Barrick Gold Corp. stock
Source – MSN
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Copper outputs up amid tariffs
BHP warned Thursday that a tariff war could slow the global economy and disrupt world trade, as the world’s biggest miner reported a slight decline in quarterly iron ore production and a 10% rise in copper output due to higher volumes from the giant Escondida mine in Chile.
“Despite the limited direct impact of tariffs on BHP, the implication of slower economic growth and a fragmented trading environment could be more significant,” CEO Mike Henry said. “China’s ability to shift toward a consumption-led economy and for trade flows to adapt to the new environment will be key to sustaining the global outlook.”
Source – Seeking Alpha
Gold futures down 1.8%
The dollar fell to a one-week low against a basket of major currencies as oil prices declined and demand for safe havens waned. Investors can “breathe a sigh of relief that chances of a major escalation have been reduced,” Jefferies economist Mohit Kumar said. The DXY dollar index fell 0.4% to a low of 97.969.
Gold futures also fell, last down 1.8% at $3,334.50 a troy ounce, close to levels last seen before Israel launched strikes on Iranian nuclear facilities earlier this month.
Source – The Wall Street Journal
Futures – are contracts to buy or sell a specific asset at a future date.
San Francisco Mint might close
President Trump and the Elon Musk-led Department of Government Efficiency (DOGE) have now targeted the San Francisco Mint for closure in a bid to sell the real estate on which the National Register of Historic Places structure stands, theoretically to reduce government expenses.
Mint-wide, the bureau has already trimmed more than 100 full-time staffers, with an edict from DOGE to trim another 200, while the bureau wrestles with vacancies, some of which still need to be filled. Many of the positions trimmed were resolved through resignations and retirements.
Closing the San Francisco Mint could affect the production of many numismatic products, such as Proof sets, silver Proof sets, Proof commemorative coins and Matte silver presidential medals.
Source – Coin World
Gold and Silver Rates in Mumbai
Closing rates for silver and gold in Mumbai show significant valuations, with silver priced at Rs 99,641 per kilo, standard gold (99.5 purity) at Rs 90,750, and pure gold (99.9 purity) at Rs 91,115.
Source – Devdiscourse
Gold prices extend gains
Spot gold was up 1.3% at $3,122.02 an ounce at 1129 GMT, after its biggest daily gain since October 2023 on Wednesday. U.S. gold futures were up 1.9% at $3,137.80.
“We’re just living in a world of extreme uncertainty. We just don’t really know which way this trade war is going to go … I think for the course of this year, gold will march higher,” said Nitesh Shah, commodities strategist at WisdomTree.
Spot silver fell 0.6% to $30.85 an ounce, platinum lost 0.4% to $933.55, and palladium was down 1.7% at $915.68.
Source – Reuters
2 new gold ETFs launched
New Delhi, Jul 10 (PTI) Gold Exchange Traded Fund (ETF) attracted a net sum of Rs 2,081 crore in June, making it the highest monthly inflow in five months, driven by resilient prices of the yellow metal, geopolitical uncertainties and volatility in equity markets.
“The robust inflows in June indicate a decisive shift in sentiment, likely supported by resilient gold prices, geopolitical uncertainties, and volatility in equity and fixed income markets, which have revived gold’s appeal as a safe-haven asset,” Nehal Meshram, Senior Analyst-Manager Research, Morningstar Investment Research India, said.
In June, two new Gold ETFs were launched, collectively mobilising Rs 41 crore.
“While the fund mobilisation through new launches remained modest, it adds to the broader recovery in flows and reflects steady investor interest in the asset class,” Meshram said.
Source – rediff