Gold tests historic highs as the strong rally continues.
A move above the $2850 level will open the way to the test of the $2900 level.
In case silver stays above the $32.00 level, it will head towards the next resistance at $32.75 – $33.00.
In case platinum settles back above the $1000 level, it will move towards the resistance level at $1025 – $1030.
Source – FXEMPIRE
Source – APMEX
Sub-Saharan African central banks that have added gold to their reserves in recent years could face price and liquidity crises if the value of the precious metal slides, BMI, a unit of Fitch Group, said on Wednesday.
Ghana, Tanzania and Nigeria have been buying gold domestically to beef up their reserves, BMI said, a move accelerated by this year’s broader market volatility stoked by U.S. trade tariffs and other geopolitical risks.
Policymakers in Kenya and Uganda are exploring a move into gold, Rwanda and Namibia have taken active steps towards adding the metal into their reserves.
Governments could also struggle to convert their gold holdings into liquid assets like hard currencies, Gard said, pointing to India and Argentina when they faced acute balance of payments challenges in the 1990s and 2000s, respectively.
Source – Reuters
The bank’s analysts found that only 10% of the 126 posts Trump had published this time around on sensitive topics such as trade tariffs, foreign relations and economics had caused clear currency market moves.
“Among the different topics, the posts on tariffs have been the biggest market movers,” JPMorgan’s note published on Monday said, adding that closer to a third of those ones had been market moving.
Source – KITCO News / Reuters
A 12% y/y drop in Q4 gold jewellery consumption to 547t- took the annual total down to 1,877t, down 11%, as unrelenting gold price strength impacted consumers’ ability to buy, the World Gold Council (WGC) said in a report on Wednesday.
For 2025, the WGC said central banks and “ETF investors likely to drive demand with economic uncertainty supporting gold’s role as a risk hedge, but on the flipside, keeping pressure on jewellery.”
Source – Seeking Alpha
Idaho yesterday formally ended state income taxes on gold and silver as part of its largest tax cut in state history.
House Bill 40, sponsored by House Speaker Mike Moyle and begrudgingly signed by the state’s liberal Republican governor Brad Little, provides a sweeping $253 million income tax cut for Idahoan taxpayers by lowering the rate from 5.695% to 5.3% while also adding two specific exemptions.
Moyle said today, “I’m proud to help secure another $253 million in income tax cuts for Idaho families. Meanwhile, it makes no sense for Idaho to tax gold and silver, the only money mentioned in the U.S. Constitution.”
Source – Money Metals
Gold prices fell on Friday and were poised for their worst weekly performance in more than a month after the Federal Reserve tempered expectations for rate cuts and on a temporary easing of concerns about an imminent U.S. attack on Iran.
Spot gold slipped 0.7% to $3,347.80 an ounce, as of 1201 GMT, and was down 2.5% for the week so far. U.S. gold futures shed 1.3% to $3,364.00.
“Gold, silver, and platinum all suffered setbacks as traders booked profits after Wednesday’s FOMC meeting,” said Ole Hansen, head of commodity strategy at Saxo Bank.
“Gold is likely to extend its current consolidation phase with support around $3,320 followed by $3,245.”
Source – Reuters
