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
“U.S. dollar and Treasury yields are lower, which is helping gold catch a bit of support… The overall uptrend remains intact and the path of least resistance favours the upside,” said Ilya Spivak, head of global macro at Tastylive.
“Prices have been stable in a range between about 2,830 and 2,960 for the past four weeks… We would need to see a convincing break above or below these boundaries to conclude that some sort of lasting directional move is resuming.”
Spot silver added 0.3% to $32.19 an ounce, platinum was steady at $957.89 and palladium lost 0.3% to $940.47.
Source – Reuters
Stocks recoiled on Wednesday, while safe-haven gold held near record highs as a nervous world awaited details of U.S. President Donald Trump’s tariff plans and investors fretted about the risks of an intensifying global trade war.
“Whatever’s announced today, I doubt very much will be the framework that’s in place in, say, nine months’ time because we know there’ll be negotiations around this,” Daiwa Capital economist Chris Scicluna said.
“It’s very difficult to predict with any confidence what the ultimate impact is going to be, whether broadly, economically, in terms of rates or in terms of stock markets,” he said.
“Investors are hoping for some clarity, and perhaps the start of the deal-making phase. But tariffs are already weighing on business sentiment, and this will probably feed through into lower global economic activity in the coming months,” said Ben Bennett, Asia-Pacific investment strategist at Legal & General Investment Management.
Source – Reuters
“These projections are supported by a rise in copper demand from the energy transition, electricity grids and a limited supply,” Claudia Rodriguez, Cochilco’s interim VP, said in a statement, adding that geopolitical tensions also played a role.
“Uncertainty about China’s economic recovery, tariffs implemented by the United States and the hardening of monetary policy could limit the demand for copper, affecting its price,” Rodriguez said.
It also expects Chile’s copper production to rise by 4.6% this year to 5.76 million tons and grow another 3.6% to 5.97 million tons in 2026.
Source – Mining.com
“Under the proposed law, the Texas Comptroller would issue gold and silver specie (coins) through the Texas Bullion Depository and also establish gold and silver transactional currency defined as ‘the representation of gold and silver specie and bullion held in the pooled depository account,’” wrote Mike Maharrey, Communications Director at the Tenth Amendment Center. “The Depository would be required to hold enough gold and silver to back 100 percent of the issued currency.”
If approved, the bills would enable “Holders of gold and silver specie and currency to use them as ‘legal tender in payment of debt,’ in the state of Texas,” he noted. “The gold and silver-backed currency would be electronically transferable to another person. Gold and silver-backed currency would be redeemable in specie or at the spot price of gold in U.S. dollars minus applicable fees.”
Source – KITCO News
Northeast Numismatics of Concord, Massachusetts, is the lone supplier of the special 2025-dated commemorative coin altered for this occasion. “We realized we were coming up on the 250th anniversary a few years ago and got the idea to do something special,” said Northeast owner Tom Caldwell.
The five-year (2021-25) First Amendment to the United States Constitution coin series concludes this month with the release of the final issue.
The $100 platinum proof coins are priced at $1,545, and mintage is limited to 9,000. To order, visit the U.S. Mint’s website.
Source – The Reading Room
“Trying to guess what happens next is a serious challenge.” CEO John McCluskey of Alamos Gold
Source – CNBC / Video
Gold Fields (NYSE:GFI) +4.2% pre-market Thursday after reporting a 42% jump in FY 2024 profit and saying it met revised full-year guidance after a stronger H2 performance.
Gold Fields (GFI) raised its dividend by 34% to a company record 10 rand/share ($0.54) per share, prompting CEO Mike Fraser to say the company may consider a share buyback program as a way to boost shareholder returns if the gold price remains elevated.
Source – Seeking Alpha
