(Kitco News) – Gold and silver prices are solidly lower in midday U.S. trading Thursday. Gold hit a seven-week low and silver is poised to close at a seven-week low close. Bearish for metals are more signals late this week the U.S. Federal Reserve will keep interest rates higher for longer. That has negative demand implications for the metals markets. April gold was last down $12.90 at $1,828.60 and March silver was down $0.337 at $21.34.
The inflation components of today’s updated fourth-quarter U.S. gross domestic product report came in a little hotter than expected, which briefly pushed U.S. bond yields still higher and supported gains in the U.S. dollar index. This news follows the FOMC minutes that were released Wednesday afternoon. The marketplace deemed those minutes as leaning slightly more hawkish than expected, as there were a few FOMC members that wanted a 50-basis-point hike in the Fed fund range at the January meeting. That meeting saw a 25-basis-point rise. The marketplace takeaway from the FOMC minutes and the GDP inflation components is that the Fed will keep its monetary policy hawkish for longer, to effectively tamp down problematic price inflation.
Global stock markets were mixed but mostly firmer overnight. U.S. stock indexes are lower at midday.
The key outside markets this morning see the U.S. dollar index higher. Nymex crude oil futures prices are higher and trading around $75.00 a barrel. The yield on the benchmark U.S. 10-year Treasury note is presently fetching 3.897%.
Technically, April gold futures prices hit a seven-month low today. Bears have the overall near-term technical advantage. A price downtrend is in place on the daily chart. Bulls’ next upside price objective is to produce a close above solid resistance at last week’s high of $1,881.60. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,800.00. First resistance is seen at today’s high of $1,841.20 and then at this week’s high of $1,856.40. First support is seen at today’s $1,824.80 and then at $1,815.00. Wyckoff’s Market Rating: 4.0
March silver futures were poised to close at a seven-week-low close today. The silver bears have the overall near-term technical advantage. Prices are in a steep downtrend on the daily bar chart. Silver bulls’ next upside price objective is closing prices above solid technical resistance at $23.00. The next downside price objective for the bears is closing prices below solid support at $20.00. First resistance is seen at today’s high of $21.67 and then at this week’s high of $22.00. Next support is seen at the February low of $21.155 and then at $21.00. Wyckoff’s Market Rating: 4.0.
March N.Y. copper closed down 1,365 points at 405.45 cents today. Prices closed near the session low today. The copper bulls have the overall near-term technical advantage but they faded a bit today. Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at the January high of 435.50 cents. The next downside price objective for the bears is closing prices below solid technical support at the February low of 397.85 cents. First resistance is seen at 415.00 cents and then at this week’s high of 423.70 cents. First support is seen at today’s low of 405.05 cents and then at 400.00 cents. Wyckoff’s Market Rating: 6.5.
TORONTO – Cineplex Inc. reported a loss in its latest quarter compared with a profit a year ago as it was hit by a fine for deceptive marketing practices imposed by the Competition Tribunal.
The movie theatre company says it lost $24.7 million or 39 cents per diluted share for the quarter ended Sept. 30 compared with a profit of $29.7 million or 40 cents per diluted share a year earlier.
The results in the most recent quarter included a $39.2-million provision related to the Competition Tribunal decision, which Cineplex is appealing.
The Competition Bureau accused the company of misleading theatregoers by not immediately presenting them with the full price of a movie ticket when they purchased seats online, a view the company has rejected.
Revenue for the quarter totalled $395.6 million, down from $414.5 million in the same quarter last year, while theatre attendance totalled 13.3 million for the quarter compared with nearly 15.7 million a year earlier.
Box office revenue per patron in the quarter climbed to $13.19 compared with $12 in the same quarter last year, while concession revenue per patron amounted to $9.85, up from $8.44 a year ago.
This report by The Canadian Press was first published Nov. 6, 2024.
TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.
The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.
Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.
Consolidated comparable sales were up 0.3 per cent.
On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.
The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 5, 2024.
ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.
The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.
Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.
Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.
On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.
The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 5, 2024.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
