Glencore owns the Mutanda copper cobalt mine and has 75% stake in Kamoto Copper Company leaving the mines value at $6.8 billion dollars.
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Gold eased on Monday due to slightly firmer U.S. Treasury yields and profit-taking following last week’s sharp rally driven by weak U.S. jobs data.
Spot gold lost 0.2% to $3,356.91 per ounce, as of 1051 GMT, after rising more than 2% on Friday.
“The market will remain range bound with today’s pullback being in line with some the reversals seen across markets following Friday’s big moves, especially yields which are a tad firmer and stocks which have seen a rebound,” Saxo Bank’s head of commodity strategy, Ole Hansen, said.
Spot silver rose 0.3% to $37.14 per ounce, platinum fell 0.3% to $1,311.38 and palladium was down 0.8% at $1,199.08.
Source – Reuters
The trade war stirred by U.S. tariffs raises a risk for metal demand, the head of Chile’s Antofagasta said, although he predicted AI and other technology could offset any loss of traditional consumption caused by economic weakness.
He also said President Donald Trump’s policies could lead to a more favourable environment for investment in mining
Antofagasta CEO Ivan Arriagada said he expected supplies of copper, needed for construction and the transition to a lower carbon economy, would remain in limited supply.
“In the current environment, where there is a lot more support for mining investment, it should be easier and should happen,” Arriagada said
Source – Reuters
A bevy of tariff headlines this week along with geopolitical worries has left investors wary and weary, taking stocks lower in Asian hours, gold to a record peak and the yen to its highest in over two months as sentiment remains fragile.
The risk-off mood meant the yen – already underpinned by rising odds of the Bank of Japan hiking rates again – was the main mover among currencies, hitting its highest level since early December and was last at 150.48 per dollar.
Both Citi and Goldman raised their target price on gold this month, predicting it to breach the $3,000 mark. A large part of the reason behind the bullishness is sustained demand from central banks. Perhaps in these uncertain times, gold is all that shines.
Source – Reuters
China’s gold consumption fell 5.96% year-on-year to 290.492 tonnes in the first quarter of 2025 as high gold prices continued to curb demand for gold jewellery, the China Gold Association said on Monday.
Source – Reuters
Silver prices in India ended the week higher, closing at ₹1,01,522 per kg on Friday, March 28, 2025. The metal gained ₹209 (0.21%) on the Multi Commodity Exchange (MCX) for May delivery, with a turnover of 22,870 lots.
Silver remains one of the top-performing assets of FY25, delivering a 35.56% return, surpassing gold (+31.37%), Nifty (+5.29%), and Sensex (+4.96%).
Max Layton, Global Head of Commodities at Citi, expects silver to trade between $34-$35 per ounce over the next 3-6 months.
Source – CNBC TV18
Source – KITCO
