Freeport – McMoRan Inc. stock
Source – MSN
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Wall Street dips, gold spot falls
“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
Gold and silver looking good this week
Gold prices firmed on Wednesday as weaker-than-expected jobs data fueled hopes of the U.S. Federal Reserve cutting rates sooner than anticipated, while investors also awaited the upcoming non-farm payrolls report for further cues on monetary policy
Spot gold was up 0.3% at $3,348.60 per ounce, as of 0151 p.m. EDT (1751 GMT). U.S. gold futures settled 0.3% higher at $3,359.7.
Spot silver rose 1.2% to $36.49 per ounce, platinum was up 4.6% at $1,413.40, while palladium gained nearly 5.2% to $1,157.09.
Source – Reuters
Copper edges higher, tariff worries investors
“The market is really trying to understand how aggressive these potential tariffs could be and I think the problem is no one really knows the answer,” said Nitesh Shah, commodity strategist at WisdomTree.
Alastair Munro, senior base metals analyst at Marex, said copper found some support from contrarian buying from some Commodity Trade Advisor (CTA) investment funds, which are largely driven by computer programs.
Source – Reuters / Live Mint
Over a week low on Gold
Gold touched a more than one-week low on Thursday after a U.S. federal court blocked President Donald Trump’s “reciprocal tariffs”, dampening the metal’s safe-haven allure, while a robust dollar further pressured prices of the precious metal.
Spot gold was down 0.5% at $3,273.37 an ounce, as of 0431 GMT, after hitting its lowest since May 20.
But the gold market is still bullish as “longer term outlook suggests a weaker dollar and there’s still likely to be some inflationary pressures near term,” Frappell said.
Spot silver rose 0.6% to $33.19 an ounce, platinum was up 0.6% to $1,080.90 and palladium edged 1.3% higher to $974.69.
Source – Reuters
Gold up, investors nervous
“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
Gold prices extend gains
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