Current News on the POG Today .... Breaking News Alert March 14th, 2012
At the open: Gold weighs on TSX (RTGAM)
DAVID BERMAN
Among Canadian stocks, gold producers were weak after the price of gold fell to $1,653 (U.S.) an ounce, down $41 – a delayed reaction to a relatively upbeat economic assessment from the U.S. Federal Reserve on Tuesday. While previous stimulus measures from the Fed had helped drive gold prices higher, hopes are dwindling that the central bank will need to resort to another round of stimulus. Barrick Gold Corp. fell 2.9 per cent.
Energy stocks were mixed after crude oil fell to $106.40 a barrel, down 41 cents. Suncor Energy Inc. fell 2.5 per cent but Canadian Oil Sands Ltd. rose 0.5 per cent.
Meanwhile, Canadian financials were strong – especially insurance companies, whose fortunes are in many way tied to the equity market and the direction of interest rates. Manulife Financial Corp. rose 5.5 per cent and Sun Life Financial Inc. rose 2.8 per cent.
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