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Gold eases, silver up .4%

ByVictoria

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

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    ByVictoria
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    Spot gold was down 1.2% at $2,882.49 an ounce as of 09:42 a.m. ET (1442 GMT), after hitting its lowest level since February 12 earlier in the session. Prices hit a record high of $2,956.15 on Monday, driven by safe-haven flows.

    “The direction of gold is very evident, and these short-term bumps and some profit taking is just a normal part of the cycle,” said Alex Ebkarian, chief operating officer at Allegiance Gold.

    Spot silver retreated 0.5% to $31.67 an ounce, platinum fell 0.9% to $957.10 and palladium dropped 0.9% to $917.96.

    Source – Reuters

  • South African Rand strong

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    South Africa’s rand strengthened on Monday, as gold hit a fresh high and optimism grew over the prospect of an agreement between the two biggest government partners on the budget.

    At 0728 GMT, the rand traded at 18.2375 against the dollar, about 1.1% stronger than its previous close.

    Gold prices touched an all-time high on Monday as investors stressing over a global trade war and economic slowdown from the world’s biggest economy turned towards the safe-haven asset. South Africa is a major producer of the precious metal.

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    Gold set for eighth weekly gain

    ByVictoria
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    Spot gold shed 0.4% to $2,927.95 an ounce by 1204 GMT. Bullion has gained around 1.6% this week after rising to a record $2,954.69 on Thursday.

    “The non-stop rally since December remains unchallenged unless prices drop to around $2,850,” said Ole Hansen, head of commodity strategy at Saxo Bank.

    “Gold has been displaying resilience with short-lived retracements, as lingering U.S. trade uncertainties reinforce its appeal as a hedge,” IG market strategist Yeap Jun Rong said.

    Spot silver was flat at $32.92 an ounce, and palladium dipped 0.3% to $974.75. Both metals were headed for weekly gains.

    Platinum shed 0.2% to $976.80 and eyed a weekly decline.

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    Gold prices rise higher, tariff concerns

    ByVictoria
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    Gold prices ticked higher on Tuesday as focus turned to U.S. jobs and inflation data, that could influence the Federal Reserve’s policy decision in the face of rising economic growth concerns. 

    Spot gold (XAUUSD:CUR) +0.93% to $2,911.21 an ounce after hitting its lowest since March 3 in the previous session.

    Meanwhile, worries over Trump’s tariff policies have also pushed safe-haven gold to a record high of $2,956.15 on February 24, as the metal is seen as a hedge against political risks and inflation.

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    U.S. Copper tariffs cause relocation of metal

    ByVictoria
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    U.S. President Donald Trump’s threatened tariff on copper imports has generated a mass relocation of physical metal, swamping the U.S. market and draining the rest of the world.

    The physical response has been so powerful that it has caused the futures arbitrage between the CME contract and the London Metal Exchange (LME) price to collapse.

    CME copper inventory has risen by 81% since the start of the year and is now at an eight-year high of 168,563 short tons (152,919 metric tons).

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    China’s imports of refined copper fell 5% on a year-over-year basis and 20% on a quarter-over-quarter basis in the January-March period as metal was diverted to the U.S.

    Source – Reuters