Meridian Masuk GDXJ

Meridian Mining Added to VanEck Junior Gold Miners ETF

Meridian Mining plc (LSE: MNO, TSX: MNO, OTCQX: MRRDF) will be added to the VanEck Junior Gold Miners ETF (GDXJ) following the fund’s quarterly review and rebalancing announced on September 11. The inclusion will take effect after the market closes on September 18, according to a company statement.

The VanEck Junior Gold Miners ETF tracks small- and mid-cap companies involved in the exploration, development, and production of gold and silver assets. Inclusion in the ETF is expected to increase Meridian Mining’s visibility among investors and strengthen its position within the global precious metals sector.

Meridian Mining is advancing the Cabaçal VMS gold-copper project in Mato Grosso, Brazil. According to the project’s pre-feasibility study technical report dated March 31, 2025, Cabaçal has an estimated after-tax net present value (NPV) of $984 million and an internal rate of return (IRR) of 61.2%, based on pre-production capital expenditures of $248 million.

The study was prepared using long-term metal price assumptions of $2,119 per ounce of gold, $4.16 per pound of copper, and $26.89 per ounce of silver.

Cabaçal’s mineral reserve estimate includes 41.7 million tonnes of proven and probable reserves, grading 0.63 grams per tonne of gold, 0.44% copper, and 1.64 grams per tonne of silver at a 0.25 grams per tonne gold-equivalent cut-off grade.

Chief Executive Officer Gilbert Clark said the company’s inclusion in GDXJ reflects its growing profile as an investment opportunity and highlights the continued advancement of the Cabaçal Project. He added that the ETF inclusion is expected to improve trading liquidity and expand access to both institutional and retail investors.

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Gold Inflation Focus

Gold Prices Edge Higher Ahead of Key U.S. Inflation Data

Gold prices held steady on Friday after suffering nearly a 2% decline in the previous session, as investors awaited the release of crucial U.S. inflation data that could influence the Federal Reserve’s next interest-rate decision.

At 4:38 p.m. WIB, spot gold rose 0.6% to $4,343.33 per ounce, while gold futures slipped 0.5% to $4,384.09 per ounce.

Despite the modest rebound, gold remained on track for its third consecutive weekly loss after falling 1.8% on Thursday. Spot gold recovered toward the $4,350 level, but the broader market continued to face pressure from expectations of tighter Federal Reserve monetary policy.

Tony Sycamore, Senior Market Analyst at IG, noted that gold remains well below its 200-day moving average near $4,537. He said the precious metal must reclaim that level to signal that the correction from its recent peak of $4,697 has ended. Until then, he sees the possibility of a deeper decline toward the $4,200 area.

Additional downside pressure emerged after Thursday’s economic data showed that costs for several components included in the Federal Reserve’s preferred inflation gauge, the Personal Consumption Expenditures (PCE) Price Index, accelerated more rapidly in August.

Oil prices have also become a major driver of inflation concerns. Although benchmark Brent crude futures eased on Friday, they remained on course to close above $100 per barrel for the first time in nearly four months as the conflict between the United States and Iran entered its seventh month with no clear signs of resolution.

Prolonged disruptions to global energy supplies could push prices even higher, increasing the likelihood that the Federal Reserve may raise interest rates further. Markets are currently pricing in around a 70% probability of a rate hike at next week’s Fed meeting, a scenario that is generally unfavorable for non-yielding assets such as gold.

Meanwhile, U.S. consumer prices are expected to have accelerated in August, largely reflecting higher gasoline costs linked to escalating tensions in the Middle East. Economists forecast that the Labor Department’s Consumer Price Index (CPI) rose 0.4% month-over-month in August, compared with a 0.1% increase in July. On an annual basis, inflation is expected to remain unchanged at 3.4%.

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Gold Awaits Inflation

Gold Holds Near $4,400 as Traders Await Key U.S. Inflation Data

Gold prices were little changed on Thursday as investors awaited crucial U.S. inflation data for clues on whether the Federal Reserve will raise interest rates at its policy meeting next week.

Higher Treasury yields and escalating tensions in the Middle East continued to weigh on the precious metal in the short term. However, a weaker U.S. dollar and sustained long-term demand for bullion helped provide underlying support.

As of 08:43 WIB, spot gold (XAU/USD) slipped 0.1% to $4,398.53 per ounce, while Gold Futures declined 0.4% to $4,442.00. Silver (XAG/USD) was largely unchanged at $67.28 per ounce, while platinum (XPT/USD) fell 0.6% to $1,888.23. Meanwhile, the U.S. Dollar Index remained steady at 98.81.

Treasury Yields and Middle East Risks Weigh on Gold

Gold has traded within a relatively narrow range around the $4,400 level in recent weeks after recovering from lows near $4,000 recorded in July.

Investors continue to balance gold’s long-term appeal as a portfolio hedge against short-term pressures from rising bond yields and worsening geopolitical tensions in the Middle East.

The benchmark U.S. 10-year Treasury yield moved higher after the government’s latest plan to purchase up to $6 billion in long-dated debt failed to significantly influence bond markets. Rising yields typically reduce the attractiveness of non-yielding assets such as gold.

Oil prices also remain a key concern for investors. Brent crude climbed to $100 per barrel for the first time since July, adding to inflation concerns and increasing market uncertainty.

The regional conflict has now entered its seventh month, with Iran warning that it is prepared for a more intense confrontation if the United States continues military actions targeting its territory and infrastructure.

PPI and CPI Data to Test Fed Rate Outlook

Market attention is now firmly focused on the U.S. Producer Price Index (PPI) due on Thursday and the Consumer Price Index (CPI) scheduled for Friday, both of which could influence the Federal Reserve’s policy decision next week. Interest-rate swaps currently imply roughly a 65% probability of a rate hike this month.

According to Tony Sycamore, Senior Market Analyst at IG, gold closed slightly higher overnight near $4,402, supported by a weaker U.S. dollar despite a sharp rise in Treasury yields.

Sycamore noted that gold remains well below its 200-day moving average near $4,537. A sustained move above that level would be needed to signal that the correction from the recent high of $4,697 has ended and that the broader uptrend is resuming.

Investor demand for gold also strengthened significantly. Global gold-backed ETFs attracted $18 billion in inflows during August, marking the second-largest monthly inflow on record, according to the World Gold Council. Total holdings increased by 121 tonnes to a record 4,189 tonnes, while assets under management surged 16% to $615 billion.

North American funds posted their third-largest monthly inflow on record, while European-listed funds recorded their strongest monthly inflow ever, highlighting robust investor interest in gold despite ongoing market volatility.

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