(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.
MTY Food Group Inc. says its profit and revenue both slid in its most recent quarter.
The restaurant franchisor and operator says its net income attributable to owners totalled $34.9 million in its third quarter, compared with $38.9 million a year earlier.
The results for the period ended Aug. 31 amounted to $1.46 per diluted share, down from $1.59 per diluted share a year prior.
The company behind 90 brands including Manchu Wok and Mr. Sub attributed the fall to impairment charges on property, plants and equipment along with intangibles assets.
Its revenue decreased slightly to $292.8 million in the quarter from $298 million a year ago.
While CEO Eric Lefebvre saw the quarter as a sign that the company’s ongoing restructuring is starting to bear fruits, he said the business was also hampered by significant delays in construction and permitting that resulted in fewer locations opening.
This report by The Canadian Press was first published Oct. 11, 2024.
Taiga Motors Corp. says the Superior Court of Québec has approved its sale to a British electric boat entrepreneur.
The Montreal-based maker of snowmobiles and watercraft says it will be purchased by Stewart Wilkinson.
Wilkinson’s family office is behind marine electrification brands that include Vita, Evoy, and Aqua superPower.
Wilkinson and Taiga did not reveal the terms or value of the deal but say Wilkinson will assume Taiga’s debt to Export Development Canada and has committed to funding Taiga’s business plan.
The companies say the transaction will allow them to achieve greater economies of scale and deliver high-performance products at compelling prices to accelerate the electric transition.
The sale comes months after Taiga sought bankruptcy protection under the Companies’ Creditors Arrangement Act to cope with a cash crunch.
This report by The Canadian Press was first published Oct. 11, 2024.
Toronto-Dominion Bank is facing fines totalling about US$3.09 billion from U.S. regulators in connection with failures of its anti-money laundering safeguards.
The bank also received a cease-and-desist order and non-financial sanctions from the Office of the Comptroller of the Currency that put limits on its growth in the U.S. after it was found that TD had “significant, systemic breakdowns in its transaction monitoring program.”
![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)
