Silver Prices Jan 9,2025
Source – Money Metals
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Gold gains despite US inflation report
Gold prices are higher in midday trading Thursday despite another U.S. inflation report that came in warmer than expected. Silver prices are slightly down. April gold was up $16.20 at $2,944.00. March silver prices were last down $0.095 at $32.69.
Source – KITCO News
Gold prices rise after sweeping tariffs
Gold rose after President Donald Trump delivered on threats to hit Canada and Mexico with sweeping tariffs and doubled a charge on China, spurring swift reprisals.
Bullion climbed above $2,915 an ounce as Beijing announced 15% duties on some American farm goods, including cotton. Geopolitics was also in the spotlight after the US paused all military aid to Ukraine.
Spot gold rose 0.8% to $2,914.45 an ounce at 10:45 a.m. in London. The Bloomberg Dollar Spot Index fell 0.2%. Silver and palladium gained, while platinum was little changed.
Source – Bloomberg
Gold to new record high
Gold surged above $3,400 to a record high on Monday, as the dollar weakened and uncertainty over the economic impact of U.S.-China trade tensions spurred demand for safe-haven bullion.
Spot gold rose 2.6% to $3,415.24 an ounce at 10:46 a.m. ET (1446 GMT). Prices hit a record high of $3,424.25 earlier in the session.
U.S. gold futures rose 3% to $3,426.30.
“As tariff tensions continue to move at a fevered pitch, we continue to see gold prices move to the upside as a safe haven response,” said David Meger, director of metals trading at High Ridge Futures.
Source – Reuters
Glencore talks sale of African copper mines
Glencore owns the Mutanda copper cobalt mine and has 75% stake in Kamoto Copper Company leaving the mines value at $6.8 billion dollars.
The full article is published under Financial Times. I am unable to share more info on this topic but please check out the link.
BHP Group may sell Australian operations
Mining giant BHP Group flagged rising costs and delays at a giant potash project in Canada and said it may sell its Australian nickel operations, as it reported record annual iron ore and copper production.
The company said Friday it faces rising costs at the Jansen potash project in Canada’s Saskatchewan province, its only major development currently under construction.
The company said it is also reviewing Jansen’s second stage, which is roughly 11% complete. BHP may delay first production from that expansion by two years, to fiscal 2031, because it reckons there might be more potash supply coming into the market over the medium term than previously envisaged.
BHP said it expects to produce between 1.8 million and 2.0 million tons of copper in the year ahead.
Source – The Wall Street Journal
Silver in demand and up
On April 16, spot silver traded between $32.28 and $33.11. The white metal closed with a strong gain of 1.57 per cent at $32.90 as gold surged and the US Dollar Index and yields slumped.
Per Silver Institute, silver industrial demand rose 4 percent in 2024 to 680.5 million ounces (Moz), reaching a new record high for the fourth consecutive year.
Source – Business Standard