Investors tune into debt ceiling saga

GOLD prices are firmly above $US1600 an ounce as the US Congress approaches its August 2 deadline to lift the $14.2 trillion debt ceiling. Most of PNG-flavoured stocks are down this week as uncertainty reigns.

While what has been labelled as the "debt ceiling reality show" continues, US markets have fallen for five straight trading days.

Spot gold prices are trading around $1614.73/oz, up just less than 1% for the week as the precious metal maintains its safe haven status during these inflationary times.

This morning ANZ Research also reported that gold exchange traded fund holdings had climbed for their fourth consecutive day to a record high of 2150 tonnes.

London Metal Exchange cash copper closed at $9794 a tonne overnight, up almost 1.5% for the week with the $10,000/t level fast approaching.

LME cash nickel jumped 2.4% for this week, closing at a strong price of $24,512/t overnight.

Singapore Tapis crude closed at $126.28 a barrel overnight, near this month's highest closing price of $126.72/bbl of two weeks ago.

Highlands Pacific was a notable performer this week after it received a favourable court ruling which will finally allow commissioning to take place for the built Ramu nickel-cobalt mine.


Most read News

Most read News