Despite the losses of the last few days, the Copper price on the Comex is up a good 25 percent since the beginning of the year, almost on a par with tin. But on the LME, too, Copper is trading around 10 percent higher than at the beginning of the year, Commerzbank’s commodity analyst Barbara Lambrecht notes.
Source – FX Street
Source – Money Metals
Gold futures tick higher on tariff uncertainty and short-term monetary policy outlook. Futures are up 0.2% at $3,233.60 a troy ounce, near Friday’s record high of $3,263/oz.
The uncertainty both boosted gold’s safe-haven demand and weakened the U.S. dollar as an alternative safe asset, further enhancing gold’s appeal, Commerzbank says.
Source – Wall Street Journal
Gold prices are expected to continue being volatile in the near future on the back of uncertainties regarding US President Donald Trump’s tariff policies, the approaching July 9 deadline, possible trade deals, and the fresh threat of additional 10% tariffs on BRICS countries that align with ‘anti-American policies’.
Source – The Times of India
Spot gold fell 0.1% to $2,916.75 an ounce as of 11:55 a.m. ET (1655 GMT), after rising in the last three sessions. U.S. gold futures were flat at $2,925.
“We are just seeing some mild profit-taking pressure from recent gains, the underlying fundamentals are still bullish… Another thing that’s putting some mild pressure on the gold market is a rise in bond yields,” said Jim Wyckoff, senior market analyst at Kitco Metals.
The benchmark 10-year U.S. Treasury yield hit a more than one-week high, reducing the appeal of non-yielding gold.
Spot silver dipped 0.2% to $32.70 an ounce, palladium was steady at $942.25 and platinum was down 0.3% at $966.63.
Source – Reuters
They have been working flat out to do what the Bank describes as “digging out” gold bars for delivery to traders who’ve seized on a rare arbitrage opportunity thrown up by speculation that Donald Trump will impose tariffs on the precious metal, alongside a raft of other imported goods.
The Bank’s vault keepers are busier than they’ve been in years, logistics companies are working overtime, and refineries are booked out for months with orders to recast gold bars from London into a form that can be delivered into the US futures market.
“What’s happening in the London market is a short term logistical thing, but it’s having real consequences,” said John Reade, senior market strategist at the World Gold Council, the industry lobby group. “There’s not as much gold in London as normal, but again, there’s still lots there. And once it can get out from behind the Bank of England, then everything should calm down.”
Source – Bloomberg
“We’re going to go into Fort Knox to make sure the gold is there… do you know about that?” Trump said to a reporter aboard Air Force One, according to a video posted to X by Musk.
“We hope everything is fine with Fort Knox, but we’re going to go into Fort Knox, the fabled Fort Knox, to make sure the gold is there.”
“If the gold isn’t there, we’re going to be very upset,” Trump said.
Then-Treasury Secretary Steven Mnuchin and Sen. Mitch McConnell, R-Ky., visited the vaults in 2017. They reported that, despite various conspiracy theories, the gold was present.
Source – FOX News
