Gold miners rise as Fed's Powell hints at September rate cut

Franco-Nevada

23/08/2024 16:42

** Shares of gold miners rise, tracking prices of the
bullion  GOL/ 
    ** Spot gold  XAU=  up 1.3% at $2,517.10 per ounce, as the
U.S. dollar and Treasury yields retreated after Federal Reserve
Chair Jerome Powell's comments hinted at an interest rate cut in
September
    ** Lower interest rates help increase the relative appeal of
the zero-yield bullion
    ** Top miners Newmont  NEM.N  and Barrick Gold  ABX.TO  gain
1.6% and 1%, respectively
    ** U.S.-listed shares of South African miners AngloGold
Ashanti  AU.N  and Sibanye Stillwater  SSWJ.J   SBSW.N  rise ~4%
and 1.1%, respectively
    ** Canadian miners Franco-Nevada  FNV.TO  and Agnico Eagle
Mines  AEM.TO  both up 1.1%

 (Reporting by Vallari Srivastava in Bengaluru)
 ((Srivastava.Vallari@thomsonreuters.com;))