Gold futures tick higher on tariff uncertainty and short-term monetary policy outlook. Futures are up 0.2% at $3,233.60 a troy ounce, near Friday’s record high of $3,263/oz.
The uncertainty both boosted gold’s safe-haven demand and weakened the U.S. dollar as an alternative safe asset, further enhancing gold’s appeal, Commerzbank says.
Source – Wall Street Journal
Spot gold was at $3,026.85 an ounce at 1131 GMT. U.S. gold futures edged 0.4% higher to $3,032.40.
“A modestly weaker dollar is probably giving gold a little bit of a tailwind at present,” said Ross Norman, an independent analyst.
“A worse-than-feared tariff announcement on April 2 could give bullion bulls a shot in the arm towards striving for the $3,100 mark,” said Han Tan, Exinity Group’s chief market analyst.
“Should risk-on sentiment make a comeback, assuming the U.S. tariff threats prove to be more bark than bite, that could see fleeting forays below $3,000,”
Spot silver firmed 0.4% to $33.16 an ounce, platinum steadied at $975.55, and palladium was flat at $957.95
Source – Reuters
Gold is on a tear, hitting a record high in New York on Monday at almost $3,150 an ounce to bring the rise this year to 19%.
Analysts at Bank of America think gold could hit $3,500 an ounce if demand increases by 10%.
“Uncertainty around Trump Administration trade policies could continue to push the dollar lower, further supporting gold prices near-term. In our view, a broad rebalancing of America’s twin deficits could be bullish gold too.”
Source – Markets Insider
Kiyosaki said, “Trump tariffs begin: gold, silver, Bitcoin may crash.” He indicated his plan to purchase more Bitcoin if prices plummet, seeing it as an opportunity to grow his wealth. However, he also pointed out the U.S. national debt as a major problem that Bitcoin might not be able to address.
Source – Benzinga
Fluor president of mining & metals Harish Jammula said: “We are excited to support BHP on their growth plans to increase production of refined copper cathode in south Australia.
“Accelerated expansion of the downstream processing sector is increasingly important to secure local supply of mined materials, become independent of overseas supply and drive sustainable production technologies.”
Source – Global Data
They have been working flat out to do what the Bank describes as “digging out” gold bars for delivery to traders who’ve seized on a rare arbitrage opportunity thrown up by speculation that Donald Trump will impose tariffs on the precious metal, alongside a raft of other imported goods.
The Bank’s vault keepers are busier than they’ve been in years, logistics companies are working overtime, and refineries are booked out for months with orders to recast gold bars from London into a form that can be delivered into the US futures market.
“What’s happening in the London market is a short term logistical thing, but it’s having real consequences,” said John Reade, senior market strategist at the World Gold Council, the industry lobby group. “There’s not as much gold in London as normal, but again, there’s still lots there. And once it can get out from behind the Bank of England, then everything should calm down.”
Source – Bloomberg
