“The uncertainty over US tariffs is pushing investors toward safe-haven assets like gold,” said Michael Hewson, Chief Market Analyst at CMC Markets.
The weaker US Dollar, coupled with uncertainties surrounding US trade policies, is supporting silver’s bullish momentum.
Gold (XAU/USD) is trading at $2,940.57, showing a modest gain of +0.07%.
Silver (XAG/USD) is trading at $32.68, slightly down by -0.03%.
Source – FXEMPIRE
Peru’s mining ministry on Friday said copper output in 2024 amounted to 2,736,150 metric tons, down 0.7% from 2023. The drop marked the copper giant’s first decline after four straight years of recovery following the pandemic.
Source – Mining.com
U.S. President Donald Trump’s threatened tariff on copper imports has generated a mass relocation of physical metal, swamping the U.S. market and draining the rest of the world.
The physical response has been so powerful that it has caused the futures arbitrage between the CME contract and the London Metal Exchange (LME) price to collapse.
CME copper inventory has risen by 81% since the start of the year and is now at an eight-year high of 168,563 short tons (152,919 metric tons).
LME copper inventory has slumped to a one-year low of 179,375 tons, with 40% of what remains awaiting physical load-out.
China’s imports of refined copper fell 5% on a year-over-year basis and 20% on a quarter-over-quarter basis in the January-March period as metal was diverted to the U.S.
Source – Reuters
Bullion traded around $3,020 an ounce, less than $40 shy of the record high reached last week. Gold-backed ETFs have added about 154 tons so far this year, according to data.
Spot gold rose 0.3% to $3,021.31 an ounce as of 11:18 a.m. in New York, snapping three days of losses. The Bloomberg Dollar Spot Index fell 0.2%. Silver, platinum and palladium all advanced.
Source – Bloomberg
Global Coin offers the 2025 1oz Gold Eagle in flawless NGC MS70 condition at dealer cost, including shipping and taxes. Early buyers receive a free 2025 Silver Eagle. Backed by an ironclad 30-day return policy, this exclusive promotion ends January 31, 2025.
To mark this special occasion, Global Coin is offering the Gold Eagle in flawless NGC MS70 condition for the dealer cost of $2,790, including shipping and taxes, through the end of January.
Promotion Details:
- Duration: Offer valid through January 31, 2025, or while supplies last.
- Bonus: A free 2025 Silver Eagle for the first 100 Gold Eagle buyers.
- Quality: All coins are certified in flawless Mint State 70 condition, representing the highest standards of coin grading.
- Shipping & Taxes: Included in the purchase price for seamless transactions.
Source – Business Insider / Markets Insider
Benchmark copper on the London Metal Exchange (LME) was up 0.4% at $9,418 a metric ton by 1000 GMT, having hit a peak of $9,481.50 in the previous session for its highest since April 3.
“It’s almost impossible to see what is happening from one day to the next. No doubt the tariff optimism that triggered the risk-on rally early in the week has faded again,” said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen.
U.S. Comex copper futures gained 0.5% to $4.87 a lb, bringing the premium over LME copper to $1,314 a ton.
Source – Business Recorder
Gold
Gold made an attempt to settle below the support at $2870 – $2880 but lost momentum and climbed back above the $2900 level.
Silver
Silver rallied above the $32.00 level as gold/silver ratio pulled back below the psychologically important 90 level.
Platinum
Platinum is trying to settle above the resistance at $1025 – $1030 as demand for precious metals stays strong.
Source – FXEMPIRE
