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Gold breaks $2900 per ounce

ByVictoria

Gold has surged to a new all-time high, breaking through $2,911.72 per ounce on a thick mix of domestic and foreign uncertainty, inflation concerns, and a shifting macroeconomic landscape. While bullion has historically served as a safe-haven asset, the latest rally is not merely a reaction to market turbulence, but instead to a confluence of economic and financial factors that reinforce its role in global portfolios.

Source – Seeking Alpha / American Institute for Economic Research / Written by Peter C. Earle

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    Gold up .5%, Silver up .7%

    ByVictoria
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    Gold prices rose on Thursday, supported by a pullback in the dollar and the prospect of U.S. interest rate cuts later in the year, while investors awaited more details on U.S. President Donald Trump’s trade policy.

    Spot gold was up 0.5% to $3,328.23 per ounce by 0916 GMT. U.S. gold futures gained 0.5% to $3,336.90.

    “The passing of the One Big Beautiful Bill, unsettling trade (policies) and rate-cut expectations should be ‘dollar negative’ kind of events… gold should be favoured in that environment,” said WisdomTree commodities strategist Nitesh Shah

    Spot silver rose 0.7% to $36.59 per ounce, platinum gained 0.9% to $1,359.65, and palladium climbed 1.2% to $1,117.93.

    Source – Reuters

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    Gold spot fell and investors waiting for data on Friday

    ByVictoria
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    Spot gold fell 0.7% to $2,894.55 an ounce as of 09:44 a.m. ET (1444 GMT). Bullion, a preferred hedge against uncertainty and inflation, hit a record high of $2,956.15 on Monday amid trade war concerns emerging from tariff threats.

    “Bullish trend is still in place… We are not surprised by a period of consolidation ahead of some piece of important data,” said David Meger, director of metals trading at High Ridge Futures.

    Spot silver was down 0.5% to $31.57, platinum eased 0.4% to $963 and palladium dropped 0.4% to $924.01.

    Source – Reuters

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    Gold hit record high

    ByVictoria
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    Spot gold held steady at $3,047.1 an ounce as of 0700 GMT, after hitting a record high of $3,057.21 earlier in the session.

    U.S. gold futures gained 0.4% to $3,054.10.

    “For now, gold’s appeal as a safe haven and inflation hedge has further strengthened in light of those geopolitical concerns and tariff uncertainty. We remain constructive on the outlook of gold,” said OCBC forex strategist Christopher Wong.

    Spot silver was flat at $33.8 an ounce, platinum fell 0.3% to $989.85. Palladium slipped 1% to $949.50.

    Source – Reuters

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    Idaho gold mine wins federal approval despite objection

    ByVictoria
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    A contested mine in Central Idaho that will produce gold and antimony earned the U.S. Forest Service’s final approval following a lengthy environmental review and objections from the Nez Perce Tribe, which will lose access for decades to federal lands guaranteed by a U.S. treaty.

    “This approval elevates the Stibnite Gold Project to an elite class of projects in America that have cleared NEPA,” Jon Cherry, Pepetua’s president and CEO, said in a statement.

    “The tribe’s treaties with the United States are the supreme law of the land and remain binding,”

    Source – Idaho Statesman

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    Zambia says Saudi’s Manara interested in its copper assets

    ByVictoria
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    Saudi Arabia’s Manara Minerals is looking for critical minerals projects in Zambia to invest in, the southern African country’s mines minister Paul Kabuswe told Reuters on Thursday.

    “They (Manara) are interested, but we do not know which ones yet,” he said on the sidelines of a mining conference in Riyadh, adding that an announcement on a potential mining deal between Zambia and Saudi Arabia is likely this year.

    “We no longer want those agreements where we have 10% or 15%,” he said, adding that the government is also holding talks with Barrick Gold, Ivanhoe Mines and Chinese investors on their plans for new projects.

    Source – Reuters

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    Central banks back at it, jewelry fell

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    Central banks worldwide are on track to buy 1,000 metric tons of gold in 2025, which would be their fourth year of massive purchases as they diversify reserves from dollar-denominated assets into bullion, consultancy Metals Focus said.

    The price rally has so far kept purchases by central banks, a crucial category of demand, unaffected with the first-quarter buying in line with the 2022-24 quarterly average, Metals Focus said in its annual report on Thursday.

    Jewelry demand for bullion has been hit hard by the price rally. Gold jewelry fabrication fell 9% to 2,011 tons in 2024 and is expected to deliver a 16% slump this year with India and China accounting for much of this decline.

    Source – Reuters