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The momentum in gold’s recent rally has lost much of its shine, with the precious metal unable to reach new record highs since Aug. 20, as U.S. Treasury yields stabilize and the dollar rebounds.
On Wednesday, gold traded at $2,505 per ounce, down 0.8% for the day, poised to break a three-session winning streak.
The dollar's recent surge, driven by positive catalysts, appears to be fading, prompting traders to take profits and reduce exposure to gold.
Rate-cut expectations have not seen significant improvement, with speculators fully pricing in a September rate cut but assigning a 65% probability to a smaller 25-basis-point reduction, compared to 35% for a 50-basis-point cut, according to the CME FedWatch tool.
As the Federal Reserve’s rate cut expectations remained largely unchanged, Treasury yields stabilized, with the 10-year yield trading at 3.83% on Wednesday. Despite falling 67 basis points since early July, the yield hasn’t dropped below 3.75% since earlier this month, when a volatility event caused wild swings in equity and fixed income markets.
Geopolitical tensions in the Middle East, which have historically boosted safe-haven assets like gold, did not escalate into a broader conflict after recent exchanges between Israel and Hezbollah. This de-escalation has further diminished gold’s appeal.
The U.S. dollar index (DXY) was up 0.4% Wednesday, after closing Tuesday at the lowest levels since July 2023.
Wednesday’s Pullbacks In Gold Mining Stocks
The dip in gold prices has led to a more significant decline in gold mining stocks. The VanEck Gold Miners ETF and the VanEck Junior Gold Miners ETF both fell by 2.5%.
Company | 1-day return (%) |
Torex Gold Resources Inc. | -4.89% |
Endeavour Silver Corp. | -4.75 |
First Majestic Silver Corp. | -4.63 |
Coeur Mining, Inc. | -4.56 |
OceanaGold Corporation (NYSE:OGC) | -4.47 |
Pan American Silver Corp. | -4.41 |
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Reporter Name | Relationship | Type | Amount | SEC Filing |
---|---|---|---|---|
Mcanear Justin J. | Other | Sell | $66,710 | Form 4 |
Hindson Benjamin J. | Director | Sell | $98,026 | Form 4 |
Saxonov Serge | Chief Executive Officer | Sell | $152,052 | Form 4 |
Executives at 10x Genomics have recently sold shares of Class A Common Stock to cover tax withholding obligations related to the vesting of restricted stock units.
Justin J. McAnear, a shareholder, sold 2,961 shares on August 22, 2024, for a total of $66,710, at a price of $22.5297 per share. Following this transaction, McAnear directly owns 143,242 shares of Class A Common Stock.
Benjamin J. Hindson, serving as Director and President and Chief Scientific Officer, sold 4,351 shares on the same date at the same price per share, totaling $98,026. Hindson now directly owns 345,704 shares of the company's Class A Common Stock.
Saxonov Serge, the Chief Executive Officer and Director, sold 6,749 shares, also on August 22, 2024, at the price of $22.5297 per share, totaling $152,052. Following this sale, Serge directly owns 882,467 shares and indirectly owns 236,717 shares through various trusts, including the Andromeda Trust, Sirius Trust, Y/S Descendants' Trust, and Y/S Pot Trust, with Serge serving as trustee for each.
U.S. stocks were higher, with the Dow Jones index gaining around 350 points on Thursday.
Shares of Cisco Systems, Inc. rose sharply during Thursday's session following better-than-expected quarterly earnings.
Cisco reported fiscal fourth-quarter revenue of $13.64 billion, beating the consensus estimate of $13.537 billion. The company reported adjusted earnings of 87 cents per share, beating analyst estimates of 85 cents per share.
Cisco shares jumped 8.4% to $49.26 on Thursday.
Here are some other big stocks recording gains in today's session.
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