|

Over a week low on Gold

ByVictoria

Gold touched a more than one-week low on Thursday after a U.S. federal court blocked President Donald Trump’s “reciprocal tariffs”, dampening the metal’s safe-haven allure, while a robust dollar further pressured prices of the precious metal.

Spot gold was down 0.5% at $3,273.37 an ounce, as of 0431 GMT, after hitting its lowest since May 20.

But the gold market is still bullish as “longer term outlook suggests a weaker dollar and there’s still likely to be some inflationary pressures near term,” Frappell said.

Spot silver rose 0.6% to $33.19 an ounce, platinum was up 0.6% to $1,080.90 and palladium edged 1.3% higher to $974.69.

Source – Reuters

Similar Posts

  • / /

    Gold fell 3%, Silver .9%

    ByVictoria
    0 Comments

    Safe-haven gold fell 3% on Monday as risk sentiment crept in following the announcement of a temporary deal between the United States and China to reduce tariffs.

    Spot gold was down 3% at $3,225.28 an ounce, as of 1344 ET (17:44 GMT). Bullion, considered a hedge against economic and geopolitical turmoil, hit a record high of $3,500.05 last month amid increased tariff uncertainty.

    “June gold futures bulls have lost their overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at $3,350. First resistance is seen at $3,250 and then at $3,275,” said Jim Wyckoff, senior analyst at Kitco Metals.

    Spot silver slid 0.9% to $32.4 an ounce, platinum fell 1.9% to $976.06 and palladium dipped 3.4% to $942.69.

    Source – Reuters

  • /

    Chile copper mine produces first cathode

    ByVictoria
    0 Comments

    A Chilean startup backed by BHP Group has delivered its first copper cathodes from a demonstration plant at a mine site in northern Chile as the industry looks to squeeze out more metal from lower quality ore.

    Ceibo and firms such as Jetti Resources LLC and Rio Tinto Group’s Nuton venture are looking to roll out catalysts for liberating copper from low-grade ore that miners previously saw as too expensive and difficult to process.

    Source – Mining.com

    Copper cathode – is high quality copper that is produced through the process of electrolysis.

    Electrolysis – is an electric current that passes through a substance to have a chemical change.

  • / /

    Gold and Silver in demand

    ByVictoria
    0 Comments

    “The uncertainty over US tariffs is pushing investors toward safe-haven assets like gold,” said Michael Hewson, Chief Market Analyst at CMC Markets.

    The weaker US Dollar, coupled with uncertainties surrounding US trade policies, is supporting silver’s bullish momentum.

    Gold (XAU/USD) is trading at $2,940.57, showing a modest gain of +0.07%.

    Silver (XAG/USD) is trading at $32.68, slightly down by -0.03%.

    Source – FXEMPIRE

  • / /

    Gold and Silver prove high volatility

    ByVictoria
    0 Comments

    Gold prices have dropped by Rs 3,800 within two days after the US President Donald Trump said he has no plans to fire the US Fed’s chief Jerome Powell and also signalled progress with China on the tariff front.

    The June futures contract for gold closed at Rs 94,722 per 10 grams, down by 2.69 per cent, while the May futures contract for silver closed at Rs 97,799 per kilogram, up by 2 per cent.

    “Gold prices slipped below USD 3,300 per troy ounce levels but there is no change in the long-term fundamentals,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.

    Source – Times Now

  • /

    AngloGold profit surged and boosting payouts

    ByVictoria
    0 Comments

    AngloGold Ashanti (AU.N), is boosting payouts to investors, it said on Wednesday, after its profit surged to $954 million last year from a loss of $46 million in the prior year, buoyed by the precious metal’s rally to record highs.

    Shares in the company however fell as much as 7.4% in early trading in New York.

    CEO Alberto Calderon said the gold price rally had given AngloGold the strongest balance sheet position in more than a decade, and it is “able to pass on those benefits to shareholders in a more generous dividend policy”.

    Source – Reuters