Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Gold Price Reaches New Heights: NZ Mint Comments

Gold Price Reaches New Heights: NZ Mint Comments

The gold price hit USD 1,435.75 an ounce today, with the price looking set to rise in both USD and NZD terms.

NZ Mint head bullion trader Mike O’Kane says the price is influenced by both domestic and international factors.

“John Key announced yesterday he would like to see the OCR (Official Cash Rate) reduced 50 basis points in light of the Christchurch earthquake. This has put some real pressure on the NZD resulting in the price of gold rising in NZD terms.”

Continued unrest in the Middle East and the prospect of potential NATO military action in North Africa has also pushed the gold price to historic levels.

“Gaddafi has said West intervention would lead to a bloodbath and as a result we are seeing more of the proverbial ‘flight to safety’ as demand for gold increases amid the global political instability,” says O’Kane.

“Locally, we are seeing an increase in both buying and selling (50/50 split). For every buyer who thinks prices will continue to rise, we have a seller content to take profit”

Mike O’Kane says investors are eagerly awaiting the Reserve Bank of NZ announcement next Thursday, which has the potential to have a significant effect on the NZD and the gold price in NZD terms.


© Scoop Media

Business Headlines | Sci-Tech Headlines


FIRST Union: Do Shareholders Realise Marsden Point Conversion Could Cost More Than Half A Billion Dollars?

FIRST Union, the union representing workers at Refining NZ, are querying whether shareholders voting on Friday on whether to convert the Marsden Point refinery to an import-only terminal realise the conversion could cost $650-700 million dollars... More>>

Civil Contractors: Massive Rebound In Civil Construction Business Confidence

New Zealand’s civil construction industry is riding a massive rebound in post-pandemic business confidence – but this may be undermined by skills shortages, which continue to be the industry’s number one challenge... More>>

Energy: Feeling Our Way Towards Hydrogen - Tina Schirr

Right now hydrogen is getting a lot of attention. Many countries are focusing on producing hydrogen for fuel, or procuring it, or planning for its future use... More>>

ASB: New Support Finder Tool Helps Connect Customers With Thousands In Government Support

ASB research alongside benefit numbers from the Ministry of Social Development shows an increased number of Kiwis are struggling financially, and many may not be aware they’re eligible for government support... More>>

Housing: New Home Consents Continue To Break Records

A record 44,299 new homes were consented in the year ended June 2021, Stats NZ said today. “The annual number of new homes consented rose again in the June 2021 year, the fourth consecutive month of rises,” construction statistics manager Michael Heslop said... More>>

Real Estate: June Home Transfers Remain High
There were 44,517 home transfers in the June 2021 quarter, the highest June quarter figure since 2016, Stats NZ said today. The number of home transfers was very similar to the March 2021 quarter and was up 18,252 from the June 2020 quarter... More>>