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Gold boosts South African rand

ByVictoria

South Africa’s commodity-backed currency edged up on Monday, helped by higher gold prices, as investors digested last week’s unexpectedly weak U.S. jobs data and awaited tariff updates ahead of the United States’ August 8 deadline.

The bourse was boosted by South African miners, including Gold Fields , up 8%, AngloGold Ashanti (AU.N), at 6%, and Harmony Gold , which rose 7%.

“Our foremost priority is protecting our export industries. We will continue to engage the U.S. in an attempt to preserve market access for our products,” President Cyril Ramaphosa said in a newsletter on Monday

Source – Reuters

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    Arizona Sonoran Copper makes big announcement valued at C$19.9m ($13.83m) with Hudbay Minerals

    ByVictoria
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    Under this agreement, Hudbay will subscribe for 11,852,064 common shares of Arizona Sonoran at C$1.68 per share.

    Arizona Sonoran president and CEO George Ogilvie said: “We are pleased and appreciative to welcome this further endorsement of our project and the go-forward plan by the team at Hudbay. It is the company’s objective to develop Cactus to be a significant producer of copper cathodes for direct use by industry in the state of Arizona and the larger US supply chain.

    “We welcome Hudbay, a mid-tier base metal producer with decades of base metal successes in the Americas and a strong existing footprint in Arizona, as a larger and increasingly engaged shareholder, able to lend its experience and expertise as we advance and develop Cactus.”

    Source – Global Data

  • Weak dollar and Treasury yields

    ByVictoria
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    “U.S. dollar and Treasury yields are lower, which is helping gold catch a bit of support… The overall uptrend remains intact and the path of least resistance favours the upside,” said Ilya Spivak, head of global macro at Tastylive.

    “Prices have been stable in a range between about 2,830 and 2,960 for the past four weeks… We would need to see a convincing break above or below these boundaries to conclude that some sort of lasting directional move is resuming.”

    Spot silver added 0.3% to $32.19 an ounce, platinum was steady at $957.89 and palladium lost 0.3% to $940.47.

    Source – Reuters

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    Royal Gold aquired Sanstorm Gold

    ByVictoria
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    Sandstorm Gold (NYSE:SAND) +9.5% pre-market Monday after saying Royal Gold (NASDAQ:RGLD) agreed to acquire the company in an all-stock transaction with an implied value of ~$3.5B.

    Under the deal terms, Sandstorm (NYSE:SAND) shareholders will receive 0.0625 of a share of Royal Gold (NASDAQ:RGLD) common stock for each Sandstorm share held, a 17% premium to Sandstorm’s closing price on July 3; upon closing, existing Royal Gold and Sandstorm shareholders will own ~77% and 23%, of Royal Gold’s issued and outstanding shares on a fully diluted basis.

    Source – Seeking Alpha

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    Macquarie Group predicts gold will reach $3500

    ByVictoria
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    “Year-to-date, gold has been running ahead of our expectations,” Marcus Garvey, head of commodities strategy at Macquarie, wrote on Thursday. 

    “We are raising our gold price forecast to a 3Q25 quarter average peak of $3,150 per ounce and our single point price high to $3,500 per ounce,” Garvey wrote. 

    “President Trump’s rapid move to announce, if not always to enact, import tariffs has contributed to geopolitical uncertainty and boosted inflation expectations, helping push down front-end real rates and supporting gold in the face of periodic USD strength and initially reduced expectations for Fed rate cuts,” the strategist wrote.

    Source – Yahoo Finance

    Macquarie Group Limited – is an Australian multinational independant investment bank and financial services company. Headquarters in Sydney, Australia. Listed as ASX

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    Spot gold down 1.3%

    ByVictoria
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    Spot gold was 1.3% down at $2,840.25 an ounce by 10:42 a.m. ET (1542 GMT). Bullion has so far lost 3.2% for the week, its steepest weekly fall since November.

    “I think the main element impacting the gold and silver markets is the profit-taking in week-long liquidation (and) the strong U.S. dollar index,” said Jim Wyckoff, a senior market analyst at Kitco Metals.

    Spot silver fell 0.9% to $30.97, platinum lost 1.1% to $938.50 and palladium slipped 1.5% to $906. All three metals’ prices looked set for monthly declines.

    Source – Reuters