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Gold Rate Today

ByVictoria
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Spot gold fell 0.9% to $2,776.05 per ounce by 0303 GMT after prices hit a record peak at $2,817.23 on Friday. US gold futures were 0.9% lower at $2,810.80.

“Gold has support at $2774-2760 while resistance is at $2817-2832. Silver has support at $31.15-30.95 and resistance is at $31.65-31.80. In rupee terms, gold has support at Rs 81,980-81,710, while resistance is at Rs 82,070-82,350. Silver has support at Rs 92,710-92,050 while resistance is at Rs 93,980-94,570,” said Rahul Kalantri, VP Commodities, Mehta Equities.

Source – The Economic Times

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Over the Weekend!

ByVictoria
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Robert Kiyosaki Predicts Gold, Silver, Bitcoin Crash Over Trump’s Tariffs—Says It’s A Buying Moment

Kiyosaki said, “Trump tariffs begin: gold, silver, Bitcoin may crash.” He indicated his plan to purchase more Bitcoin if prices plummet, seeing it as an opportunity to grow his wealth. However, he also pointed out the U.S. national debt as a major problem that Bitcoin might not be able to address.

Source – Benzinga

BHP awards EPCM contract for copper smelter expansion in South Australia

Fluor president of mining & metals Harish Jammula said: “We are excited to support BHP on their growth plans to increase production of refined copper cathode in south Australia.

“Accelerated expansion of the downstream processing sector is increasingly important to secure local supply of mined materials, become independent of overseas supply and drive sustainable production technologies.”

Source – Global Data

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Bank of England moving gold to US to avoid tariffs

ByVictoria
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Gold inventories in New York are on a path to levels last seen at the outset of the COVID-19 pandemic, with stockpiles in the city hitting $82 billion.

“People can’t get their hands on gold because so much has been shipped to New York, and the rest is stuck in the queue,” an unnamed industry executive told the FT. “Liquidity in the London market has been diminished.”

“London remains the major gold market in the world. If you are involved in that market and want to trade or use your gold, you really need to have it in London,” BoE governor Andrew Bailey told the U.K.’s Treasury Committee. 

Source – Fortune

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“Incredible demand for physical gold” in New York Markets

ByVictoria
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“There is incredible demand for physical gold in New York markets,” said Peter Spina, president and founder of gold news and information provider GoldSeek.com., referring to it as a “physical gold rush.”

“Those who are caught short physical metal are looking around and seeing a window closing here,” he said. They’re “desperately seeking physical metal before the price could jump overnight.”

“Meeting a surge in demand will always stretch capacity, but London vaults have been working overtime to service this London-New York flow,”

Source – Market Watch

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Gold prices all – time high, $2,800 mark

ByVictoria
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Spot gold steadied at $2,795.52 per ounce by 11:18 GMT, after hitting a record peak of $2,800.99 earlier in the session. Prices rose more than 6% for the month and 1% for the week.

“The rally could hold for as long as there is uncertainty in the market. A lot of today’s uncertainty stems from not knowing whether and how tariffs will be applied,” said WisdomTree commodities strategist Nitesh Shah.

“We see central bank buying as the strongest structural force in the gold market, underpinning our long-term constructive view,” said Carsten Menke, analyst at Julius Baer.

Source – Reuters

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Gold hits all-time high

ByVictoria
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Bullion surged as much as 1.4% to $2,798.59 an ounce, surpassing its previous all-time high set in October. A weaker dollar makes bullion more appealing for investors holding other currencies as it’s priced in the US currency.

“When you get rising inflation and you get declining growth, you get stagflation, then gold is one of the best-performing commodities in that environment.”

Source – Bloomberg

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Switerlands gold exports reach highest since 2022

ByVictoria
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Over the last two months, 12.9 million troy ounces (401 metric tons) of gold were delivered to COMEX-approved warehouses, raising stocks there by 73.5% to 30.4 million ounces, the highest since July 2022.

According to the Swiss data, gold deliveries from the country to the U.S. rose to 64.2 tons in December from 3.3 tons in the last month of 2023. In March 2022, when global markets were grappling with immediate consequences of Russia’s invasion of Ukraine, Switzerland exported 81.5 tons of gold to the U.S.

Source – US News / Reuters

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Hindustan Zinc records highest ever mine production

ByVictoria
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The company recorded its highest-ever nine months mined and refined metal production at 784 kt and 783 kt respectively. The company clocked best-ever third quarter revenue of US$ 1,020 million, up 18% year-on-year.

Hindustan Zinc also registered historic best third quarter EBITDA of US$ 537 million, up 28% with an industry leading EBITDA margin of c. 53%, up c. 400 bps year-on-year. The company also recorded its highest profit after tax (PAT) in the past nine quarters* of USD 317 million, up 32% year on year.

Source – ANTARA News

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World Copper CEO Gord Neal needs partners to advance Zonia Copper project, Arizona

ByVictoria
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“The next phase of getting (Zonia) into production is a bankable feasibility study so you can fund it. A bankable feasibility study is going to cost $5 million to $7 million, and we don’t have that right now,” Neal said.

“The plan is to get it there, but we’re going to need partners to help us get it there. So that’s why (we’re doing) the strategic review, and it looks like we’ll have an announcement in the next few weeks on one of these opportunities.”

Source – Investing News Network (full interview video with CEO Gord Neal)