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
Gold eased on Monday as the dollar held firm, while market participants remained cautious, watching for any potential Iranian retaliation to U.S. strikes on its nuclear sites.
Spot gold was down 0.2% at $3,359.99 an ounce, as of 0820 GMT. U.S. gold futures fell 0.3% to $3,375.20.
Higher energy prices could potentially delay a Fed rate cut and strengthen the dollar, said Ole Hansen, head of commodity strategy at Saxo Bank.
Spot silver rose 0.4% to $36.12 per ounce, platinum was up 2.3% at $1,293.90, while palladium gained 2.5% to $1,070.33
Source – Reuters
Legislation introduced in the House March 10 seeks a two-coin program for 2027 commemorating the 25th anniversary of the Sept. 11, 2001, terrorist attacks on the United States. The issue date is a year past the anniversary, to avoid conflicting with the semiquincentennial initiatives.
Source – Coin World
News is from 1/14/2025
This is a follow up on Barrick Gold and it’s current mining situation.
Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) today confirmed that the company remains restricted from shipping gold from the Loulo-Gounkoto mining complex in Mali. Additionally, the interim attachment order on the gold has now been executed by the Malian government by moving the existing gold stock from the site to a custodial bank, further preventing the shipment and sale of the gold.
As a result, Barrick has regrettably initiated the temporary suspension of operations while it continues to work towards a resolution.
Barrick remains committed to constructive engagement with the Malian government and all stakeholders to find an amicable solution that ensures the long-term sustainability of the Loulo-Gounkoto mining complex and its vital contribution to Mali’s economy and communities.
Source – Barrick
On January 7, 2025, A-Mark Precious Metals, Inc. (NASDAQ:AMRK) stock closed at $27.50 per share with a market capitalization of $637.563 million.
“As a long-biased fund, we prefer to own various countercyclical companies to lower the risk of our portfolio. At the beginning of the year, we identified a pawn store operator and a wholesaler / retailer of precious metals called A-Mark Precious Metals, Inc. (NASDAQ:AMRK) as interesting long-term opportunities that simultaneously provided a hedging function to our portfolio. We have exited our position in AMRK during the year. We believed that economic uncertainty and higher precious metals prices would spark renewed consumer demand for physical gold and silver coins. This demand did not materialize and we therefore saw no immediate catalyst in AMRK.” stated Night Watch Investment Management in its Q4 2024 investor letter
Source – Insider Monkey
Gold prices in India skyrocketed by Rs 6,250 on Friday to reach a historic high of Rs 96,450 per 10 grams in the national capital, fuelled by robust demand from local jewellers and soaring global prices driven by heightened US-China trade tensions, according to the All India Sarafa Association.
Gold of 99.9% purity also saw a significant jump, closing at Rs 96,450 compared to Wednesday’s Rs 90,200.
Silver too followed suit, leaping Rs 2,300 to settle at Rs 95,500 per kg from its earlier close of Rs 93,200, mirroring the bullish global momentum.
Comex gold futures climbed to a record USD 3,249.16 per ounce, signalling strong safe-haven demand.
“Comex gold prices hit lifetime highs due to surging safe-haven demand, triggered by fears of a deepening global economic slowdown and further retaliation between the US and China,” said Kaynat Chainwala, AVP-Commodity Research at Kotak Securities.
Source – The Times of India
Gold surged above $3,400 to a record high on Monday, as the dollar weakened and uncertainty over the economic impact of U.S.-China trade tensions spurred demand for safe-haven bullion.
Spot gold rose 2.6% to $3,415.24 an ounce at 10:46 a.m. ET (1446 GMT). Prices hit a record high of $3,424.25 earlier in the session.
U.S. gold futures rose 3% to $3,426.30.
“As tariff tensions continue to move at a fevered pitch, we continue to see gold prices move to the upside as a safe haven response,” said David Meger, director of metals trading at High Ridge Futures.
Source – Reuters
