“Chinese authorities see a greater role for gold in the future international monetary system, or they wouldn’t continue buying such extraordinary amounts of gold. Via London alone, the PBoC has stockpiled 1,000 tonnes of gold since Russia’s foreign exchange assets were ‘frozen’ by the West in early 2022.” Nieuwenhuijs wrote
Source – Money Metals
Gold prices climbed on Thursday due to escalating concerns about U.S. President Donald Trump’s impending tariff plans, which could further strain global trade relations.
Spot gold added 0.3% to $2,913.40 per ounce as of 11:58 a.m. ET (1658 GMT), moving back towards its record peak of $2,942.70 hit on Tuesday. U.S. gold futures firmed 0.4% to $2,941.40.
“The major factor is political uncertainty and the economic consequences … the PPI was pretty much neutral and it didn’t really have much of an effect on gold, investors around the world are worried about what the Trump policies will do to the overall economy,” said Jeffrey Christian, managing partner of CPM Group.
Spot silver fell 0.3% to $32.13 per ounce. Platinum was down 0.2% to $990.15 and palladium was up 1.6% to $989.50.
Source – Reuters
Gold prices dropped more than 1% on Friday as markets digested the latest tariff developments, while a softer inflation report in the US kept hopes for a rate cut alive.
Spot gold fell back below $3,300 an ounce during the morning session, trading at $3,281.24 for an intraday gain of 1.1% by 10:45 a.m. ET. US gold futures also fell 1.1% to $3,307.40 an ounce in New York.
“Gold, at this point in time, is pulling back off these recent highs and is in a consolidation period,” said David Meger, director of metals trading at High Ridge Futures
“Gold is under slight pressure as we’re seeing a little lesser need for safe haven, but it does look like there is going to be significant pushback from Trump and that will eventually help prices.”
Source – Mining.com
Shares of Barrick Gold Corp.
ABX-3.10% rose 2.32% to C$26.47 Wednesday, in what proved to be an all-around positive trading session for the Canadian market, with the S&P/TSX Composite Index
Source – Market Watch
Spot gold, which dipped 0.5% to $2,904.51 an ounce as of 1211 GMT, has gained over 10% year-to-date. It hit a record high of $2,956.15 on February 24.
U.S. gold futures also dropped 0.5% to $2,912.10.
“Gold seems to be experiencing profit-taking as investors closely watch tariff developments with prices trading toward $2,900 ahead of the non-farm payrolls report,” Lukman Otunuga, senior research analyst at FXTM, said.
Platinum prices were flat at $964.68 per ounce.
Spot silver dipped 0.7% to $32.39 an ounce and palladium shed 0.5% to $937.74.
Source – Reuters
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
“Gold has again moved to yet another record, with its safe-haven reputation shining bright,” said analysts at RBC Capital Markets. “With the uncertainty related to Fed independence, gold continues to benefit as a safe-haven, and one not tied to the U.S. dollar.”
Gold has been soaring since early April when investors, alarmed by Mr. Trump’s tariffs, starting selling Treasury bonds. On Tuesday, the spot price of a troy ounce of gold briefly reached above $3,500 before slipping lower.
Source – New York Times
