| |

Gold set for seventh weekly gain

ByVictoria

Gold prices rose on Friday and were on track for a seventh consecutive weekly gain as worries over a potential global trade war intensified after U.S. President Donald Trump’s push for reciprocal tariffs.

Spot gold was up 0.3% at $2,936.99 an ounce by 1104 GMT, taking its weekly advance to 2.6%. Bullion hit a record peak of $2,942.70 on Tuesday.

U.S. gold futures rose 0.6% to $2,961.30.

In other precious metals, spot silver gained nearly 3% to $33.30 an ounce and platinum added 1% to $1,004.57 while palladium dipped by 0.2% to $992.00.

Source – Reuters

Similar Posts

  • / /

    Precious metals fall, Gold eased

    ByVictoria
    0 Comments

    Gold prices slipped more than 1% on Tuesday, as optimism over trade deals between U.S. and its trading partners weighed on safe-haven flows, with a firmer U.S. dollar and rising Treasury yields adding further pressure.

    Spot gold eased 0.8% to $3,307.16 per ounce, as of 01:49 p.m. EDT (1749 GMT), after hitting its lowest in over one week earlier in the session. U.S. gold futures settled 0.8% lower at $3,316.9.

    “Focus is on trade as the July 9 deadline nears, with the Trump administration ramping up pressure. But some optimism related to trade deals is fuelling risk-on sentiment, keeping gold subdued,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.

    Spot silver lost 0.3% to $36.64 per ounce, platinum dropped 0.8% to $1,359.90, while palladium was flat at $1,111.36.

    Source – Reuters

  • /

    Dubai jewelers affected by gold prices

    ByVictoria
    0 Comments

    While U.S. tariffs and other factors have added fire to already hot demand for gold as an investment, the impact is different for gold jewellery, according to Andrew Naylor

    “In markets like Dubai, this creates a two-fold effect: on one hand, you see stronger interest in gold as a safe-haven asset, on the other, high prices dampen jewellery demand.”

    “There are no potential customers nowadays because of the gold prices,” said Fahad Khan, a sales representative at retailer Damas Jewellery.

    “Higher gold prices are likely to dampen demand for jewellery, in a classic example of how the best cure for high prices is high prices,” said Russ Mould, investment director at AJ Bell.

    Source – Reuters

  • /

    Zambia says Saudi’s Manara interested in its copper assets

    ByVictoria
    0 Comments

    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

  • /

    Gold steady, tariff announcement

    ByVictoria
    0 Comments

    Spot gold was at $3,026.85 an ounce at 1131 GMT. U.S. gold futures edged 0.4% higher to $3,032.40.

    “A modestly weaker dollar is probably giving gold a little bit of a tailwind at present,” said Ross Norman, an independent analyst.

    “A worse-than-feared tariff announcement on April 2 could give bullion bulls a shot in the arm towards striving for the $3,100 mark,” said Han Tan, Exinity Group’s chief market analyst.

    “Should risk-on sentiment make a comeback, assuming the U.S. tariff threats prove to be more bark than bite, that could see fleeting forays below $3,000,”

    Spot silver firmed 0.4% to $33.16 an ounce, platinum steadied at $975.55, and palladium was flat at $957.95

    Source – Reuters