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Gold Hits Record in Volatile Session

ByVictoria

“Until we see clarity on the US policies, both trade-related and economic, it will create an environment for increased levels of gold volatility,” said Joseph Cavatoni, senior market strategist for North America at industry lobby the World Gold Council. “So, while we might see a $3,000 gold price, we expect there could be ongoing movements that bring us back below.”

Spot gold was down 0.1% at $2,905.73 an ounce at 10:28 a.m. in London, after rising to as high as $2,942.68. Silver, platinum and palladium were all lower. The Bloomberg Dollar Spot Index was steady after climbing on Monday. 

Source – Bloomberg

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    Gold sees longest rally since 2020

    ByVictoria
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    “During the last three days, gold is up over 8% and on pace for its largest three-day move since March 2020,” Bespoke Investment Group said in a note Friday morning. “Before that, you would have to go back to the financial crisis to find the last time it rallied as much in three days.”

    “Gold may be catching a bid, but the dollar has floundered,” said Bespoke. “If you were looking for bonds to provide some ballast in your portfolio this week, you didn’t get it with Treasuries.”

    Source – Market Watch

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    Copper Prices Surge as Market Braces for Potential U.S. Tariffs

    ByVictoria
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    While no official tariff has been imposed, the price gap between the CME and London Metal Exchange (LME) contracts has widened sharply, with CME copper trading at a premium exceeding $1,000 per metric ton. This suggests the market is pricing in at least a 10% tariff, though a 25% duty, similar to those on aluminum and steel, remains a possibility.

    Source – Econo Times

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    Barrick Mining maybe under provisional administration

    ByVictoria
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    A Malian court has adjourned to Thursday a hearing on whether to put Barrick Mining’s Loulo-Gounkoto gold complex under provisional administration, the court’s registry office and one of the lawyers involved told Reuters on Monday.

    Granting the request would represent a major escalation of a dispute between the West African country and the Canadian miner after operations at the complex were suspended in January in a dispute over taxes and ownership.

    Barrick has said it can only resume operations when the Malian government removes restrictions on gold exports.

    The government has renegotiated agreements with other multinational miners under the new mining law. Four Barrick employees have been detained since November 2024 and an arrest warrant was issued for Chief Executive Mark Bristow in December 2024.

    Source – Reuters

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    Silver up 1.2%, dollar hits lowest in months

    ByVictoria
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    Silver gained as much as 1.2%, rising for a third day. A guage of the dollar hit the lowest in about three months, as the euro strengthened amid Germany’s plan to boost spending and loosen borrowing restrictions.

    The “tidal wave” of silver risks pushing freely available silver in the London spot market below a critical threshold needed for the market to function, Daniel Ghali, a senior commodity strategist at TD Securities, recently wrote in a note.

    Spot silver rose 0.9% to $32.262 an ounce as of 11:41 a.m. in London. The Bloomberg Dollar Spot Index fell 0.4%. Gold and palladium were little changed, while platinum advanced.

    Source – Mining.com

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    Copper tariff in effect August 1

    ByVictoria
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    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