Paul Williams, managing director of Solomon Global, said about the rise in gold prices that it was a “direct response to escalating trade tensions and the growing economic uncertainty that this brings.”
Source – Reuters
Futures – are contracts to buy or sell a specific underlying asset at a future date. In this case we are talking about gold.
Gold (XAU/USD) rose sharply during the Asian session on Thursday, reaching $3,126.67, as global markets reacted to renewed trade tensions.
Silver (XAG/USD) is trading at $33.28, having touched a session low of $33.07. Despite gold’s upward momentum, silver’s response has been more restrained, weighed down by its industrial use case.
Source – FX EMPIRE
The limited-edition Proof 2025-W American Liberty High Relief .9999 fine 1-ounce gold $100 coin and 1-ounce .999 fine silver medal feature a sunflower and are scheduled to go on sale from the United States Mint at noon Eastern Time Aug. 21.
The Mint will announce pricing for the American Liberty gold coin closer to the release date. The American Liberty silver medal is listed at $97 each. Mint officials have not yet disclosed its authorization of maximum mintages for either piece.
Source – Coin World
“Copper is like the second most important thing the Defense Department uses in order to make its weapons systems. And we’re in a situation now where worldwide there’s a glut of copper,” Navarro told Schmitt. “There’s a dumping of copper into our markets. And we’ve lost our ability to both smelt copper, which is taking the ore and getting the raw copper and refine it into the products we need. And it’s a serious thing.”
Source – Independent Journal Review
Spot gold steadied at $2,795.52 per ounce by 11:18 GMT, after hitting a record peak of $2,800.99 earlier in the session. Prices rose more than 6% for the month and 1% for the week.
“The rally could hold for as long as there is uncertainty in the market. A lot of today’s uncertainty stems from not knowing whether and how tariffs will be applied,” said WisdomTree commodities strategist Nitesh Shah.
“We see central bank buying as the strongest structural force in the gold market, underpinning our long-term constructive view,” said Carsten Menke, analyst at Julius Baer.
Source – Reuters
US tariffs on copper imports may be coming within weeks, months earlier than Donald Trump’s original deadline for a decision, according to people familiar. He’s previously threatened a duty of 25% on one of the world’s most important metals—and it’s hurting American factories already. The price of copper traded in New York jumped to a record high. Keep on top of the latest with our tariff tracker.
Source – Bloomberg
U.S. President Donald Trump sprang a double surprise on the copper market when he announced import tariffs of 50% effective next month.
The August 1 start date signals the end of the race to ship physical metal to the United States to capture the tariff arbitrage.
A lucky few with cargoes already afloat may yet cross the finishing line in time, but the physical tariff trade is rapidly unwinding.
The LME benchmark spread is now in a comfortable contango of $66 per ton, compared with a backwardation of more than $300 per ton at the end of June.
Source – Reuters
