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
Bill HB306, now awaiting signature from Governor Spencer Cox, authorizes the state treasurer to issue a competitive procurement for a precious metals-backed electronic payment platform. This will allow state vendors to opt for payment in physical gold and silver.
Rep. Kenneth Ivory sponsored Bill HB306, and Sen. Keith Grover pushed the legislation through the Senate. The state politicians noted that the legislation is the latest evolution in Utah’s stance in favor of sound money.
“In uncertain economic times, Utah is providing vendors and service providers with the option to receive payment in gold and silver,” Rep. Ivory said. “This law gives Utahns an alternative to choose how they preserve the purchasing power of their earnings and savings.”
Source – KITCO News
China’s unwrought copper imports declined by 7.2% year-on-year to 837,000 metric tons in the first two months of 2025, customs data on Friday showed, due to increased domestic smelting capacity that reduced the need for additional imports.
Deliverable copper stocks on the Shanghai Futures Exchange stood at 268,337 tons on February 28, more than double the 83,174 tons recorded on January 3.
Source – Reuters
U.S. President Donald Trump sprang a double surprise on the copper market when he announced import tariffs of 50% effective next month.
The August 1 start date signals the end of the race to ship physical metal to the United States to capture the tariff arbitrage.
A lucky few with cargoes already afloat may yet cross the finishing line in time, but the physical tariff trade is rapidly unwinding.
The LME benchmark spread is now in a comfortable contango of $66 per ton, compared with a backwardation of more than $300 per ton at the end of June.
Source – Reuters
Despite the losses of the last few days, the Copper price on the Comex is up a good 25 percent since the beginning of the year, almost on a par with tin. But on the LME, too, Copper is trading around 10 percent higher than at the beginning of the year, Commerzbank’s commodity analyst Barbara Lambrecht notes.
Source – FX Street
Gold prices rose more than 1% on Tuesday as a weaker dollar and uncertainty over U.S. tariffs, along with concerns about the country’s fiscal outlook, drove investors towards safe-haven assets.
Spot gold climbed 1.4% to $3,349.32 an ounce by 1203 GMT while U.S. gold futures jumped 1.6% to $3,361.70.
Spot silver firmed 0.9% to $36.41 an ounce, platinum was down 0.1% at $1,351.80 and palladium gained 2.5% to $1,124.79.
Source – Reuters
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
