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Gold still looks good, dollar dropped

ByVictoria

“The de-escalation of tensions in the Middle East is the primary factor that’s weighing on gold. The safe-haven bid has diminished and the market is in more of a risk-on mode,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.

“We’ve got pretty good support around $3,300 and then even better support probably at $3,250.”

Global shares surged and the dollar dropped on Tuesday after news of the ceasefire between Israel and Iran, while markets shrugged off what U.S. President Donald Trump called violations by both sides.

Source – Reuters

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    ByVictoria
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    London Metal Exchange (LME) three-month copper slumped to a 17-month low of $8,105 per metric ton on April 7 after China responded to U.S. tariffs in kind.

    Citi, which now expects copper to hit $8,000 per ton over the next three months, warns that commodity markets are still not pricing the full potential impact on demand.

    Copper as a macro play cannot but reflect the broader market concerns about the negative impact of an escalating trade war between the United States and China on the world economy.

    But at a micro level, the specific threat of U.S. tariffs on the metal is pulling normal trade patterns out of shape and causing both LME and Shanghai exchange inventories to fall.

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    Gold prices and futures up

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    As economic uncertainty deepens worldwide, gold prices have notched more and more record highs.

    The going price for New York spot gold hit a record $3,424.24 per troy ounce — the standard for measuring precious metals — as of close Monday. That’s about $1,097 higher than a year ago.

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    ByVictoria
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    Poland copper mining tax to end in 2026

    ByVictoria
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    Poland’s copper mining tax will fall from next year under a new system that will provide deductions related to investment spending, Polish finance minister Andrzej Domanski said on Friday.

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    “By taking care of investments in Poland, by taking care of the development of KGHM, we also take care of the collective security of the West and the European Union.”

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    Silver prices in India gained .21%

    ByVictoria
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    Gold up .6%, dollar weak

    ByVictoria
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    Spot gold was up 0.6% at $3,373.09 an ounce, as of 0552 GMT. U.S. gold futures gained 1.5% to $3,393.80.

    The weakness in the dollar index serves as a strong catalyst, said Kelvin Wong, a senior market analyst, Asia Pacific at OANDA, adding that a “bullish breakout” of the $3,346 resistance triggered technical buying.

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    Source – Reuters