Gold’s price (XAU/USD) is jumping higher as buyers dig into the precious metal on Monday, printing several fresh all-time highs above $2,900 at the time of writing.
The Pivot Point level on Monday is the first nearby support at $2,866, followed by the S1 support at $2,846. From there, S2 support should come in at $2,832.
Source – FXStreet
Gold prices rebounded on Thursday as investors bought bullion following a sharp decline in the previous session, while the focus remains on U.S.-China trade tensions.
Spot gold was up 1.6% at $3,338.79 an ounce, as of 1140 GMT. Bullion fell as much as 3% on Wednesday in its worst daily performance since late November.
“Gold’s pullback earlier has cleared some of the froth from its latest surge. That, in turn, attracted some buy-the-dip action amid still-persistent global trade war fears,” said Han Tan, chief market analyst at Exinity Group.
“Given the still-evident tailwinds for this precious metal, gold bugs could ultimately conquer the $3,500 level with conviction.”
Spot silver fell 0.3% to $33.44 an ounce, platinum was steady at $972.15 and palladium was down 0.2% at $942.28.
Source – Reuters
The most recent trading sessions have showcased gold’s resilience and volatility. Following a sharp decline of $45 per troy ounce in spot gold and a $63 drop in April futures on Friday, February 14, the market demonstrated strong recovery momentum. After the Presidents’ Day holiday closure, Tuesday’s trading saw spot gold gain $36.97, and the April futures contract gaining $60.70, nearly reaching the record levels established on February 12.
Source – KITCO News / Opinion
“We have gone through all our shutdowns and proprietary maintenance and all that in the first three quarters. We should be able to produce a stellar fourth quarter based on our numbers,” Misra told Reuters in an interview.
Misra expects zinc prices to rise to $2,850-$2,950 a ton in the coming days from $2,800 currently, and silver to trade between $30 and $31 per ounce.
Source – Reuters
Mark Brennan, CEO and Chairman commented, “While Q2 results were modestly lower than our expectations as the heap leach continues to ramp up to its fully expanded capacity, we continue to be confident in our full year expectations as the underground operations ramp-up in H2/25. Cerrado also continued to progress both the Lagoa Salgada project and the Mont Sorcier projects towards completion of feasibility studies by Q3/2025 and Q1/2026 respectively, which we believe should demonstrate substantial value being unlocked by Cerrado’s development projects.”
Source – USA Today
In India, domestic prices hit an all-time high of 80,034 ($927.69) rupees per 10 grams on Friday, tracking the international spot gold prices and hovering near a record high of $2,790.15 hit on Oct. 31.
“Retail demand was negligible this week due to the price rise. Most jewellery stores were witnessing thin footfall,” a Chennai-based bullion dealer said.
Chinese gold prices are higher again and close to historical highs, which has sucked out demand but some people are still buying due to the holiday season starting next week, said a mainland China-based precious metal trader.
Source – Reuters
The price of gold of 99.5 per cent purity climbed Rs 500 to Rs 80,900 per 10 grams. It settled at Rs 80,400 per 10 grams in the previous trading session.
Silver also surged Rs 2,300 to Rs 94,000 per kg from the previous close of Rs 91,700 per kg on Wednesday.
“Gold surged higher trading above Rs 79,000 in MCX, supported by a rupee depreciation,” Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, said.
Source – Press Trust of India
Rs (abbreviated) is a financial term that you may or may not be familiar with. I have 2 descriptions for this abbreviated term. Rs stands for Relative Strength.
