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Gold keeps reaching new highs

ByVictoria

Gold touched an all-time high on Monday, breaching the $3,100 level, as investors turned to the safe-haven asset amid concerns that U.S. President Donald Trump’s tariff plans would stoke a global trade war and economic fallout.

Spot gold was up 0.6% to $3,103.63 an ounce, as of 0255 GMT, after hitting a record high of $3,107.26 earlier. Bullion is up over 8% in March.

“Markets anxiety levels have been ramping up ahead of the reciprocal U.S. tariff announcements, which is keeping gold in high demand as a defensive play,” KCM Trade chief market analyst, Tim Waterer said.

“If the tariff announcements this week are not as severe as feared, then the gold price could start to backtrack as profit-taking from the highs may be triggered.”

Spot silver rose 0.4% to $34.23 an ounce, platinum was steady at $983.51 and palladium gained 0.4% to $975.70.

Source – Reuters

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    Spot gold was up 0.8% at $2,864 per ounce by 09:24 a.m. ET (1424 GMT), after hitting a record high of $2,877 earlier in the session.

    “Gold continues to be largely influenced by trade uncertainties… the tariffs with China and the retaliation has the market on edge, so safe-haven flows remain the dominant factor,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.

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    Gold eased on Monday due to slightly firmer U.S. Treasury yields and profit-taking following last week’s sharp rally driven by weak U.S. jobs data.

    Spot gold lost 0.2% to $3,356.91 per ounce, as of 1051 GMT, after rising more than 2% on Friday.

    “The market will remain range bound with today’s pullback being in line with some the reversals seen across markets following Friday’s big moves, especially yields which are a tad firmer and stocks which have seen a rebound,” Saxo Bank’s head of commodity strategy, Ole Hansen, said.

    Spot silver rose 0.3% to $37.14 per ounce, platinum fell 0.3% to $1,311.38 and palladium was down 0.8% at $1,199.08.

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    Gold prices extend gains

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    Spot gold was up 1.3% at $3,122.02 an ounce at 1129 GMT, after its biggest daily gain since October 2023 on Wednesday. U.S. gold futures were up 1.9% at $3,137.80.

    “We’re just living in a world of extreme uncertainty. We just don’t really know which way this trade war is going to go … I think for the course of this year, gold will march higher,” said Nitesh Shah, commodities strategist at WisdomTree.

    Spot silver fell 0.6% to $30.85 an ounce, platinum lost 0.4% to $933.55, and palladium was down 1.7% at $915.68.

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    Gold Miners Reaping A Record Cash Harvest

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    Goldman Sachs is tipping a continued rise in Newmont’s share price with a target for its New York listed shares set at $47.20, up 17% on last sales at $40.23 while the company’s Australian listed shares are forecast to rise from A$64.80 to A$76.20.

    Strong central bank demand is expected to continue lifting the gold price towards $3000 an ounce from its current $2670/oz, according to Goldman Sachs

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    More Info!

    Harvesting (in finance), also known as an exit or liquidity event, is the act of cashing out of an ownership position in a company.

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    Gold continues to climb, tariffs increase demand

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    Gold prices rose to a record high on Wednesday on safe-haven demand following U.S. President Donald Trump’s latest tariff threats, while investors awaited minutes of the Federal Reserve’s January policy meeting.

    Spot gold surged to an all-time high of $2,946.85/oz earlier in the session and was last down 0.2% at $2,928.88 as the dollar crept higher as of 12:17 pm ET (1714 GMT).

    “We are in a state of unusual-heightened uncertainty… the catalyst is the tariffs and trade talks or threats that are going on around the world,” which is supporting the prices, said Paul Wong, market strategist at Sprott Asset Management.

    Among other metals, spot silver, used in electrical components, shed 0.7% to $32.64 an ounce, which aims to challenge a 10-year high.

    Platinum declined 2.1% to $966.65 and palladium eased 1.9% to $968.43.

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    Silver price strengthens dollar

    ByVictoria
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    Silver price (XAG/USD) hits a fresh weekly high to near $33.20 during North American trading hours on Wednesday. The white metal strengthens as the US Dollar (USD) extends its downside on the United States (US) credit rating erosion in the wake of large debt levels and escalated fiscal imbalances.

    Technically, a soft US Dollar makes the Silver price a value bet for investors. Additionally, concerns over US credit erosion improve the safe-haven demand of non-yielding assets, such as Silver.

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