Gold price for April 5 delivery is trading higher on Thursday, March 28, by 0.24 per cent at 66,525. The price of gold stands at Rs 6,170 per gram for 22 karat gold and Rs 6,731 per gram for 24 karat gold (999 gold).
Gold prices steadied as investors digested comments from Federal Reserve Governor Christopher Waller on interest rate cuts and looked forward to more U.S. economic data for policy clues.
Meanwhile, spot gold was up 0.1 per cent at $2,195.59 per ounce. U.S. gold futures edged 0.2 per cent higher to $2,195.10.
“The Fed signalled they want to be cutting rates and there’s a geopolitical risk concern that continues to linger in the markets around these wars, both in Ukraine and in the Middle East, which is gold supportive,” said Ilya Spivak, head of global macro at Tastylive, said to Reuters.
“Gold prices are rangebound for most of the time this month and a break above current resistance level around $2,225 per ounce could see prices heading towards the $2,300 mark.”
Gold and Silver prices experience fluctuations influenced by multiple factors, including insights from jewellers. These factors encompass global demand for gold, fluctuations in currency values across nations, prevailing interest rates, and governmental regulations governing the gold trade.
Additionally, global events such as the state of the world economy and the strength of the US dollar relative to other currencies significantly impact gold prices within the Indian market.
In Chennai, the price of gold has surged to over Rs. 50,000 per sovereign, reflecting a significant increase in demand for the precious metal. The price of gold jewelry has risen by Rs. 35 per gram, reaching Rs. 6,250 per gram in certain areas.
This rise in gold prices has led to an uptick in sales, with consumers flocking to purchase gold jewelry and ornaments. In response to the heightened demand, jewelry stores and dealers have adjusted their prices accordingly, with some offering competitive rates to attract customers.
The surge in gold prices can be attributed to various factors, including economic uncertainty, inflationary pressures, and geopolitical tensions. Gold has long been considered a safe haven asset during times of economic turmoil, making it an attractive investment option for individuals seeking to safeguard their wealth.
In Chennai, where gold holds cultural and traditional significance, the rise in gold prices has sparked renewed interest among consumers. From weddings to religious ceremonies, gold jewelry plays a central role in various cultural celebrations and rituals, further driving demand for the precious metal.
The price of 24-carat gold saw an uptick of Rs 10 in early trade on Thursday, with ten grams of the precious metal trading at Rs 66,940, according to the GoodReturns website. The price of silver rose Rs 100, with one kilogram of the precious metal selling at Rs 77,100.
The price of 22-carat gold rose Rs 10 with the yellow metal selling at Rs 61,360.
The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata and Hyderabad, at Rs 66,940.
In Delhi, Bengaluru, and Chennai, the price of ten grams of 24-carat gold stood at Rs 67,580, Rs 67,430, and Rs 68,030, respectively.
In Mumbai, the price of ten grams of 22-carat gold is at par with that in Kolkata and Hyderabad, at Rs 61,360.
In Delhi, Bengaluru, and Chennai, the price of ten grams of 22-carat gold stood at Rs 61,510, Rs 61,360, and Rs 62,160, respectively.
The price of one kilogram of silver in Delhi, Mumbai, and Kolkata stood at Rs 77,100.
The price of one kilogram of silver in Chennai stood at Rs 80,100.
US gold prices eased today as dollar and bond yields ticked higher after comments from a Federal Reserve official on interest rate cuts. Investors looked forward to more economic data for policy clues including core personal consumption expenditure (PCE) price index report which is due on Friday.
Moreover, India’s gold imports are set to plunge by more than 90 per cent in March from the previous month to hit the lowest level since the Covid pandemic, as banks cut imports after record-high prices hit demand.
Spot gold was down 0.2 per cent at $2,189.29 per ounce, as of 0139 GMT.
Spot silver slipped 0.4 per cent to $24.56 per ounce, platinum rose 0.4 per cent to $897.10 and palladium gained 0.4 per cent to $987.66.
VETS, GOLD STAR FAMILIES GET FREE ACCESS TO STATE PARKS AND LANDS
STATEWIDE — GOVERNOR HOCHUL ON WEDNESDAY ANNOUNCED THAT thanks to legislation passed in September 2023, beginning on Monday, April 1, all New York veterans and many Gold Star families will be able to apply to join New York’s Lifetime Liberty Pass program, which was previously open only to disabled veterans and gives holders free access and discounts at state parks, historic sites and other state lands. Benefits for passholders include free vehicle entry to state parks, campgrounds, boat launches, historic sites and arboretums; free greens fees at state golf courses; free swimming pool entrance at state pools; and discounts on some cabin and campsite rentals.
Veterans can access these benefits at parks with a state ID with Veteran status designation or apply for the free Lifetime Liberty Pass online on the state Parks Department’s website; Gold Star parents, spouses or children will need to submit applications for the Pass online.
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GOWANUS OVERSIGHT TASK FORCE MEETING
GOWANUS — THE FIFTH AVENUE COMMITTEE’S GOWANUS OVERSIGHT Task Force is holding its quarterly meeting on Thursday, open to the public. The task force is community-led and focused on collaborating with city government and tracking progress on the neighborhood’s rezoning and improvement goals. The meeting will feature presentations from the city Department of Housing Preservation and Development and Department of Conservation on the Gowanus Green sustainable affordable housing plan, which aims to construct 940 units of housing surrounded by parks, gardens and commercial and community spaces; the NYC School Construction Authority and Department of Parks and Recreation will also present on related plans for a public school and park attached to the project.
The meeting will be held on Thursday, March 28, from 5 p.m. to 8 p.m. at P.S. 133 on Baltic Street; attendees are asked to RSVP online on EventBrite.
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ALLEGED BKLYN MIRAGE KIDNAP CHARGES DROPPED
WILLIAMSBURG — CHARGES AGAINST TWO MEN SUSPECTED OF KIDNAPPING A CONNECTICUT doctor from the Brooklyn Mirage nightclub last year will be dropped after the doctor stopped cooperating with prosecutors,reports the New York Post. The case against Anthony Benjamin, 42, and Steve Daley, 50, reportedly hinged on opthalmologist Michael Bautista’s testimony. The Mirage was at the center of a possible crime spike last summer including the suspicious deaths of at least two people; in Bautista’s case, he was allegedly tricked by Benjamin and Daley into entering a fake taxi before being held at gunpoint and forced to purchase items and withdraw cash from an ATM for the pair.
The club is notorious for its controversies: an investigation by Gothamist in September revealed that the 2021 death of a customer by drug overdose in one of its bathrooms had gone unreported to state authorities, in addition to two prior similar deaths known to the state.
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FRAUDSTER GETS UP TO 7 YEARS FOR STEALING ALMOST $1M IN REAL ESTATE AUCTION SCHEME
DOWNTOWN BROOKLYN — A WOMAN HAS BEEN SENTENCED TO 3½ TO 7 YEARS IN PRISON FOR STEALING ALMOST A MILLION DOLLARS IN A FRAUDULENT REAL ESTATE INVESTMENT SCHEME involving more than a dozen Brooklyn properties. Brooklyn Supreme Court Justice Danny Chun presided at the sentencing of Regine Norman, a.k.a., Regine Ellis, 69, as identified by Brooklyn District Attorney Eric Gonzalez. Ellis pleaded guilty on Jan. 31 to six counts of second-degree grand larceny and three counts of third-degree grand larceny, for stealing approximately $959,000 from nine victims, falsely representing herself as a member of a private real estate auction with access to buy discounted properties in Brooklyn. She then convinced her victims to wire her money for down payments on the properties; however, no properties were ever purchased. After obtaining the down payment, the defendant provided her victims with fraudulent contracts of sale, which often included the forged signature of the actual property owners.
As part of her sentence, Ellis is ordered to pay restitution totaling $842,000.
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REVITALIZATION OF S. BROOKLYN MARINE TERMINAL MOVES FORWARD WITH PROJECT LABOR AGREEMENT
SUNSET PARK WATERFRONT — A NEW PROJECT LABOR AGREEMENT SIGNED ON WEDNESDAY WILL MOVE FORWARD CONSTRUCTION for a revitalized South Brooklyn Marine Terminal and New York City’s first offshore wind hub. Empire Wind and the Building & Construction Trades Council of Greater New York and Vicinity signed the Project Labor Agreement, which covers contracts with Skanska, GE-BOND and Nexans. The agreement is the first-of-its-kind PLA for Equinor, and a commitment to building the South Brooklyn Marine Terminal responsibly, with the help of New York’s highly skilled union construction workforce. The agreement will establish working standards, industry-leading safety practices, and equity in the construction of the terminal, creating over 1,000 union construction jobs and apprenticeships in local New York communities, as well as thousands of indirect jobs in manufacturing, shipping and logistics.
Construction is expected to begin as early as next week, starting with the demolition of existing outbuildings, excavation of the site, and bulkhead preparation work.
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ASSEMBLY REPUBLICANS PROPOSE THAT CRIMINAL TRESPASSING LAW INCLUDE SQUATTERS
ALBANY STATEHOUSE — A NEW PROPOSAL WITHIN THE NEW YORK STATE ASSEMBLY WOULD REDEFINE CRIMINAL TRESPASSING TO INCLUDE “SQUATTING,” the practice that allows a person to enter and take shelter in a home to which they have no legal rights or permission. Assemblyman Michael Tannousis (R,C/-64-Brooklyn and Staten Island) and his colleagues in the Assembly Minority Conference on Wednesday, March 27, announced the bill (which fellow Brooklyn Assemblymember Alec Brook-Krasny /R-46) is cosponsoring), has moved to committees in both houses of state legislature. New York laws currently allow a person to enter and reside in a home they do not own without the owner’s permission, paying rent or utility bills for 30 days. The homeowner must then take that individual to landlord-tenant court to have that person removed to evict him/her, a lengthy process.
Tannousis reported that recent social media videos show migrants instructing each other on how to take possession of vacant homes to which they have no rights including homes for sale or homes from which the owners are away for a short period.
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MTA GIVES OFFICIAL GREEN LIGHT TO ITS CONGESTION PRICING PLAN
CITYWIDE — THE MTA BOARD ON WEDNESDAY, MARCH 27, GAVE ITS FINAL OFFICIAL APPROVAL OF CONGESTION PRICING, the latest step in the transit agency’s plan to charge drivers a $15 daytime toll to enter Manhattan south of 60th Street, reports Gothamist. The approval process, which stretched five years from the original proposal, incorporated exemptions granted earlier this week to school buses, certain commuter buses and city-owned fleet vehicles. The MTA’s goal is to fund needed repairs and upgrades to the subway system, but the plan still faces hurdles, including some active class-action lawsuits, one of which the NAACP filed just last week.
Taxi drivers objected to the tolls during the meeting as they face a $1.25 surcharge that the board approved on taxi trips entering the congestion zone; however, yellow and green cab drivers won’t have to pay the $15 toll, an issue that MTA Chair Janno Lieber addressed in a press conference following the vote, according to Spectrum News New York 1.
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CITY LAUNCHES ENGLISH LEARNING AND SUPPORT CENTER PROGRAM FOR IMMIGRANTS
CITYWIDE — THE MAYOR’S OFFICE OF IMMIGRANT AFFAIRS on Wednesday, March 27, launched its (MOIA) English Learning and Support Centers located across the city to support longtime and recently arrived immigrant New Yorkers to learn English and get connected to city resources. More than 60 library branches — including the Brooklyn Public Library — and other non-profit organizations will receive more than $1 million in city funding to launch the centers. The MOIA English Learning and Support Centers (including Life of Hope in East Flatbush and Mixteca in southern Park Slope) will connect immigrant New Yorkers to beginner and intermediate-level English classes, using “We Speak NYC,” an award-winning curriculum that the city developed as a tool to teach English and educate New Yorkers on city resources and services.
MOIA has also provided subtitles for We Speak NYC episodes in the following languages: Arabic, Bengali, French, Haitian Creole, Korean, Nepali, Polish, Russian, Simplified/Traditional Chinese, Spanish, Urdu, and Wolof.
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BIPARTISAN BILL WOULD FACILITATE CO-OP HOME PURCHASES FOR VETERANS
CAPITOL HILL — A BIPARTISAN BILL IN CONGRESS AIMS TO MAKE IT EASIER FOR VETERANS IN NEW YORK CITY AND ACROSS THE NATION to purchase co-ops. The Fair Access to Co-Ops for Veterans Act (H.R.7703), which Reps. Nicole Malliotakis (R-11) and Grace Meng (D-06) introduced on Wednesday, March 27, would expand the Veterans Home Loan Guarantee program to include co-ops, allowing the U.S. Department of Veteran Affairs (VA) to guarantee co-op loans to eligible veterans. The bill would also direct the VA to advertise this co-op program to eligible veterans, participating lenders, and interested realtors. Rep. Malliotakis pointed out that co-ops account for roughly a quarter of NYC’s housing market.
In 2006, Congress passed a bill creating a five-year pilot program allowing veterans to purchase cooperative housing. Prior to this legislation, the VA Home Loans program could not be used for co-ops. However, the pilot program expired in 2011 and was never renewed.
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CITY AUTHORIZES E-CARGO BIKES, EXPANDING SAFETY RULESFOR STREETS
CITYWIDE — THE NYC DEPARTMENT OF TRANSPORTATION HAS AUTHORIZED THE USE OF E-CARGO BIKES ON CITY STREETS and has established key safety standards. New rules that DOT Commissioner Ydanis Rodriguez announced on Wednesday, March 27, are designed to make deliveries safer and more sustainable by reducing the number of large delivery trucks on New York City streets. The rules expand the legal definition of “bicycle” to include “pedal-assist bicycle” and define “commercial bicycle” as a bicycle used to transport commercial goods, and they establish a “Commercial Bicycle Loading Only” zone — dedicated space at the curb for pedestrian safety. The e-cargo bike speed limit was reduced from the proposed 20 miles per hour to 15 mph, and e-cargo bikes must not be parked or be left unattended on a sidewalk for any reason — even temporarily.
The finalized rules also increase low- or no-emission options for freight deliveries — including packages and groceries — by allowing the use of pedal-assist electric cargo bicycles that may be up to 48 inches wide and have up to four wheels.
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NYC IS GIVING PREPAID DEBIT CARDS TO MIGRANT FAMILIES
CITYWIDE — NEW YORK CITY HAS STARTED handing out prepaid debit cards to migrant families as a pilot program, NY1 reports. Giving migrants the funds for food and baby supplies directly makes it cheaper to feed them and generates income for local businesses, the city said. A family of four with two children under five will receive about $350 each week. The program is expected to expand to roughly 115 families.
Adams fended off accusations published in the New York Post that he had a prior relationship with the founder of Mobility Capital Finance (MoCaFi), the company that got the $50-plus million contract for the debit cards. “There’s no relationship. We don’t hang out and go [to] the Hamptons together. We don’t go to the baseball game together,” Adams said, according to Politico.
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POLICE SEEK STABBING SUSPECT
SUNSET PARK — POLICE ARE ASKING FOR HELP IDENTIFYING AN UNKNOWN MAN, WHO in the early morning hours of Monday, March 18, approached a 27-year-old male victim on 4th Avenue near Green-Wood Cemetery and stabbed him in the chest multiple times with an unknown object. The victim was transported to NYU Langone Hospital in stable condition. The suspect is described as around 5’9”, with a light complexion and a neck tattoo, and was last seen wearing a black North Face jacket with a logo on the back and front; photos released by police show him wearing a metal cross necklace, ripped jeans and a ballcap with the letter B on it.
Anyone with information regarding this incident is asked to call the NYPD’s Crime Stoppers Hotline at 1-800-577-TIPS (8477), or for Spanish, 1-888-57-PISTA (74782). The public can also submit their tips by logging onto the Crime Stoppers website or on X (Twitter) @NYPDTips.
The unknown man suspected of a stabbing in Sunset Park on Monday. All calls are confidential.
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NEW YORK OFFERS TO ASSIST COMMERCE FLOW AFTER BALTIMORE BRIDGE COLLAPSE
EAST COAST — NEW YORK STATE STANDS READY to assist the flow of commerce following the collapse of the Francis Scott Key Bridge in Baltimore, Maryland early Tuesday morning, Gov. Kathy Hochul said. The shocking near-total collapse followed the collision of an out-of-control containership with a bridge support. Video shows a nearly instantaneous collapse, with vehicles plunging into the water. “New York Harbor stands ready to assist any way we can [to] continue the flow of commerce, so it’s not disrupted. We have over 66 bridges in our harbor area, so we know the vulnerability of what can happen when one is down,” Hochul told Mika Brzezinski on MSNBC’s Morning Joe broadcast Tuesday. According to the New York Times, the massive vessel issued a Mayday alert before the crash, allowing some construction workers to escape in time.
The bridge, part of Interstate 695, is a major Baltimore traffic route, and the main artery used to travel from New York City to Washington, according to Bloomberg Daybreak’s U.S. podcast.
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MIKE TYSON’S CANNABIS GUMMIES, SHAPED LIKE EARS MISSING A CHUNK, LAUNCH IN BROOKLYN
BROOKLYN — CANNABIS-INFUSED GUMMIES LAUNCHED BY BROOKLYN-BORN BOXING GREAT MIKE TYSON go on sale today, and he is bringing them to his native borough. “Mike’s Bites” are available at Grow Together, one of the few legal weed shops in King’s County, along with the Housing Works cannabis store in Manhattan. The gummies are shaped like an ear with a bite taken out of them, recreating Tyson’s notorious 1997 boxing match with Evander Holyfield during which he bit off a chunk of Holyfield’s ear and started a near riot, ESPN reported. “Growing up in Brooklyn, I could have never imagined a time when cannabis would be legally utilized to enhance both mental and physical well-being. Yet, here we are,” Tyson said in a statement Tuesday.
Tyson, 57, has been much in the news lately as he is slated to fight Jake Paul, 27, in a controversial match to be streamed on Netflix on July 20. Tyson has not fought professionally since 2005, while Paul, 30 years his junior, has a height and reach advantage. Still, numerous boxing analysts give former world champ Tyson the odds.
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SMORGASBURG AND BROOKLYN FLEA SET TO REOPEN IN APRIL
BOROUGH-WIDE — FROM ETHIOPIAN STEWS TO KOREAN MEDICINE COOKIES, Montreal potato puff poutine, Colombian hot dogs and French-American pastries — food and drink from around the world will be available as Smorgasburg’s 14th season gets underway. Of the nearly 20 newcomers joining Smorgasburg’s returning roster of 60 vendors, six are first-generation immigrant-owned businesses and 11 are husband-and-wife- or family-run, Smorgasbord said in a release Tuesday. All markets return the first weekend of April: Saturdays in Williamsburg, Sundays at Prospect Park and Fridays at World Trade Center.
On a related note, the Brooklyn Flea antique and vintage market will reopen in DUMBO under and adjacent to the Manhattan Bridge Archway on weekends starting April 6.
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16-YEAR-OLD BOY ATTACKED, ROBBED NEAR BARCLAYS CENTER
PROSPECT HEIGHTS — A 16-YEAR-OLD BOY WAS WALKING NEAR BARCLAYS CENTER on Tuesday, March 12 at roughly 4:45 p.m. when four strangers approached him and attacked, punching and kicking him. The attackers forcefully removed the victim’s Moose Knuckle jacket and stole his wallet, Metrocard, cash app card and a charger, police said. The robbers fled towards Flatbush Avenue to parts unknown. EMS responded and transported the victim to Brooklyn Hospital in stable condition with a laceration to the top of his head.
Anyone with information is asked to call the NYPD’s Crime Stoppers Hotline at 1-800-577-TIPS (8477) or visit the Crime Stoppers website at https://crimestoppers.nypdonline.org/
Photo: NYPD
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LITHIUM-ION BATTERY SAFETY BILL GETS BIPARTISAN SUPPORT IN SENATE
CAPITOL HILL —The Setting Consumer Standards for Lithium-Ion Batteries Act now has bipartisan support in the Senate, with two Republican Senators becoming co-sponsors of this safety-focused legislation, Senate Majority Leader Chuck Schumer and Sen. Kirsten Gillibrand, announced on Tuesday, March 26. Schumer and Gillibrand, both Democrats from New York, said that Senators Marsha Blackburn (R-TN) and Mike Braun (R-IN) as cosponsors. The bill would require the Consumer Product Safety Commission to decree a final consumer product safety standard for rechargeable lithium-ion batteries used in e-bikes and other micromobility devices to protect against the risk of fires caused by such batteries. The FDNY reports that in New York City alone, rechargeable lithium-ion batteries have caused more than 600 fires since 2021. Last year saw 268 e-bike and e-mobility device battery fires in NYC, a dramatic increase from three years earlier.
The bill, which also has bipartisan support in the House, passed committee unanimously, 42-0. Among the House members from Brooklyn who also support this bill are Reps. Yvette Clarke (D-9), Dan Goldman (D-10 and Nicole Malliotakis (R-11/southwestern Brooklyn).
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LOCAL LEADERS DELIVER TO CITY HALL 52K-SIGNATURE PETITIONS AGAINST MEN’S SHELTER
GRAVESEND TO CITY HALL —AS PART OF A MONTHS-LONG CAMPAIGN TO STOP A GRAVESEND SITE FROM BECOMING A HOMELESS SHELTER, Assemblymember William Colton (D-47) and City Councilmember Susan Zhuang (D-43) deliveredpetitions containing approximately 52,000 signatures in opposition to a planned homeless shelter in their districts. Colton had already pre-empted a shelter on Bath Avenue whose developer, Tejpal Sandhu of 86th Street NY LLC, is the same as for the proposed men’s homeless shelter at 86th St. and 25th Avenue in Gravesend. Colton alleges that the Sandhu Group makes a practice of building so-called hotels in unexpected locations then leases them to the city at a cost of thousands of dollars per resident per month, all financed from taxpayer dollars.
Calling the proposed shelter a “human warehouse,” Colton and Zhuang said the city must find permanent ways of addressing homelessness: through sustainable-wage jobs and permanent housing for low-income and senior persons.
Councilmember Susan Zhuang, Assemblyman William Colton and a group of neighborhood advocates displayed the petitions on the steps of City Hall before bringing them inside to deliver them to the mayor’s office. Photo courtesy of Assemblymember Colton’s office
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FT GREENE PARK TO HOLD NAT’L POETRY MONTH WORKSHOP
FORT GREENE – THE FORT GREENE PARK CONSERVANCY WILL BE HOLDING A National Poetry Month celebration next month, featuring an open mic, performances from local poets, a book giveaway and a blackout poetry activity with the Brooklyn Public Library. Dedicated wordsmiths can also join the free (Nothing but) Flowers workshop session led by Brooklyn-based poet Najee Omar, focusing on drawing artistic inspiration from great poets of the past and from the natural world.
The Fort Greene Poetry in the Park event will take place on Saturday, April 13 from 11:30 a.m. to 3:30 p.m.; seats for the workshop are limited, so the conservancy strongly advises RSVPing online on Classy.
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MENTAL HEALTH WORKERS PLACED IN PROSPECT PARK, IN NYC PILOT PROGRAM
PROSPECT PARK — MENTAL HEALTH WORKERS WILL BE PLACED AT KEY LOCATIONS around Prospect Park and at park events as part of a pilot program launched by the Prospect Park Alliance and the NYC Department of Health, the park announced on Tuesday. The pilot program, Open Air Care Connections, seeks to remove the stigma around mental health care through community health outreach, events and educational programs. Health workers and referrals will be provided by the nonprofit Neighborhood Housing Services of Brooklyn (NHS Brooklyn).
According to the NYC DOH, nearly 25% of all New Yorkers experience anxiety, and nearly 18% depression. The pilot will run through June 30.
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REAL ESTATE’S ‘FUTURE OF NEW YORK’ CONFERENCE THURSDAY
CITYWIDE — DOWNTOWN BROOKLYN PARTNERSHIP’S REGINA MYER and other Brooklyn real estate-connected figures will be speaking at REBNY and Commercial Observer’s Future of New York event on Thursday, March 28. Future of New York, dubbed the real estate industry’s “State of the Union,” takes place on Thursday, March 28 in Manhattan at 5 Times Square, 29th Floor.
“The Future of NY event will provide visibility for the work that is being done behind the scenes to continuously reinforce and strengthen NYC’s economic resilience and global position,” event organizers said in a release.Register online.
New York City’s most populous borough, Brooklyn, is home to nearly 2.6 million residents. If Brooklyn were an independent city it would be the fourth largest city in the United States. While Brooklyn has become the epitome of ‘cool and hip’ in recent years, for those that were born here, raised families here and improved communities over the years, Brooklyn has never been ‘uncool’.
COSTA MESA, Calif., March 27, 2024 /CNW/ – Gold Flora Corporation, (“Gold Flora” or the “Company”) (NEO: GRAM), a leading vertically-integrated single-state cannabis company today announced it has amended its previously announced filing date for the Company’s financial results for the fourth quarter and full year ended December 31, 2023, to Monday, April 1, 2024. The change was made to accommodate additional time required to complete the year-end audit and review process, related to the Company’s merger with TPCO Holding Corp. In connection with the amended filing date, the Company will reschedule its conference call to discuss its’ results to April 2nd, 2024, at 6:00 p.m. Eastern Time.
Gold Flora Corporation Logo (CNW Group/Gold Flora Corporation)
1 (416) 764-8677 or 1 (888) 390-0541 Available until 12:00 midnight Eastern Time Tuesday, April 9, 2024
Replay Code: 952500 #
For more information on Gold Flora Corporation, visit: ir.goldflora.com
About Gold Flora Corporation
Gold Flora Corporation is a female-led, vertically-integrated cannabis leader that owns and operates a robust portfolio of 10 cannabis brands, which are sold through its 16 retail dispensaries and, through its Stately Distribution business, to retailers throughout California. Its retail operations include Airfield Supply Company, Caliva, Coastal, Calma, King’s Crew, Varda, Deli, and Higher Level.
Gold Flora Corporation operates an indoor cultivation canopy of approximately 99,000 square feet across three facilities in its Desert Hot Springs campus and two San Jose cultivation facilities. The Company can expand further adding approximately 240,000 square feet of canopy on already entitled additional acreage. Importantly this opportunity is unique and can be timed to meet market demand. The Desert Hot Springs campus also houses the Company’s manufacturing and extraction facilities, as well as Stately Distribution. The centralized location provides optimal security and logistic benefits and protects the product as it moves though the Company’s overall pipeline.
With hubs throughout the state, the Company distributes many prominent brands, including its own premium lines of Gold Flora, Cruisers, CURRENT, Roll Bleezy, Sword & Stoned, Aviation Cannabis, Jetfuel Cannabis, Caliva, Mirayo by Santana, and Monogram. Third party brands are increasingly contacting the Company in search of reliable input sources and established distribution.
References to information included on, or accessible through, websites and social media platforms do not constitute incorporation herein by reference of the information contained at or available through such websites or social media platforms, and the reader should not consider such information to be part of this press release.
For the latest news, activities, and media coverage, please visit www.goldflora.com.
Canada’s main stock market, the Toronto Stock Exchange, on Wednesday managed to right itself after two days of losses, closing the day up 195 points and back above the 22,100 level on broad based buying, but with two gold stocks shining.
Whether or not the TSX can keep this run going in to the market holiday on Friday may depend on tomorrow’s Real GDP by industry data. Desjardins in a preview from last Friday said it is expected to have advanced by 0.3% m/m in January, slightly less than Statistics Canada’s 0.4% flash estimate. Looking ahead to February, Desjardins is projecting a 0.2% advance in real GDP by industry led by goods-producing sectors.
Today, two stocks that helped lift the market here were Alamos Gold AGI — which gained near 7% in Toronto — after the company on Wednesday said it agreed to acquire Argonaut Gold AR — which jumped more than 30% — for shares worth US$325 million to add the recently opened Magino gold mine in Ontario while spinning out Argonaut’s other mines in the United States and Mexico. Alamos is offering 0.0185 of its shares and one share in the spin out company for each Argonaut share. Argonaut’s two largest shareholders, with a 40% stake, have agreed to tender their shares to the offer, while the board’s of both companies have endorsed the deal.
Of commodity prices, gold hit record highs today, while the oil price slipped further. But there was broad based buying with most sectors on the TSX higher, led by Healthcare (+3.9%) and Base Metals (+3%). There were modest losses for Battery Metals and Information Technology.
On the subject of sectors, perhaps of interest to those who like to invest both in Canada and the United States, Scott Wren over at Wells Fargo Investment Institute published a market commentary entitled, “Why Industrials (and Materials)?” In citing his key takeaways, Wren noted the Industrials sector has some of the broadest economically tied global exposure of any of the S&P 500 Index sectors, and many industrial companies will see orders as the beneficiaries of government spending programs.
Wren said, “We currently carry favourable ratings on both the Industrials and Materials sectors. Our strategy has been to trim exposure to Information Technology, Communications Services, and Consumer Discretionary sectors as well believe they represent overvalued segments of the market. With those funds, we suggest investors bring Industrials and Materials, along with the Energy and Health Care sectors, up to our recommended portfolio allocations.”
But separately, and representing something of a warning for stock pickers, CIBC Capital Markets said “while history suggests that it is not a good idea to bet against a market flirting with new highs, it may be prudent for equity investors to consider adding some downside protection,” especially with the S&P up some 10% year-to-date, and some 30% over the last 12 months.
CIBC noted that contrary to the rates market which has priced out some 75bps of easing since the January FOMC, the equity markets seem undeterred by the Fed’s higher-for-longer narrative as the rally extends.
It said the reality is that the inflation trajectory still remains uncertain, with Fed Chair Powell’s largest concern being that inflation stabilizes above the 2% target level.
For equities, CIBC thinks the biggest risk centers around what the bond market is not priced for this year: the possibility of one or even no rate cuts (currently near 77bps of easing or three cuts are priced for 2024). It said: “While this is not our base case, there are a handful of avenues for inflation to re-accelerate again, causing the Fed to postpone the well-anticipated easing cycle for even longer. And as we shift into the latter half of the year, market attention will be diverted to the U.S. election which will add another layer of complexity.”
“At the same time,” CIBC added, “with the Fed leaving rates at restrictive levels for longer, recessionary risks also rise as monetary policy works with a lag. While our base case scenario is still a U.S. soft landing, downside surprises to growth remain a possibility given how aggressive the recent hiking cycle has been.”
Of commodities today, West Texas Intermediate (WTI) fell again after the Energy Information Administration said US oil inventories unexpectedly rose last week, but less than an private report released a day earlier reported. WTI crude oil for May delivery closed down $0.27 to settle at US$81.35 per barrel, while May Brent crude, the global benchmark, closed down $0.16 to US$86.09.
But gold closed at a record high, pushing back above US$2,200 even as the dollar strengthened, as buying momentum for the metal continues, backed by expectations lower interest rates are on the horizon. Gold for May delivery closed up $13.50 to settle at US$2,212.70 per ounce, topping the previous record of US$2,206.50 set on March 21.
Gold Prices Today: Gold prices extended gains on Wednesday, March 27, as investors awaited US inflation data that will throw further light on the US Federal Reserve’s policy path after the central bank kept interest rates unchanged for the fifth straight meeting this month.
According to commodity market experts, gold prices have retraced from recent highs due to the profit-booking. The yellow metal still possesses steam and may soon touch record-high levels soon as the US Fed rate cuts are expected to inject further momentum in prices. Rate cut means easy money, which means more inflation, and gold is seen as a hedge against inflation.
Spot Gold Prices
At 9:53 am EDT (1353 GMT), spot gold was up 0.6 per cent at $2,191.88 per ounce, while US gold futures rose 0.6 per cent to $2,190.50. The US Core Personal Consumption Expenditures Price Index (PCE) data for February is due on Friday. The PCE rose 0.3 per cent in January.
Alex Turro, senior market strategist at RJO Futures told news agency Reuters that he expects range-bound price action for the session as investors come into the sidelines ahead of the report. “We’ll have to see whether or not U.S. inflation here domestically is soft enough to provide this clear path to lower rates in the coming months,” said Turro.
Gold prices hit a record high last week after the US central bank’s policymakers indicated they still expect to reduce interest rates by three-quarters of a percentage point by end-2024, despite recent high inflation. The Fed’s rate-setting panel unanimously voted to leave the benchmark interest rates unchanged at 5.25 per cent – 5.50 per cent, in line with Street estimates.
Traders now see a 70 per cent chance of a June rate cut by the US Fed. Lower interest rates reduce the opportunity cost of holding bullion. Spot silver was up 0.6 per cent at $24.58 per ounce, platinum lost 0.6 per cent to $897.30 and palladium dropped 1.9 per cent to $974.31.
Back home, the Multi Commodity Exchange (MCX) session, gold futures contracts set to expire on April 5, 2024, last traded 0.33 per cent higher at ₹66,320 per 10 grams. The session hit a day’s high of ₹66,499 per 10 grams so far against a previous close of ₹66,114 per 10 grams.
Jateen Trivedi, VP Research Analyst, LKP Securities said, “Gold prices in MCX were seen positive up by ₹250 at 66,350+ taking support from Comex Gold trading higher above 2192$ testing 2200$ resistance again and again everyday.”
‘’The participation in gold has increased after Fed’s policy and dovish statement which has triggered new buying momentum as broadly, gold takes support of 2,150$ and resistance of 2,200$ once prices start trading above 2,200$ escalations towards 2,250$ cannot be ruled out,” added Trivedi.
Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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In June of last year, Robinhood announced it was acquiring the credit card startup X1.
Today, we learned about the fruits of that transaction: a new Gold Card from Robinhood.
This new card is a premium credit card that costs $5 per month or $50 per year and is only available to Robinhood Gold members.
The card does come with a list of valuable benefits. The main attraction is 3% cash back on every transaction and there is also 5% cash back when booking travel through the Robinhood portal. The cashback can be transferred to brokerage accounts for stock purchases.
The big question, as Simon Taylor pointed out on X today, is can Robinhood make money with this card? He argues this looks more like a loss leader but Robinhood will use the card to cross-sell its other products.
Either way, Robinhood has firmly planted a stake in the ground in the premium card market. Right at the same time as the Visa-Mastercard settlement that could impact premium cards…
Eight months after acquiring credit card startup X1 for $95 million, Robinhood announced today the launch of its new Gold Card, with a list of features that could even give Apple Card users envy.
To sponsor our newsletters and reach 180,000 fintech enthusiasts with your message, contact us here.
Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.
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What is the price of gold today?
The price of gold traded at $2,186.05 per troy ounce, as of 9 a.m. ET. That’s down 0.07% since yesterday’s gold price per ounce and up 5.79% from the beginning of the year.
The lowest trading price within the last 24 hours: $2,171.81 per ounce. The highest gold spot price in the last 24 hours: $2,197.65 per ounce.
Gold spot prices
XAU/USD is the label for finding the spot gold price traded in U.S. dollars. In this case, gold (XAU) is traded against the dollar, and the price represents the cost of one (troy) ounce of gold in USD. But there are other foreign exchange markets, such as XAU/EUR for trading in euros and XAU/GBP for trading in British pounds.
The spot gold price represents the price at which gold can be exchanged and delivered, and prices are typically quoted in gold price per troy ounce in U.S. dollars. But prices can also be quoted per gram and kilo. It’s worth noting that a troy ounce is slightly heavier than a standard ounce.
Gold price chart
The chart below shows how the spot price of gold is trending over the year. The data is as of 9 a.m. ET and doesn’t display intraday highs or lows.
Year to date, gold is up 5.79% from the beginning of the year, as of 9 a.m. ET. The 52-week intraday high reached $2,222.14 on March 21, 2024, and the 52-week intraday low dropped to $1,810.47 on Oct. 6, 2023.
Remember that the spot price of gold is quoted in real time and represents the current price at which gold can be bought or sold for immediate delivery. For most investors, the spot price usually differs from the price they’ll pay or receive when they decide to purchase or sell their gold.
For example, buying physical gold involves overheads like storage costs and insurance.
When trading physical gold, the difference between the buying and selling price, known as the spread, can eat into returns. Dealers often incorporate their markups and transaction fees within these spreads, which means the actual price an investor pays might be higher than the current market rate, while the selling price they receive might be lower.
While gold certificates, gold exchange-traded funds and gold trusts offer more liquidity and are easier to manage than physical gold, they come with their own risks. These investment vehicles might only sometimes match the performance of the spot price of gold due to management fees and potential discrepancies in tracking.
In essence, while the spot price provides a general benchmark for the value of gold, the actual returns and costs an investor encounters differ based on the medium of purchase and the specifics of the investment.
Investing in gold
Buying physical gold involves overheads like storage costs and insurance.
When trading physical gold, the difference between the buying and selling price, known as the spread, can eat into returns. Dealers often incorporate their markups and transaction fees within these spreads, which means the actual price an investor pays might be higher than the current market rate, while the selling price they receive might be lower.
While gold certificates, gold exchange-traded funds and gold trusts offer more liquidity and are easier to manage than physical gold, they come with their own risks. These investment vehicles might only sometimes match the performance of the spot price of gold due to management fees and potential discrepancies in tracking.
In essence, while the spot price provides a general benchmark for the value of gold, the actual returns and costs an investor encounters differ based on the medium of purchase and the specifics of the investment.
Precious metals spot prices
Precious metals have long served as investment vehicles and industrial commodities. Like gold, the spot prices of silver, platinum and palladium fluctuate based on various market, economic and geopolitical factors.
Silver spot prices
Silver possesses both monetary and industrial value. While it’s used as a hedge against economic volatility, it’s also crucial in the electronics, automotive and medical industries. Its dual-use nature can lead to different market dynamics compared to gold.
The price of silver opened at $24.46 per ounce, as of 9 a.m. ET. That’s down 1.09% since the previous day’s silver price per ounce and up 2.24% since the beginning of the year.
The lowest trading price within the last day: $24.33 per ounce. The highest silver spot price in the last 24 hours: $24.80 per ounce.
Platinum spot prices
Platinum is another precious metal that commands attention. Rarer than gold and silver, its primary use is in automotive catalytic converters, which help reduce harmful emissions. Given the push for cleaner automotive technologies, the demand dynamics for platinum can vary, influencing its spot price.
The price of platinum opened at $892.30 per ounce, as of 9 a.m. ET. That’s down 1.71% since yesterday’s platinum price per ounce and down 9.66% year to date.
The lowest trading price within the last 24 hours: $890.64 per ounce. The highest platinum spot price in the last 24 hours: $908.87 per ounce.
Palladium spot prices
Palladium, like platinum, is pivotal in the automotive industry for catalytic converters. In recent times, there has been a surge in palladium demand due to stricter emission standards worldwide. Its scarcity and rising industrial demand have led to significant price volatility.
The price of palladium is $970.47 per ounce, as of 9 a.m. ET. That’s down 4.23% since yesterday’s palladium price per ounce and down 11.74% year to date.
The lowest trading price within the last 24 hours: $969.06 per ounce. The highest palladium spot price in the last 24 hours: $1,008.49 per ounce.
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Frequently asked questions (FAQs)
Gold can be highly volatile and subject to strong short-term price fluctuations.
Whether it’s a good time to buy gold depends on various factors, including your investment goals, risk tolerance and time horizon, the broader economic outlook, and forecasts about the gold market.
Historically, many people view gold as a hedge against inflation and currency fluctuations. Others see it as a store of value during economic downturns. At the same time, some may find diversifying a portfolio of stocks and bonds useful, given its low correlation to both assets.
“If you look at gold’s performance historically, it’s the kind of asset that should perform well through uncertainty, as it has done in five out of the last seven recessions,” said Joseph Cavatoni, chief market strategist for North America at the World Gold Council. “For people looking for a store of value and a portfolio diversifier, gold has a strong track record of delivering those qualities.”
The highest price gold ever reached was $2,222.14 on March 21, 2024.
One notable recent high includes the yellow metal’s high of $1,971.17 per troy ounce in August 2020. This surge can be partially attributed to the economic uncertainty surrounding the COVID-19 pandemic.
The global outbreak of COVID-19 brought about unprecedented economic challenges. With central banks worldwide implementing low interest rate policies and massive fiscal stimulus packages to support their economies, there were concerns about potential inflation and the devaluation of fiat currencies. In this scenario, some investors turned to gold as a safe asset, given its history as a store of value during times of economic instability.
Geopolitical tensions, trade wars, and supply chain disruptions during this period further contributed to investors seeking refuge in assets deemed more stable, and gold has historically been a preferred choice for many. As a result, demand for gold increased, driving its price to a record high in August 2020.
Remember that while the COVID-19 pandemic’s economic repercussions significantly contributed to gold’s price rise in 2020, other factors likely also played a part.
