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Gold set for eighth weekly gain

Spot gold shed 0.4% to $2,927.95 an ounce by 1204 GMT. Bullion has gained around 1.6% this week after rising to a record $2,954.69 on Thursday.

“The non-stop rally since December remains unchallenged unless prices drop to around $2,850,” said Ole Hansen, head of commodity strategy at Saxo Bank.

“Gold has been displaying resilience with short-lived retracements, as lingering U.S. trade uncertainties reinforce its appeal as a hedge,” IG market strategist Yeap Jun Rong said.

Spot silver was flat at $32.92 an ounce, and palladium dipped 0.3% to $974.75. Both metals were headed for weekly gains.

Platinum shed 0.2% to $976.80 and eyed a weekly decline.

Source – Reuters

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    One of North America’s largest known undeveloped copper deposits, with visions of multiple open pits and a tailings dump stretching down from the mountains toward the narrow Sycamore Canyon’s far rim.

    “You come here for some peace and quiet,” Corona de Tucson resident Kevin Kennedy said, “and a mine is anything but.” reported Brandon Loomis

    The neighbors and regional environmental groups all make the case that the Sky Islands in general and the Santa Ritas in particular are no place for a massive new mine with multiple open pits. The mountains are home to rare birds and occasionally rarer mammals, like the jaguar, and are considered one of the nation’s most biologically diverse mixing zones of tropical, desert and Rocky Mountain species.

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    Gold rises, tariffs hit auto industry

    Trump announced 25% tariffs on all vehicles and foreign-made auto parts imported into the United States late on Wednesday, prompting heavy losses in Japanese and South Korean stocks in Asian trading overnight.

    General Motors slumped 6%, while shares in Ford fell almost 5%, reflecting concerns about the impact on their supply chains.

    “Uncertainty on the tariff front remains high, which is really tough for both businesses but also investors to plan into the future, and of course it’s making it really difficult for investors to price risk,” said Baylee Wakefield, a multi-asset portfolio manager at Aviva Investors.

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    Source – Reuters

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    CEO says Barrick will continue in Mali once they can ship gold

    Barrick Gold will resume operations at its shuttered Loulo-Gounkoto mine in Mali once authorities in the country allow it to resume gold shipments, CEO Mark Bristow said on Wednesday.

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    Source – Reuters

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    Job data shows gold impact

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    Industrial silver demand set a record last year, but despite the increase in offtake, overall silver offtake declined by 3 percent to 1.16 billion ounces, primarily due to weak investment demand.

    Silver jewelry demand grew by 3 percent to 208.7 million ounces in 2024.

    The Silver Institute reported that improving exports to key Western countries also lifted silver jewelry demand.

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    Source – Money Metals