|

Gold and yen bask in the limelight

ByVictoria

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

Similar Posts

  • /

    Newmont gold miner shares in the green

    ByVictoria
    0 Comments

    Shares in the gold miner are currently swapping hands at $76.60 apiece, more than 2% higher from the open as investors process the numbers.

    2024 was a transformational year for Newmont, as we focused on the integration of the Newcrest portfolio, divestment of our non-core assets, and transitioning the business onto a stable operating and investment platform.

    We have deliberately streamlined Newmont into the world’s best collection of Tier 1 gold assets, with a strong foundation of operational and financial performance. Our record fourth quarter gave a glimpse into the promising potential of the business and allowed Newmont to deliver record operating cash flows.

    Source – The Motley Fool

  • /

    Copper tariffs begin on August 1st, Chile “singled out”

    ByVictoria
    0 Comments

    The U.S. is expected to implement a 50% tariff on copper imports at the end of the week, but what happens next is anyone’s guess as talk of an exemption for Chile, the biggest U.S. supplier of the metal, and a potential U.S. and European “metal alliance” heats up.

    “There remains uncertainty over country-based exemptions and a general sense of tariff fatigue,” wrote Natalie Scott-Gray, senior metals demand analyst at StoneX, in a note Tuesday. The European Union, meanwhile, looks to get a break when it comes to U.S. tariffs on steel, aluminum and copper.

    President Donald Trump’s announcement on July 8 of the coming tariff had led to a 13% spike in copper prices that day, to settle at $5.6855 a pound, a record-high finish at that time, based on data going back to 1968, according to Dow Jones Market Data.

    Scott-Gray said that when it comes to a potential country-based tariff exemption, Chile is “singled out,” not just because of Marcel’s comments and ongoing negotiations this week, but because the U.S. is reliant on Chile’s imports and the fact that the U.S. holds a trade surplus with Chile, she said.

    Source – Market Watch

  • /

    Gold could reach $4000 says Strategist Mick McGlone

    ByVictoria
    0 Comments

    The yellow metal could zoom all the way to $4,000 if investors continue to lose their appetite for risk, which would mean ditching assets like stocks and cryptocurrencies, and redirecting that money into gold and Treasury bonds, according to a note Friday from Bloomberg Intelligence Strategist Mick McGlone.

    “The key competitors for gold, at least for the past few years, have been the strong rise in U.S. stocks, the rise in U.S. bond yields, and the rise in digital gold—that is Bitcoin,”

    Source – Barron’s

  • / /

    Gold dips, Silver fell and Platinum up

    ByVictoria
    0 Comments

    Gold prices dipped on Wednesday after U.S. President Donald Trump hinted at lower tariffs for China and said he has no plans to fire Federal Reserve Chair Jerome Powell.

    Spot gold fell 2.1% to $3,310.29 an ounce, as of 0811 GMT, after hitting a record high of $3,500.05 in the previous session.

    Spot silver rose 1% to $32.85 an ounce.

    Platinum was up 0.6% at $964.35 and palladium was steady at $935.48.

    Source – Reuters

  • /

    Gold prices with latest tariff concerns

    ByVictoria
    0 Comments

    Gold prices experienced a modest uptick on Monday, rising 0.1 percent to $3,040.57 per ounce. Spot gold rose 0.1 percent to $3,040.57 an ounce as of 7:39 a.m. ET, rebounding after dipping to a session low of $2,971.09 earlier, when some investors sold off bullion to offset losses elsewhere, Reutersreported.

    The imposition of the tariffs has intensified fears of a global recession. Investors are increasingly seeking safe-haven assets like gold to hedge against potential economic downturns. However, the recent sell-off in gold suggests that investors may be liquidating positions to cover losses in other markets, reflecting concerns over the widespread impact of a trade war.

    “Once the dust settles, the rising recession risks, a weaker dollar, lower real yields and bigger rate cut expectations will all play their part in supporting a rebound….

    “Gold’s correction remains a relatively shallow one with key support levels holding.” said Ole Hansen, head of commodity strategy at Saxo Bank

    Source – Reuters

  • /

    Indonesia trade ministry supports extending Freeport’s copper export permit

    ByVictoria
    0 Comments

    Freeport’s last export permit expired at the end of 2024, but the company has requested it can continue selling copper concentrate abroad because its local copper smelter was in repair after a fire in October last year.

    “The trade ministry supports a plan to relax the export policy after weighing the cost and benefit analysis … while also observing the sustainability of the government’s natural resource downstreaming policy,” deputy minister Dyah Roro Esti said in a statement.

    Freeport Indonesia said that it’s currently negotiating with the government over the export permit and believed the government “would accommodate” it.

    Source – Mining.com