and bond yields "will become macro tailwinds for the yellow metal, pushing gold above $2,000/oz in the coming months," analysts at Bank of America said in a note. With less pressure from the dollar and bonds, investors are likely to buy bullion as a hedge against inflation and economic turbulence.

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