Direxion Daily Jr Gld Mnrs Bear 3X ETF

After remaining subdued for the past few months, gold futures last week recorded their highest weekly gain of 2.4% since February 3.

Goldcorp (GG) announced in its 2Q16 results that it had identified measures to deliver about half of its annualized savings of $250 million.

Yuan-denominated gold may also reduce the dependency of gold on the US dollar, though this may not hold true in the short run.

Gold prices suffered on April 14, 2016. The probability of a Fed interest rate hike was highlighted by the best employment data in decades.

Since the start of 2016, investors have been pulling the lid off gold prices and embarking on a flight to safety amid global turmoil.

Alongside gold and silver, platinum and palladium have also retreated about 28.6% and 30.8%, respectively.

Gold futures for February contracts gained 0.63% on November 24. The price surge followed rising political tensions after Turkish F-16s downed a Russian Su-24 fighter jet over the Syrian border.

Platinum futures on COMEX fell to a six and a half year low on September 22. It touched the lowest mark of $926 per ounce on September 23 and settled at $932.

The falling gold prices have negatively impacted the profitability of Barrick’s operations in 2015. Its share prices fell 3.45% to $6.29 as of September 9, 2015.

Most gold miners in non-US countries have rejoiced in the stronger dollar. The increase in the dollar meant devaluation for domestic countries in which miners incur their costs.

With the growing anticipation of the interest rate hike by the Fed, all eyes are set on its relative impact on investors’ portfolios. Investors are watching gold.