Gold prices closed the week at another record high, reflecting market reactions to the Federal Reserve’s first interest rate cut since 2020.
The Fed’s decision to lower rates by 50 basis points, bringing the funds rate to a range of 4.75% to 5%, marks the start of a new easing cycle. Dubbed “interest rate normalization,” the central bank’s goal is to gradually bring the benchmark rate down to between 3% and 3.5% by 2025, sparking significant movement across global markets.
In other key mining news, Titan Minerals, an Australian mining firm, announced plans to sell up to 80% of its stake in the Linderos copper project in Ecuador. The buyer is a unit of Hancock Prospecting, led by billionaire Gina Rinehart, one of Australia’s wealthiest individuals. The sale, reported by Reuters, could reach up to $120 million, marking a major development in the mining sector.
Rinehart, known for her role as executive chair of Hancock Prospecting, continues to expand her influence in the global mining industry with this latest acquisition.
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