Bank of America sees gold heading to $4,000
Bank of America is eyeballing $4,000 gold and $40 silver by the end of the year or early 2026.
Source – Money Metals
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Gold reaches Rs 83,000 per 10 grams for the first time
“Gold extended gains on Friday, with spot gold in the domestic market hitting fresh all-time highs,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
“Prices in MCX are near record high as Trump trade policies and tariff plans created an uncertain environment in the market, which may boost safe-haven demand,” Deveya Gaglani, Research Analyst-Commodities, Axis Securities, said.
Comex silver futures also increased 1.53 per cent to USD 31.32 per ounce in the Asian market hours.
Source – Press Trust of India
India admits miscalculations on gold for months
The Ministry of Commerce and Industry said in a statement Thursday it revised import figures from April to November after discovering the discrepancy, which had resulted from migrating to a new data transmission system.
The miscalculation led to a four-fold increase in gold imports to a record $14.8 billion in November, causing the trade deficit to widen to $37.8 billion.
Preliminary revisions show gold imports were $37.39 billion in the April-November period, down $11.7 billion from previously reported.
Source – Bloomberg / Live Mint
Foreign traders banned from gold markets
Ghana has banned all foreigners from trading in its local gold market as part of efforts to boost national revenue and streamline the country’s mining sector.
It follows the enactment of a new law earlier this month that grants exclusive authority of gold mining to a new state body, the Ghana Gold Board
“All foreigners are hereby notified to exit the local gold trading market not later than 30th April, 2025,” said GoldBod spokesperson Prince Kwame Minkah in a statement.
However, foreigners are allowed to apply to buy or off-take gold directly from the GoldBod but can no longer operate within the local gold value chain.
“It sends a strong message to foreign actors – especially Chinese operatives – who have circumvented local laws for years,” Nana Asante Krobea, a mining governance consultant
Source – BBC
US oil to China might not continue
Oil flows from the United States to China in the early months of this year have reportedly added up to roughly 1% of the country’s imports, amid growing tariffs and trade risks.
“With China imposing 84% tariffs on goods from the US, the cost of US crude would be almost double — $51 a barrel more expensive, based on $61 WTI,” Ivan Mathews, head of APAC analysis for Vortexa told Bloomberg. “This makes running US crude uneconomical for Chinese refiners.”
US crude imports to China will “likely dwindle to zero in the coming months if the current tariff levels stay,” he added.
Source – Seeking Alpha
Gold futures rising
Gold price have risen from Wednesday’s record close, propelled by fears that Trump’s tariffs will continue to hammer stocks and expectations that central banks will continue to hoard the precious metal. Gold futures for April delivery settled Wednesday at $3,139.90 a troy ounce, the latest notch in their 19% climb this year.
Source – The Wall Street Journal
Copper Climbs Trump could cut back tariff plans
Copper rallied more than 1% in London after the Washington Post reported that US President-elect Donald Trump’s aides are exploring tariff plans that would be applied to every country but only cover imports of key goods.
Source – Bloomberg