| |

Gold adds to record rally amid trade war

ByVictoria

Spot gold was up 0.8% at $2,864 per ounce by 09:24 a.m. ET (1424 GMT), after hitting a record high of $2,877 earlier in the session.

“Gold continues to be largely influenced by trade uncertainties… the tariffs with China and the retaliation has the market on edge, so safe-haven flows remain the dominant factor,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.

Spot silver rose 0.4% to $32.23 per ounce, platinum gained 1.6% to $979.40 and palladium added 0.4% to $994.75.

Source – Reuters

Similar Posts

  • /

    Poland copper mining tax to end in 2026

    ByVictoria
    0 Comments

    Poland’s copper mining tax will fall from next year under a new system that will provide deductions related to investment spending, Polish finance minister Andrzej Domanski said on Friday.

    The tax on mineral extraction, including copper, was introduced in 2012. Poland’s biggest copper miner KGHM paid 3.87 billion zlotys in tax in 2024, according to its annual report.

    “By taking care of investments in Poland, by taking care of the development of KGHM, we also take care of the collective security of the West and the European Union.”

    Source – Reuters

  • /

    BHP and Canada’s Lundin Mining extend mining time

    ByVictoria
    0 Comments

    Vicuña Corp, a joint venture of Australia’s BHP and Canada’s Lundin Mining (LUN.TO), opens new tab, on Thursday said it was extending the useful life of its Josemaria copper, gold and silver project in Argentina by six years.

    It attributed the longer useful life of the mine, now 25 years instead of 19 years previously, to higher levels of exploitable resources.

    Vicuña also predicted an ore processing rate at the site, located in Argentina’s north-western San Juan province, near the Chilean border, at 175,000 metric tons per day.

    Source – Reuters

  • /

    Gold and yen bask in the limelight

    ByVictoria
    0 Comments

    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

  • / /

    Gold steady, Platinum at its highest

    ByVictoria
    0 Comments

    Gold prices were little changed on Wednesday as investors waited for the Federal Reserve’s policy decision and comments from Chair Jerome Powell, while platinum surged to a more than four-year peak.

    Spot gold was steady at $3,387.89 an ounce by 1145 a.m. EDT (1545 GMT).

    “The prevailing trend of seeking alternative stores of value beyond the U.S. dollar remains strong, driven by a growing desire for assets that are independent of external control,” said Ryan McIntyre, Managing Partner at Sprott Inc.

    Spot silver fell 1% to $36.87 per ounce

    Platinum added 3.5% to $1,306.68, highest since February 2021.

    Source – Reuters

  • “Richest shipwreck” gold coins confirmed

    ByVictoria
    0 Comments

    Experts have confirmed that dozens of gold coins scattered across the ocean floor off the coast of Colombia belonged to the San José, an ill-fated Spanish treasure galleon that sank over 300 years ago during a battle with British warships. The findings were published on June 10 in the journal Antiquity.

    The 64-gun, three-masted Spanish flagship alone carried as much as 200 tons of treasure with a modern value estimated as high as $17 billion by today’s standards.

    The key pieces of evidence were dozens of rough gold coins sitting on the ocean floor. The treasure had an average diameter of 1.3 inches and each weighed around one ounce.

    “Hand-struck, irregularly shaped coins—known as cobs in English and macuquinas in Spanish—served as the primary currency in the Americas for more than two centuries,” Daniela Vargas Ariza, a maritime archeologist and the study’s lead author said in a statement.

    Source – Popular Science