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Gold and Silver prove high volatility

ByVictoria

Gold prices have dropped by Rs 3,800 within two days after the US President Donald Trump said he has no plans to fire the US Fed’s chief Jerome Powell and also signalled progress with China on the tariff front.

The June futures contract for gold closed at Rs 94,722 per 10 grams, down by 2.69 per cent, while the May futures contract for silver closed at Rs 97,799 per kilogram, up by 2 per cent.

“Gold prices slipped below USD 3,300 per troy ounce levels but there is no change in the long-term fundamentals,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.

Source – Times Now

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    Copper futures fell by 22%

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    US President Donald Trump went ahead with 50% tariffs on copper imports but exempted refined metals, which are the mainstay of international trading. The move triggered a record plunge for US prices after a period of fat profits for traders who hurried metal to America before the levies kicked in. A large premium for New York futures over London evaporated.

    “The blow-out in the CME-LME spread has been touted as one of the most profitable commodity trades in modern history,” Daniel Ghali of TD Securities Inc. wrote in a note. “In a single session, the White House’s proclamation on copper tariffs annihilated the spread and catalyzed CME copper’s largest intraday fall on record.”

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    Gold dips and U.S. Treasury yields rise

    ByVictoria
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    Spot gold fell 0.1% to $2,916.75 an ounce as of 11:55 a.m. ET (1655 GMT), after rising in the last three sessions. U.S. gold futures were flat at $2,925.

    “We are just seeing some mild profit-taking pressure from recent gains, the underlying fundamentals are still bullish… Another thing that’s putting some mild pressure on the gold market is a rise in bond yields,” said Jim Wyckoff, senior market analyst at Kitco Metals.

    The benchmark 10-year U.S. Treasury yield hit a more than one-week high, reducing the appeal of non-yielding gold.

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    Gold Holds Near Record, Silver rallied

    ByVictoria
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    Silver climbed as much as 3.1% to exceed $33 an ounce, while gold headed for a seventh weekly gain — the longest run since August 2020.

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    ByVictoria
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    Trump announced 25% tariffs on all vehicles and foreign-made auto parts imported into the United States late on Wednesday, prompting heavy losses in Japanese and South Korean stocks in Asian trading overnight.

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    Source – Reuters