Phoenix-based Freeport also boosted its budget for the year by roughly 5% to $4.4 billion and forecast an increase for next year as well, surprising investors.
On an adjusted basis, the company earned 31 cents per share in the quarter, compared with the analysts’ average estimate of 20 cents per share, according to data compiled by LSEG.
Source – Reuters
“The de-escalation of tensions in the Middle East is the primary factor that’s weighing on gold. The safe-haven bid has diminished and the market is in more of a risk-on mode,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.
“We’ve got pretty good support around $3,300 and then even better support probably at $3,250.”
Global shares surged and the dollar dropped on Tuesday after news of the ceasefire between Israel and Iran, while markets shrugged off what U.S. President Donald Trump called violations by both sides.
Source – Reuters
ANZ raised its zero to 3-month gold price forecast to $3,100 per ounce and 6-month forecast to $3,200 per ounce, according to a research note on Tuesday.
For gold “we maintain our bullish view, amid strong tailwinds from escalating geopolitical and trade tensions, easing monetary policy, and strong central bank buying,” the bank said.
Source – Reuters
Gold prices rose for a third straight session on Wednesday and hit a one-week high, helped by a softer dollar and safe-haven demand amid economic and geopolitical uncertainty.
Spot gold was up 0.7% at $3,312.51 an ounce, as of 1153 ET (1553 GMT). U.S. gold futures climbed 0.9% to $3,315.60.
“We expect gold’s recent price dip will stimulate investment buying, as macroeconomic and geopolitical uncertainty linger,” said ANZ in a note.
Silver rose 1% to $33.40 an ounce.
Platinum was up 2.1% at $1,075.59 after hitting its highest since May 2024 earlier. Palladium added 1.8% to $1,031.05, an over six-month peak.
Source – Reuters
Gold prices rallied on Tuesday, regaining ground after a slight pullback at the start of March. Spot gold was up 0.4%, reaching $2,900.78 an ounce as of 7:30 AM UTC. The rally was supported by a weakening US dollar spot index that has dropped to 103.5, a 24-hour 0.2% downtick.
Gold’s more “resilient” performance against the dollar is giving investors more incentives to turn against Bitcoin, with its price falling by more than $15,400 over the past month.
“Now that Bitcoin fell below $77K, it’s down 30% from its January record high,” Schiff posted on X. “It’s hard to see the rationale for the U.S. government holding Bitcoin as a reserve asset when it can lose that much market value so quickly. The rationale will be even harder to see when it’s down 50%.”
Source – Cryptopolitan
Silver has initially fallen significantly in the early hours of Tuesday, as the market reacted to the ceasefire, taking out some of the “risk trade.” However, we are holding the range again. Ultimately, there are a lot of “moving pieces” to pay attention to.
Source – FX EMPIRE
