Freeport – McMoRan Inc. stock
Source – MSN
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Silver up 1.2%, dollar hits lowest in months
Silver gained as much as 1.2%, rising for a third day. A guage of the dollar hit the lowest in about three months, as the euro strengthened amid Germany’s plan to boost spending and loosen borrowing restrictions.
The “tidal wave” of silver risks pushing freely available silver in the London spot market below a critical threshold needed for the market to function, Daniel Ghali, a senior commodity strategist at TD Securities, recently wrote in a note.
Spot silver rose 0.9% to $32.262 an ounce as of 11:41 a.m. in London. The Bloomberg Dollar Spot Index fell 0.4%. Gold and palladium were little changed, while platinum advanced.
Source – Mining.com
Glencore’s Steelmaking Company production fell
Glencore’s steelmaking coal production in the first half soared following the integration of Elk Valley Resources, but copper and gold output fell.
Elk’s contribution pushed first-half production expressed in copper equivalents up 5%. This is despite copper production falling 26% to 343,900 tons and gold output dropping 18% to 301,000 ounces.
The FTSE 100-listed company said it was confident that it can deliver its full-year production guidance but tightened the ranges of some of its commodities to reflect its performance to date.
Source – The Wall Street Journal
India admits miscalculations on gold for months
The Ministry of Commerce and Industry said in a statement Thursday it revised import figures from April to November after discovering the discrepancy, which had resulted from migrating to a new data transmission system.
The miscalculation led to a four-fold increase in gold imports to a record $14.8 billion in November, causing the trade deficit to widen to $37.8 billion.
Preliminary revisions show gold imports were $37.39 billion in the April-November period, down $11.7 billion from previously reported.
Source – Bloomberg / Live Mint
Gold reaches Rs 83,000 per 10 grams for the first time
“Gold extended gains on Friday, with spot gold in the domestic market hitting fresh all-time highs,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
“Prices in MCX are near record high as Trump trade policies and tariff plans created an uncertain environment in the market, which may boost safe-haven demand,” Deveya Gaglani, Research Analyst-Commodities, Axis Securities, said.
Comex silver futures also increased 1.53 per cent to USD 31.32 per ounce in the Asian market hours.
Source – Press Trust of India
Gold close to reaching $3000
It appears that the Federal Reserve is on hold when it comes to moving interest rates until midyear, said Peter Grant, vice president and senior metals strategist at Zaner Metals. But “most of the other major central banks remain in easing mode, providing an additional tailwind for gold.” Ongoing trade and geopolitical uncertainty suggest upside potential to the psychologically important $3,000 level, he said.
Source – Market Watch
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