Gold Prices Rise As U.S. Dollar Falls Amidst Escalating Trade Tensions

PR Newswire

NEW YORK, September 11, 2018 /PRNewswire/ --

The gold futures price rose slightly on Monday as the Dollar weakened. Gold future for December delivery rose 0.11% to USD 1,201.7 per ounce during Monday's trading session, while gold spot was trading flat at USD 1,196.18 per ounce. US Dollar currency index, which tracks the U.S. Dollar against a basket of foreign currencies, fell 0.25% to 95.13 on Monday. Gold price is sensitive to the U.S. Dollar as a weaker Dollar tends to lift prices for gold and other commodities. Gold investors are closely focused on the U.S. Dollar, which may be affected by increasing trade tensions and the Federal Reserve's monetary policy. Sixty North Gold Mining Ltd. (OTC: SXNTF), Eldorado Gold Corporation (NYSE: EGO), Comstock Mining Inc. (NYSE: LODE), Pershing Gold Corporation (NASDAQ: PGLC), Golden Star Resources Ltd. (NYSE: GSS)

The global trade tensions between the United State and China escalated as the U.S President said on Friday that he was ready to impose tariffs on USD 200 Billion Chinese imports. The U.S. Dollar is considered as safe-haven asset during trade war concerns. The gold price is also affected by the Fed's rate hike plan as a higher rate will increase the opportunity cost of holding non-yielding bullion such as gold. The Federal Open Market Committee meeting is scheduled for September 26. The payroll data released on Friday increases the expectation that the Fed will raise interest rates in September.

Sixty North Gold Mining Ltd. (OTCQB: SXNTF) also listed on the Canadian Securities Exchange under the ticker (CSE: SXTY). Yesterday, the Company announced breaking news that it has, "advanced its trenching program rapidly and has received a $59,471 mining incentive program grant from the government of the Northwest Territories.

Trenching program: The company is pleased to report that the trenching program announced in a news release Sept. 4, 2018, is proceeding well, is ahead of schedule with seven trenches blasted on the West Mafic trend (WMT) through Sept. 6, 2018, and blasting on a further three trenches is expected to be completed shortly. The crews will then proceed with mucking, mapping and sampling the trenches from camp over the next seven to 10 days. Additional results are expected from the prospecting program over the next two weeks.

Ronald Handford, Company Chief Executive Officer, stated: 'We are delighted with the company's progress in the field this summer. The 2018 follow-up chip and grab sample programs across the Mon gold property, which is still in progress, has already led us to the trenching targets. Further results from the sampling programs are expected in the near future. The 2018 metallurgical results from the A-zone crown pillar sampling showed very strong gold recoveries averaging 98.8 per cent on a quarter-tonne sample, using a simple gravity and flotation circuit. Also, the results of the 2017 prospecting program across the property defined two gold trends over three kilometres long and the 2017 mechanized trenching of the crown pillar of the past-producing A-zone, supported its high-grade nature.'

Mining incentive program grant: Mr. Handford further said: 'We are very pleased to have received this MIP funding to support our 2018 prospecting, biogeochemistry and trenching activities. We also appreciate the validation of our program and team by the Northwest Territories Geological Survey that this funding represents.'

The NWT MIP provides funding to prospectors and exploration companies that propose new exploration projects or are already carrying out NWT mineral exploration work. The program is intended to stimulate and sustain mineral exploration activities throughout the NWT and reduce the risk associated with grassroots mineral exploration -- exploration that is vital to a healthy, sustained and productive mining industry.

Dr. D.R. Webb, PhD, PGeol, PEng, is the qualified person for this release within the meaning of National Instrument 43-101 and has reviewed the technical content of this release and has approved its content."

Eldorado Gold Corporation (NYSE: EGO) is a gold and base metals producer with mining, development and exploration operations in Turkey, Greece, Romania, Serbia, Canada and Brazil. Eldorado Gold Corporation recently provided an update on its exploration programs and construction progress at the Lamaque project in Quebec. Mill refurbishment and underground mine development are ahead of schedule and production from the refurbished mill remains on track for 2019. Exploration results include over 12,000 meters of resource expansion drilling received since the 2017 year-end resource update. "Results from this year's exploration drilling continue to demonstrate the outstanding resource upside potential of the Lamaque project," said Peter Lewis, Eldorado's Vice President, Exploration. "Our new drilling at Triangle confirms that the shear-hosted vein systems and steeply plunging intrusions that control mineralization in the upper deposit persist to at least 1,800 meters depth, with high grades reported in several newly-identified shear zones and in related secondary shear zones and extension vein systems. At the Parallel deposit, step-out drilling has linked the mineralized shear zones with historically mined zones at the nearby Lamaque and Plug 5 deposits."

Comstock Mining Inc. (NYSE: LODE) is a Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining. Comstock Mining Inc. recently announced that the Company and Itronics Inc. (OTC: ITRO), have commenced testing Itronics' clean, KAM-Thio recovery system on unprocessed gold and silver bearing minerals extracted from Comstock's Dayton resource area, located in Lyon County, Nevada. The previous tests recovered the substantial majority of the silver while the new KAM-Thio residual solution was substantially regenerating during the metal recovery process, thus reducing the net consumption of the reagents and creating a potentially compelling economic solution. Itronics has also previously reported that the remaining cyanide in the leached material was neutralized by the new leaching process, reducing the cyanide to an almost undetectable level on the spent material and potentially to drinking water standards in the residual solution. Corrado De Gasperis, Executive Chairman and Chief Executive Officer commented, "We have previously reported positive results processing this solution on previously leached material, especially with silver, so we are extending the tests onto higher-grade, virgin materials to determine if we can replicate the clean extraction with both silver and gold."

Pershing Gold Corporation (NASDAQ: PGLC) is an emerging gold producer whose primary asset is the Relief Canyon open-pit gold mine in Pershing County, Nevada. The Company recently announced that it has completed the exercise of a right of first offer to acquire all of the Newmont USA Limited royalty and other rights on specified lands around the Relief Canyon project. This transaction is another significant step in securing Pershing Gold's land package around Relief Canyon. Pershing Gold secured the lands in the immediate vicinity of Relief Canyon through the transaction announced in January of 2015. This purchase provides the Company with enhanced access to expansion opportunities through its holdings near Relief Canyon. "This transaction gives Pershing Gold secure tenure throughout our 45 square mile land position and relieves the Company's work commitments to Newmont on this highly prospective ground," commented Alfers, Pershing Gold's Chairman and Chief Executive Officer. "It unlocks the value of the land through the elimination of impediments to exploration and development, and it increases the potential profitability from production on these areas through the extinguishing of royalties, clawbacks and other burdens," explained Alfers. "This ground contains known targets we have developed in the last two years. The transaction allows the Company to advance known targets, increasing the potential for discovery of satellite deposits that could be brought into a near-term production profile at Relief Canyon upon commencement of operations," stated Alfers.

Golden Star Resources Ltd. (NYSE: GSS) is an established gold mining company that owns and operates the Wassa and Prestea mines in Ghana, West Africa. Golden Star has recently reported its financial and operational results for the quarter ended June 30^th, 2018. In the second quarter of 2018 Golden Star produced 61,209 ounces of gold. This quarter was the Company's second quarter as a primarily underground-focused gold producer, following the cessation of production from the Wassa Main Pit in January 2018. Production from the Prestea Open Pits is ongoing and ore supply from this operation is expected to continue into the middle of the third quarter of 2018. However, once production from the Prestea Open Pits concludes, Golden Star intends to focus on high margin, underground ore with the objective of strengthening its financial position and creating a robust platform to deliver shareholder value. "During the second quarter of 2018, Prestea Underground delivered more ounces than the Prestea Open Pits, which is testament to the hard work and disciplined approach of our underground team. We expect to see further improvements during the coming months and we anticipate that Prestea Underground will achieve its nameplate production rate during the fourth quarter of 2018. We will also continue to right size this operation with the aim of reducing operating costs and generating a stronger cash margin. Wassa Underground delivered another impressive quarter, with both grades and tonnages exceeding our expectations. I am looking forward to releasing the Preliminary Economic Assessment for Wassa's Inferred Mineral Resources to gain a more thorough understanding of the full potential of this substantial deposit. After two quarters, we are on track to achieve our consolidated full year 2018 production and cost guidance and with our strategic relationship with La Mancha agreed, we are well-positioned to deliver significant value for our shareholders," commented Sam Coetzer, President and Chief Executive Officer of Golden Star.

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