|

Gold and yen bask in the limelight

ByVictoria

A bevy of tariff headlines this week along with geopolitical worries has left investors wary and weary, taking stocks lower in Asian hours, gold to a record peak and the yen to its highest in over two months as sentiment remains fragile.

The risk-off mood meant the yen – already underpinned by rising odds of the Bank of Japan hiking rates again – was the main mover among currencies, hitting its highest level since early December and was last at 150.48 per dollar.

Both Citi and Goldman raised their target price on gold this month, predicting it to breach the $3,000 mark. A large part of the reason behind the bullishness is sustained demand from central banks. Perhaps in these uncertain times, gold is all that shines.

Source – Reuters

Similar Posts

  • /

    Gold is edging closer to new record high

    ByVictoria
    0 Comments

    The yellow metal’s February futures contract climbed $13.90, or 0.5%, to finish at $2,778.90 an ounce on Comex Friday.

    “gold’s run to and past $3,000 is only held back by the strong U.S. dollar index,” said Peter Spina, president and founder of GoldSeek.com.

    Source – Market Watch

  • /

    Gold hit record high

    ByVictoria
    0 Comments

    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

  • /

    ‘Bitcoin Fixes This’—Elon Musk Pitched Gold ‘Upgrade’

    ByVictoria
    0 Comments

    Now, as Elon Musk brands the U.S. debt clock “terrifying,” bitcoin-backing U.S. senator Cynthia Lummis has pitched Musk a bitcoin “fix” to questions over the U.S. gold reserves.

    “Bitcoin fixes this,” Lummis posted to X in response to Musk’s question about how often the U.S. gold in Fort Knox is reviewed. “A bitcoin reserve could be audited any time 24/7 with a basic computer. It’s time to upgrade our reserves.”

    “The recent decrease in volatility, coupled with the rising price of gold, should highlight bitcoinʼs growing appeal as an alternative store of value,” analysts with the Bitfinex crypto exchange said in emailed comments. “We believe that while bitcoin may face some short-term pressures due to macroeconomic headwinds in the coming weeks, its long-term value proposition continues to strengthen.”

    Source – Forbes

  • /

    Gold higher today rising to .3%

    ByVictoria
    0 Comments

    Gold reversed course and edged higher on Monday, supported by a weaker dollar, after hitting a more than one-month low earlier as easing U.S.-China trade tensions dampened safe-haven demand and bolstered risk appetite.

    Spot gold rose 0.3% to $3,281.65 per ounce, as of 0216 GMT, after hitting its lowest since May 29 earlier in the session.

    “There is less of a ‘doom and gloom’ outlook surrounding both tariff talks and events in the Middle East, which is relegating gold to play second fiddle to risk assets,” KCM Trade Chief Market Analyst Tim Waterer said.

    “The dollar remains pressured which is limiting the extent of the slide for gold. However, the $3,250 level shapes as a key support level for gold. Any breach of this level could see losses accelerate towards the $3,200 level,” Waterer said.

    Spot silver was down 0.1% at $36.02 per ounce, platinum firmed 1% to $1,353.13, while palladium was up 0.2% at $1,135.48

    Source – Reuters