Market waits for Fed cut

Denver — The prospect of an interest rate cut by the U.S. Federal Reserve held back the Dow Jones industrial average, which sank 124.19 points, or 1.2%, to 10,472.48 for the June 20-26 report period. The Fed responded with a 0.25% cut on June 27, bringing rates to their lowest level in seven years.

Spot gold on the Comex division of the New York Mercantile Exchange climbed to US$276.20, while the market posted mixed reviews about the marriage of Homestake Mining and Barrick Gold. Homestake experienced a volume of 29.6 million shares as the stock gained $1.12 to close at US$8, while Barrick slipped $1.08 to US$15.55 on similarly heavy volume on the New York Stock Exchange.

AngloGold gained 35 to close at US$18.75; Ashanti Goldfields added 28 to close at US$3.20; Nasdaq-lsited Gold Fields rose 16 to US$4.81; Harmony Gold Mining advanced 19 to US$5.97; mid-sized Meridian Gold gained 52 to close at US$8.82; and Newmont Mining lost $1.44 to finish at US$20.17.

Comex copper held firm at US72 per lb., though Phelps Dodge dropped $1.48 to close at US$39.95 in anticipation of a second-quarter loss. Class A and B shares of Freeport-McMoRan Copper & Gold lost US$1.69 and US$1.88, respectively, to close at US$11.34 and US$12.78.

Meanwhile, Southern Peru Copper dipped 98 to US$13.38 after the Toquepala mine experienced minor disturbance due to a recent earthquake; Australia’s Rio Tinto lost $1.11 to close at US$69.90; WMC found $1.40 to close at US$20.10; and BHP fell 60 to US$21.90.

Stillwater Mining gave up $1.85 to close at US$29.25, while Apex Silver Mines added 24 to reach US$11.24.

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