gold news

  welcome back to our weekly update I'm Charlotte McLoud with investingnews decom and we're going to run through a few of this week's biggest stories in the mining industry if you like this video don't forget to hit the like button subscribe to our Channel or leave us a comment below let's get into it the gold price fell below the 2600 per ounce level this week responding to the US federal reserves interest rate cut at its final meeting of the year the Central Bank lowered its key rate by 25

basis points on December 18th bringing it to the 4.25 to 4.5% range it's now made 100 basis points worth of cuts in 2024 the FED also shared its latest dotplot chart which shows where each official thinks the federal funds rate is headed it indicates that officials see only two 25 basis point Cuts in 2025 lower than the previous projection of four 25 basis point Cuts speaking at a press conference after the fed's meeting chair Jerome Powell said the FED will exercise caution in 2025 looking for for

progress on inflation and strength in the labor market he also said the decision to cut this week was a closer call Gold hasn't been below 2600 since mid November a decline that followed Donald Trump's victory in the US election the yellow metal was quick to recover at that time and in the longterm many of the experts I've been speaking to see it going much higher Powell also reigned on the Bitcoin parade in his post meeting comments saying the FED isn't allowed to own it and won't be

looking to change that the popular cryptocurrency has been on a tear since Trump was elected voy by the president-elect's proc crypto attitude and talk of a strategic Bitcoin Reserve pow's comments had a dampening effect pushing Bitcoin below [Music] 100,000 Paladin energy has received approval from Canadian authorities for its acquisition of fish and uranium the 1.14 billion deal was first announced in June but in October the Canadian government said it needed to review the transaction on National Security grounds

the country has become more cautious of about opening up its resources to foreign entities Fun's main asset is its Patterson Lake South project in Saskatchewan's prolific athabaska Basin Paladin sees the asset as a natural fit for its portfolio and said when the deal was announced that it had the resources to advance it to production a group of us graphite companies is calling for the American government to impose tariffs of as much as 92% on Chinese suppliers of the commodity saying the Asian nation is

engaging in what they call malicious Trade Practices the American active anom material producers Coalition is petitioning the US Department of Commerce and International Trade Commission to initiate a trade investigation and put tariffs on both natural and synthetic graphite from China while the US has a 25% tariff on most Chinese graphite the group argues it's far too low so far there hasn't been a response from the government thank you for watching if you like this video make sure you hit the

like button and subscribe to our Channel we'd also love to hear your thoughts so leave us a comment below [Music]