Chilean state miner Codelco, the world’s largest copper producer, is targeting production of 1.391 million metric tons of the red metal this year, according to an unpublished government decree approving its 2025 budget reviewed by Reuters.
In calculating its budget, Codelco forecast a copper price of $4.30 per pound and expects a cash cost of $1.98 per pound, the document showed.
Source – Reuters
“We are witnessing a resilient economy … against a backdrop of geopolitical concerns, and an expectation of some sort of chaos down the road,” said Oliver Pursche, senior vice president at Wealthspire Advisors in New York.
Gold reversed its multi-session rally, which was driven by a risk-off flight to safety that drove the precious metal to a record high.
Spot gold fell 0.3% to $2,856.40 an ounce. U.S. gold futures fell 0.39% to $2,860.50 an ounce.
Source – Reuters
Spot gold fell 0.7% to $2,894.55 an ounce as of 09:44 a.m. ET (1444 GMT). Bullion, a preferred hedge against uncertainty and inflation, hit a record high of $2,956.15 on Monday amid trade war concerns emerging from tariff threats.
“Bullish trend is still in place… We are not surprised by a period of consolidation ahead of some piece of important data,” said David Meger, director of metals trading at High Ridge Futures.
Spot silver was down 0.5% to $31.57, platinum eased 0.4% to $963 and palladium dropped 0.4% to $924.01.
Source – Reuters
Spot gold lost 0.4% to $3,222.49 an ounce, as of 0852 GMT. Bullion hit a record high of $3,245.42 earlier in the day.
“Market sentiment has improved a bit this morning after President Trump excluded electronics and smartphones from US tariffs. This has partly caused a dip in gold prices, likely due to profit-taking,” said Zain Vawda, an analyst at MarketPulse by OANDA.
Spot silver was steady at $32.27 an ounce, while platinum added 1% to $952.10. Palladium gained 2.2% to $935.38.
Source – Reuters
Shares of Barrick Gold Corp rose 2.76% to C$24.55 Wednesday, in what proved to be an all-around positive trading session for the Canadian market, with the S&P/TSX Composite Index rising 1.15% to 25,569.84.
Source – Market Watch
Gold fell over 1% on Tuesday after hitting a near four-week high, pressured by a firmer dollar as investors grew cautious ahead of a potential call between U.S. President Donald Trump and Chinese leader Xi Jinping.
Spot gold fell 1.1% to $3,340.79 an ounce as of 10:21 a.m. ET (1421 GMT), after hitting its highest since May 8, earlier in the session.
“We are moving into this period that is well known to be the summer doldrums, so there’s an expectation that the gold market could fall into a bit of a lull or a sideways consolidation,” said David Meger, director of metals trading at High Ridge Futures.
“I believe the Fed is ready to begin to cut rates again, but more than likely not until September…that is another factor likely to weigh on the dollar and support gold,” Meger added.
Spot silver fell 1.2% to $34.37 an ounce
Platinum lost 0.4% to $1,059.32, while palladium was up 1.4% at $1,003.10.
Source – Reuters
Stocks recoiled on Wednesday, while safe-haven gold held near record highs as a nervous world awaited details of U.S. President Donald Trump’s tariff plans and investors fretted about the risks of an intensifying global trade war.
“Whatever’s announced today, I doubt very much will be the framework that’s in place in, say, nine months’ time because we know there’ll be negotiations around this,” Daiwa Capital economist Chris Scicluna said.
“It’s very difficult to predict with any confidence what the ultimate impact is going to be, whether broadly, economically, in terms of rates or in terms of stock markets,” he said.
“Investors are hoping for some clarity, and perhaps the start of the deal-making phase. But tariffs are already weighing on business sentiment, and this will probably feed through into lower global economic activity in the coming months,” said Ben Bennett, Asia-Pacific investment strategist at Legal & General Investment Management.
Source – Reuters
