Gold ETF posts sharp rally
The SPDR Gold Shares ETF was up 3.3% in morning trading, according to FactSet data, at last check. That brought its year-to-date gain to a massive 30.6%.
Source – Market Watch
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Utah bill to allow vendors to be paid in gold and silver
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
Gold down, tariff could extend, Silver fell
Gold eased on Wednesday as risk appetite improved after U.S. President Donald Trump announced a trade deal with Japan ahead of an impending tariff deadline, though a soft dollar and lower Treasury yields capped losses for greenback-priced bullion.
Spot gold was down 0.2% at $3,423.44 per ounce, as of 0136 GMT, after hitting its highest point since June 16 earlier in the session. U.S. gold futures also slipped 0.2% to $3,437.70.
Trump said the U.S. and Japan had struck a trade deal that includes a 15% tariff that will be levied on U.S. imports from the country.
“If further trade deals are signed ahead of August 1, this could further boost general risk appetite and reduce the demand for gold,” CM Trade Chief Market Analyst Tim Waterer said.
“But if the USD remains pressured this will keep a return to $3,500 a viable near-term prospect for the precious metal.”
Spot silver fell 0.3% to $39.15 per ounce, platinum dropped 0.3% to $1,437.83 and palladium slipped 0.8% to $1,264.96.
Source – Reuters
Gold up, Silver steady
Spot gold was up 0.3% at $3,336.33 an ounce, as of 1224 GMT, after falling to a low of $3,301.54 earlier in the session. U.S. gold futures were up 0.1% at $3,357.20.
“Gold found some floor amid dip-buying, though the uptick lacked bullish conviction. Fiscal concerns and Fed rate cut bets are the catalyst for a recovery in the prices,” said Jigar Trivedi, senior commodity analyst at Reliance Securities.
Spot silver was steady at $36.72 per ounce, hovering near a more than 13-year high. Platinum eased 0.1% to $1,218.85, after hitting its highest level since May 2021. Palladium lost 1.4% to $1,059.02.
Source – Reuters
Silver lower, trading at $34.29
Silver prices edged lower Tuesday, giving back some of Monday’s strong gains that saw the market break through key resistance at $33.70. The retreat reflects profit-taking as traders reassess short-term positioning, with rising attention on the U.S. dollar and gold’s technical posture.
At 12:34 GMT, XAGUSD is trading $34.29, down $0.46 or -1.34%.
Source – FX EMPIRE
Gold is struggling maybe not for long
Gold prices struggle to hold onto gains after key U.S. data showed inflation picked up in June as expected, potentially signaling companies are starting to pass on tariff costs to consumers. Futures are down 0.1% at $3,357.50 a troy ounce following a 0.5% rise earlier in the session.
Source – The Wall Street Journal
Gold and Silver up by 1%
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