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Gold prices extend gains

ByVictoria
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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

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Antofagasta copper mining CEO expects copper to remain

ByVictoria
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The trade war stirred by U.S. tariffs raises a risk for metal demand, the head of Chile’s Antofagasta said, although he predicted AI and other technology could offset any loss of traditional consumption caused by economic weakness.

He also said President Donald Trump’s policies could lead to a more favourable environment for investment in mining

Antofagasta CEO Ivan Arriagada said he expected supplies of copper, needed for construction and the transition to a lower carbon economy, would remain in limited supply.

“In the current environment, where there is a lot more support for mining investment, it should be easier and should happen,” Arriagada said

Source – Reuters

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Largest inflow for gold EFTs

ByVictoria
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Physically backed gold exchange-traded funds (ETFs) registered the largest quarterly inflow in three years in January-March, 2025, data from the World Gold Council (WGC) showed on Tuesday.

Investors seeking shelter from political and economic volatility were moving into gold ETFs, which store bullion for investors, in the first quarter.

Gold ETFs saw an inflow of 226.5 metric tons worth $21.1 billion in the first quarter, the largest amount since the first quarter of 2022, when global markets were grappling with the immediate consequences of Russia’s invasion of Ukraine.

Source – Reuters

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Gold rally similar to 45 years ago

ByVictoria
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With tensions running high between historic allies over U.S. tariffs, global trade, and wars in Ukraine and the Middle East, big powers look unlikely to pull together swiftly this time to resolve the issues driving interest in bullion as a haven from risk, analysts say.

The metal’s surge above $3,000 an ounce, driven most recently by U.S. President Donald Trump’s new round of tariffs on trading partners, has been the first time in a long time that geopolitics and economic uncertainty have served as the top factors moving the gold market, HSBC analyst James Steel said.

While the market has this year conquered a series of milestones, one more remains. StoneX analyst Rhona O’Connell noted that gold peaked at $850 in January of 1980, which in dollar terms would equate to $3,486 today.

Source – Reuters

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Korea Zinc is struggling

ByVictoria
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Korea Zinc’s ambitious 10-year growth plan has stalled in its first year, derailed by an eight-month control battle with private equity firm MBK Partners, raising concerns about the company’s financial health and strategic direction.

The world’s top non-ferrous metal smelter laid out its long-term vision in December 2023 during its first-ever investor day in Seoul, pledging to invest 11.9 trillion won ($8.8 billion) over the next decade in battery materials and other new businesses, with a target of 10% annual growth.

The dispute has overshadowed hopes that Korea Zinc could benefit from U.S. President Donald Trump’s renewed tariff push and global supply chain realignment. “They’ve already wasted eight months,” said an industry source. “If this continues, the company may miss its window of opportunity.”

Source – The Chosunilbo

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Copper may have peaked for Cochilco

ByVictoria
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Chile’s state copper commission Cochilco on Monday said that prices for the red metal have likely already peaked this year amid an escalating trade war, as U.S. President Donald Trump threatened to further increase tariffs on China.

“Base metals, including copper, are likely to have peaked in 2025 as they will be negatively impacted by the trade dynamics between the U.S. and China,” Cochilco said in a statement.

Cochilco said that if current economic and geopolitical conditions continue, its forecast would weaken.

Source – Reuters

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Gold prices with latest tariff concerns

ByVictoria
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Gold prices experienced a modest uptick on Monday, rising 0.1 percent to $3,040.57 per ounce. Spot gold rose 0.1 percent to $3,040.57 an ounce as of 7:39 a.m. ET, rebounding after dipping to a session low of $2,971.09 earlier, when some investors sold off bullion to offset losses elsewhere, Reutersreported.

The imposition of the tariffs has intensified fears of a global recession. Investors are increasingly seeking safe-haven assets like gold to hedge against potential economic downturns. However, the recent sell-off in gold suggests that investors may be liquidating positions to cover losses in other markets, reflecting concerns over the widespread impact of a trade war.

“Once the dust settles, the rising recession risks, a weaker dollar, lower real yields and bigger rate cut expectations will all play their part in supporting a rebound….

“Gold’s correction remains a relatively shallow one with key support levels holding.” said Ole Hansen, head of commodity strategy at Saxo Bank

Source – Reuters

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January 6th bronze medals

ByVictoria
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Despite the U.S. Mint’s removal from its website of bronze duplicate versions of the congressional gold medal recognizing law enforcement that protected the U.S. Capitol during the Jan. 6, 2021, assault, orders for the two sizes of bronze medals may still be placed from the nation’s coin producer.

Source – Coin World

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Investors fear, copper down

ByVictoria
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Looking for another sign of how nervous investors are about tariffs? Copper prices plummeted 7% Friday to about $4.50 a pound in New York. Copper has plunged nearly 15% since hitting a 2025 peak price of about $5.25 in late March. But copper is still up about 13% this year. That may not last much longer.

Source – Barrons

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Copper and Aluminum drop

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Base metal prices plunged early Friday, with three-month benchmark copper on the London Metal Exchange recently -3.7% at $8,985.50/metric ton and three-month aluminum  -1.4% at $2,422.50/ton, as President Trump’s worse than expected tariffs trigger global growth slowdown fears, sparking a selloff in industrial metals and mining equities.

Copper and aluminum have dropped 8.7% and 7.7%, respectively, so far this week, as the tariffs drag down demand forecasts

Trump hit China with a 34% “reciprocal” tariff on top of existing duties, and China announced Friday that it will likewise impose 34% tariffs on all U.S. goods starting April 10.

“While we remain structurally bullish copper in the long run, weaker global GDP and copper demand growth risk delaying the deficit we expect to see in the market this year,” Goldman Sachs wrote.

Source – Seeking Alpha