Mississauga, ON -- (SBWIRE) -- 03/17/2016 -- AllPennyStocks.com Media, Inc. (http://www.AllPennyStocks.com/) announces its latest article titled "Rupert Resources Signs Option Agreement to Acquire Pahtavaara Gold Mine, Shares Skyrocket On News."
Companies mentioned in this article include Barrick Gold Corporation (NYSE:ABX), Newmont Mining Corp. (NYSE:NEM) and Rupert Resources Ltd. (TSX-Venture:RUP).
The U.S. Federal Reserve concluded its two-day monetary policy meeting on Wednesday. While the Fed was not expected to announce a rate hike at its latest meeting, what surprised several investors was the Fed's forecast for rate hikes.
In December, the Fed had predicted that it would hike benchmark interest rates four times this year. On Wednesday, the Fed said that it now expects to hike benchmark interest rates at the most just two times this year. The Fed's dovish stance is a positive for non-interest bearing assets such as gold.
Indeed, gold prices have risen sharply in trading today. At last check, prices were up 2.79% to $1,263.60 an ounce. The sharp rise in gold prices has also boosted gold mining stocks. Among the major gold miners, Barrick Gold Corporation (NYSE: ABX) was last trading almost 1.9% higher. Newmont Mining Corp. (NYSE: NEM) was up 2.40%, at last check.
Junior gold mining stocks are also gaining momentum. One of the biggest gainers today is Rupert Resources Ltd. (TSX-Venture:RUP). Based in Toronto, Rupert is a gold exploration company, seeking out mineral exploration and evaluation opportunities. The company has two projects located in Ontario and British Columbia. At last check, RUP shares were trading 58.82% higher at $0.135 on volume of 149,000, which is nearly five times the daily average volume of 30,267.
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