Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Gold Prices Climb To Three-Week Highs After Markets Discount Early Rate Hike

SPDR Gold Trust (ETF) (NYSEARCA:GLD) and corresponding gold prices rallied for another session today as markets became less convinced of the likelihood of a June rate hike in U.S. Gold Futures for August delivery climbed $16 to $1,263 an ounce, adding 1.3% to three-week highs.

Global outlook also matters

Federal Reserve Chair Janet Yellen’s comments earlier this week have restored a positive outlook for the yellow metal, which was trading under pressure following hawkish comments from the Federal Reserve last month. Frank McGhee, precious metals dealer at Alliance Financial, said that the expectations of rate hike are now shifted to July.

Jessica Fung, metals strategist at BMO Capital Markets, holds the view that sluggish global growth should also make gold appealing as a safe asset besides the Fed’s stance on monetary policy. In other metals, Silver Futures for July delivery also rose 3.75% to $17 during the session.

Follow Spdr Gold Trust (NYSEARCA:GLD)
Trade (NYSEARCA:GLD) Now!

Gold Fields completes refinancing of debt

Countries with Highest Gold Reserves

Sashkin/Shutterstock.com

In miners, Canadian gold miner Eldorado Gold Corp (USA) (NYSE:EGO) released a press release stating that the Toronto Stock Exchange (TSX) has given the nod for filing it’s Notice with respect to transacting a normal course issuer bid (NCIB) through TSX facilities. The acceptance from TSX will allow Eldorado Gold Corp (USA) (NYSE:EGO) to buy up to 2,081,168 of common shares, which will represent 0.30% of the company’s total outstanding shares. The company will purchase the shares during the period between June 13, 2016, to June 12, 2017, at prevailing market prices. As per the agreement, purchases on a single trading day will not exceed 874,637 shares.

Gold Fields Limited (ADR) (NYSE:GFI) announced the successful refinancing of its $1.44 billion credit facility, which was due in November 2017. The new credit facilities add up to $1.29 billion and will be released in three tranches. Gold Fields Limited (ADR) (NYSE:GFI) further informed that new facilities are refinanced by a syndicate of 15 banks. Interest rates chargeable on new facilities is more or less equivalent to rates chargeable on existing facilities, the company said in the press note.

Note: This article is written by Andy Parker and originally published at Market Exclusive.

Biotech Stock Alert - 20% Guaranteed Return in One Year

Hedge Funds and Insiders Are Piling Into

One of 2015's best hedge funds and two insiders snapped up shares of this medical device stock recently. We believe its transformative and disruptive device will storm the $3+ billion market and help it achieve 500%-1000% gains in 3 years.

Get your FREE REPORT and the details of our 20% return guarantee today.

Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.
Loading Comments...
X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 102% in 3 years!! Wondering How?

Download a complete edition of our newsletter for free!