Market Overview

Gold Price Steady as the Federal Reserve Raises Rates


Gold Price Steady as the Federal Reserve Raises Rates News Commentary

PR Newswire

NEW YORK, September 27, 2018 /PRNewswire/ --

Gold was traded steady on Wednesday after the Federal Reserve decided to raise interest rate as expected. Gold future for December delivery was traded at USD 1,202.00 per ounce during Wednesday's trading session, while gold spot was trading at 1,196.56 per ounce. The Federal Reserve increased the benchmark federal funds rate 25 basis points to a range between 2% and 2.25%, marking the third rate hike this year. The FOMC continues to anticipate one more hike before the end of the year and three hikes in 2019. The gold price is sensitive to interest rate as a higher rate will increase the opportunity cost of holding non-yielding bullion such as gold. Sixty North Gold Mining Ltd. (OTC:SXNTF), Gold Fields Limited (NYSE:GFI), Sibanye-Stillwater Limited (NYSE:SBGL), Harmony Gold Mining Company Limited (NYSE:HMY), McEwen Mining Inc. (NYSE:MUX)

According to Bloomberg, Bank of America Merrill Lynch said that gold price could reach USD 1,350 an ounce in 2019 amidst concerns over the widening U.S. budget. Francisco Blanch, Head of global commodities and derivatives research of Bank of America Merrill Lynch said: "We're still pretty constructive longer term on gold. In the short run, the effects of strong dollar, higher rates dominate. But in the long run, a huge U.S. government budget deficit is pretty positive for gold."

Sixty North Gold Mining Ltd. (OTCQB:SXNTF) also listed on the Canadian Securities Exchange under the ticker (CSE:SXTY). Earlier today, the Company announced breaking news that, "has completed 164 lineal metres of trenching in five areas. One hundred and forty-four composite chip samples have collected and submitted for analysis with the results expected within six weeks. The trenching program tested mineralized shear zones from the 3,300 metre long West Mafic Trend where 223 grab and chip samples have been collected along this length, averaging 2.78 gpt gold. Seventy-seven of the samples (35%) exceed 1 gpt gold. Readers are cautioned that grab samples are by their nature selective and are not necessarily indicative of the mineralization and general geology of the property. Portions of this trend have been tested by trenching on four zones.

In addition, 61 grab samples collected along a discontinuously exposed segment of splay off of the West Mafic Trend yielded at average of 2.35 gpt gold with 14 samples (23%) exceeding 1 gpt gold. Portions of this trend have been tested by trenching on the 6850 Zone.

Trenches tested exposed shear zones where clusters of grab samples had previously returned encouraging values. Mineralized and altered rocks consisted of quartz + carbonate + sulphide schists with variable and often extensive potassic alteration was encountered. Zones 5564, 6447, 6545, and 6645 exposed up to 15 metre wide mineralized portions of composite shear zones up to 60 metres in total width. The 6850 Zone exposed portions of the WMT Splay, where widths up to 22 m in two trenches of very well mineralized rock were sampled. The 5564 Zone tests a portion of the WMT, extending trenches that had previously returned composite chip samples of 7.22 gpt gold over 6.0 metres in Trench #4, 6.17 gpt gold over 1.9m in Trench #5, 0.44 gpt gold over 5.05 metres in Trench #6 and 3.73 gpt gold over 0.75 metres in Trench #8.

John Campbell, Chairman of Sixty North Gold, reports, "The trenching has focused on well mineralized portions of laterally extensive shear zones exposed along the margins of broad overburden covered areas. These zones occur in rocks similar to those that host the gold deposits in Yellowknife (past production: 14 million ounces of gold)." Readers are cautioned that mineralization hosted on the gold deposits in Yellowknife is not necessarily representative of the mineralization hosted on the Mon Property.

Mr. Campbell further reports "New Discovery Mines reports that it has completed, on the Mon Property, one of the most successful exploration programs in their 20-year history. Dr. D.R. Webb, Ph.D., P.Geol., P.Eng., Director of New Discovery Mines, who has more than over 35 years of experience in Yellowknife, is excited about the similarities to the large shear-zone-hosted gold deposits in Yellowknife. In Yellowknife, exposures of gold mineralization on ridges occur adjacent to linear valleys that later exploration proved to be, in places, the recessive-weathering Giant or Con Shear Zone systems."

All rock grab samples were collected by hand and were located by hand-held GPS and all chip samples were located by tape, bagged and tagged with certified blanks and standards inserted at 1 in 7 to 1 in 10 intervals, sealed, delivered to Bureau Veritas Laboratories in Yellowknife and processed at their ISO/IEC 17025:2005 and ISO 9001:2015 certified laboratory in Vancouver. Bureau Veritas is independent of the Company. All samples were crushed and pulverized using PRP 70-250, analysed for 53 elements by ICP-MS using AQ251 and fire assay gold FAA 330 with all over limit golds analysed using fire assay gold FAA 550. The laboratory also runs duplicate and repeat analyses of every 15 to 25th sample, as well as internal blanks and standards which are reported to the Company. Dr. D.R. Webb, Ph.D., P.Geol., P.Eng. is the Qualified Person for this release within the meaning of NI 43-101 and has reviewed the technical content of this release and has approved its content.

About the Company - The Company is engaged in acquisition, exploration and development of mineral properties. Its principal target is the exploration for gold on the Mon Gold Property, 40 km north of Yellowknife, NWT. The Mon Gold Property consists of 11 contiguous mining leases and 3 mineral claims, comprising an aggregate 1,536.92 acres, located in the South MacKenzie Mining District, NWT"

Gold Fields Limited (NYSE:GFI) is a globally diversified gold producer with seven operating mines in Australia, Ghana, Peru and South Africa, and a total attributable annual gold-equivalent production of approximately 2.2 million ounces. Gold Fields Ghana (GFG) recently announced that it has received two awards for its efforts in promoting Ghanaian businesses and boosting the local economy at the Ghana Procurement and Supply Chain Awards. GFG picked up the awards for Excellence in Procurement and Supply Chain (Mining), and Local Content and Supplier Development at a ceremony held in Accra. Gold Fields Ghana, which has operating mines in Tarkwa and Damang in the Western Region, believes that strengthening the local supply chain is critical to the development of local economies, as well as the broader Ghanaian economy. Gold Fields Ghana's strategy is also a critical component of the Gold Fields Group's host community procurement policy, which seeks to give procurement preference to businesses near the mine in an effort to develop the non-mining economy in impacted communities. "At Gold Fields, we have a comprehensive supplier development programme which focuses on building the capacity of local suppliers," said Theophilus Otchere, Head of Supply Chain for Gold Fields' operations in Ghana. "We see our efforts yielding results as local businesses continue to grow, labour skills are improved and more jobs are created."

Sibanye-Stillwater Limited (NYSE:SBGL), is the third largest producer of platinum and palladium, and features among the world's top gold producing companies. Sibanye-Stillwater is recently announced that significant milestones have been reached with the Arrangement Agreement to unlock value at its Altar copper-gold project with Regulus Resources Inc. and a newly formed subsidiary of Regulus, Aldebaran Resources Inc., to create a strategic partnership, as per the announcement on June 29th, 2018. Sibanye-Stillwater Chief Executive Officer, Neal Froneman, commented, "We are pleased that these significant milestones has been achieved and recognize that it is an important step towards closing the transaction. The support of the Regulus shareholders demonstrates the value creation that is expected to be realised through the implementation of this transaction, unlocking the upside potential of the Altar Project by providing it with the focus from the experienced Aldebaran team."

Harmony Gold Mining Company Limited (NYSE:HMY), a world-class gold mining and exploration company, has operations and assets in South Africa and Papua New Guinea (PNG). Harmony Gold Mining Company Limited recently announced its operational and financial results for the year ended June 30th, 2018. Key features of FY18 include: Embedding safety culture through various training and awareness campaigns; Production guidance achieved for third consecutive year; produced 1.228Moz of gold at an all-in sustaining cost of R508 970/kg (USD 1 231/oz); 8% increase in underground recovered grade (six consecutive years of increasing grade); Hidden Valley delivers re-investment plan on schedule and within budget. "Our growth aspiration to produce 1.5 million ounces and improve the quality of our asset portfolio was realised with the re-investment in Hidden Valley (FY17) and acquisition of Moab Khotsong (FY18). These operations will increase annual production by 450 000 to 500 000 ounces at an average life of mine all-in sustaining unit cost of USD 950/oz. In addition, our successful hedging strategy has generated cash flows of R3.6 billion (USD 276 Million) since implementation in FY16, securing cash flow margins and enabling Harmony to repay debt and fund our quality growth strategy. Harmony has delivered," said Peter Steenkamp, Chief Executive Officer of Harmony.

McEwen Mining Inc. (NYSE:MUX) has the goal to qualify for inclusion in the S&P 500 Index by creating a profitable gold and silver producer focused in the Americas. McEwen Mining Inc. recently reported a resource update and announced the start of a new phase of drilling as part of its ongoing USD 5 Million exploration program at the Gold Bar Property, located along the prolific Battle Mountain - Eureka Gold Trend in Nevada, USA. McEwen's 2018 exploration goals are to grow known deposits and make new discoveries that will contribute to extending the life of the Gold Bar Mine. From Nov 2017 to Q2 2018 drilling focused on expanding known resources and better delineating the planned open pits. Seventy-nine new drill holes totaling 52,700 ft. (16,000 m) of drilling was completed since the last resource estimate in 2015. "We are entering a very interesting time for Gold Bar exploration. For the first time we have assembled all the key information that allows us to develop a robust geological understanding and define new high-quality drill targets. We are initiating drilling to target additional oxide mineralization to extend the mine life, and to explore for deeper Carlin-type gold discoveries. We believe Gold Bar hosts all the essential attributes that are characteristic to large Carlin-type gold deposits and look forward to this new and exciting phase of exploration," stated Sylvain Guerard, Senior Vice President Exploration.

Subscribe Now! Watch us report LIVE

Follow us on Twitter for real-time Financial News Updates:

Follow and talk to us on Instagram:

Facebook Like Us to receive live feeds:

About, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, creates 100% unique original content. also provides financial news PR dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.

Please Note: is not a financial advisory or advisor, investment advisor or broker-dealer and do not undertake any activities that would require such registration. The information provided on (the 'Site') is either original financial news or paid advertisements provided [exclusively] by our affiliates (sponsored content),, a financial news media and marketing firm enters into media buys or service agreements with the companies which are the subject to the articles posted on the Site or other editorials for advertising such companies. We are not an independent news media provider and therefore do not represent or warrant that the information posted on the Site is accurate, unbiased or complete. receives fees for producing and presenting high quality and sophisticated content on along with other financial news PR media services. does not offer any personal opinions, recommendations or bias commentary as we purely incorporate public market information along with financial and corporate news. only aggregates or regurgitates financial or corporate news through our unique financial newswire and media platform. For Sixty North Gold Mining Ltd. financial news dissemination and PR services, expects to be compensated five thousand dollars by the company. Our fees may be either a flat cash sum or negotiated number of securities of the companies featured on this editorial or site, or a combination thereof. The securities are commonly paid in segments, of which a portion is received upon engagement and the balance is paid on or near the conclusion of the engagement. will always disclose any compensation in securities or cash payments for financial news PR advertising. does not undertake to update any of the information on the editorial or Site or continue to post information about any companies the information contained herein is not intended to be used as the basis for investment decisions and should not be considered as investment advice or a recommendation. The information contained herein is not an offer or solicitation to buy, hold or sell any security., members and affiliates are not responsible for any gains or losses that result from the opinions expressed on this editorial or Site, company profiles, quotations or in other materials or presentations that it publishes electronically or in print. Investors accept full responsibility for any and all of their investment decisions based on their own independent research and evaluation of their own investment goals, risk tolerance, and financial condition. By accessing this editorial and website and any pages thereof, you agree to be bound by the Terms of Use and Privacy Policy, as may be amended from time to time. None of the content issued by constitutes a recommendation for any investor to purchase, hold or sell any particular security, pursue a particular investment strategy or that any security is suitable for any investor. This publication is provided by Each investor is solely responsible for determining whether a particular security or investment strategy is suitable based on their objectives, other securities holdings, financial situation needs, and tax status. You agree to consult with your investment advisor, tax and legal consultant before making any investment decisions. We make no representations as to the completeness, accuracy or timeless of the material provided. All materials are subject to change without notice. Information is obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. For our full disclaimer, disclosure and Terms of Use, please visit: .

For further information:

Media Contact:




View Comments and Join the Discussion!
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at