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Gold prices above $3000 for the second time

ByVictoria

Gold prices scaled a record peak above the crucial $3,000-mark on Tuesday for the second time in a week, as investors sought cover from economic concerns fuelled by U.S. President Donald Trump’s tariff policies.

Spot gold rose 0.2% to $3,006.88 an ounce as of 0525 GMT after hitting a record high of $3,016.92 per ounce earlier in the session.

“Gold is moving higher on account of a weaker dollar and continued tariff uncertainties… With Gold at record highs there is a lot of technical and chart based buying that kicks in since there is no resistance apparent on the charts,” said Marex analyst Edward Meir.

Spot silver firmed 0.1% to $33.85 an ounce, platinum added 0.2% to $1,002.50 and palladium rose 0.4% to $968.96.

Source – Reuters

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    “In our bull case, we see gold prices reaching $3,500 per ounce by year-end, underpinned by much higher hedging/investment demand on fears of US hard landing/stagflation,” analysts at Citi said in a note.

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    Gold Holds Near Record, Silver rallied

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    Silver climbed as much as 3.1% to exceed $33 an ounce, while gold headed for a seventh weekly gain — the longest run since August 2020.

    The president has already imposed 10% levies on Chinese goods and plans to slap 25% duties on all US steel and aluminum imports next month.

    Spot silver rose 2.9% to $33.284 an ounce by 1:20 p.m. in London, taking this week’s gains to 4.6%. The Bloomberg Dollar Spot Index fell 0.2%. Gold, platinum and palladium were little changed.

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    Gold steady, tariff announcement

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    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

  • Over the Weekend!

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    The Price Of Gold From 2021-22 Has Long Rejected ‘Bidenflation’

    Considering the price of gold throughout 2021, it averaged out to roughly $1,798/ounce, meaning the value of the dollar actually rose around 3 percent right at the time that the economy-sapping tax that is government spending continued under Biden, and allegedly caused “inflation.” To be clear, government spending is the worst tax of all exactly because it substitutes central planning of resources by the government for that of the private sector. Still, it logically doesn’t cause higher prices, or “inflation,” and it didn’t if gold is to be believed.

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    Hope you had a LOVEly Valentines weekend!

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    Gold hits one-month high

    ByVictoria
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    Gold prices surged to a one-month peak on Thursday, nearing $2,700 per ounce, as softer U.S. inflation data fueled hopes of lower interest rates in 2025. Spot gold rose to $2,697.45 an ounce, while February gold futures climbed 0.4% to $2,728. Lower rates enhance gold’s appeal by reducing the opportunity cost of holding non-yielding assets.

    Other precious metals saw mixed movement: platinum futures dipped 0.1% to $948.15 an ounce, while silver edged up 0.3% to $31.622.

    Copper prices steadied after recent gains, with London futures rising 0.3% to $9,192.50 per ton.

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  • Copper giant Peru foresees another production plateau in 2025

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    Peruvian copper production is expected to remain flat in 2025 for the third straight year, according to the country’s top mining association and industry analysts, as declining ore grades and a lack of new projects cap output.

    Peru’s top mining association SNMPE expects the country’s 2025 copper output to hit around 2.8 million metric tons, matching 2023 and what is expected for 2024, as miners contend with poorer-quality resources and development bottlenecks for new projects.

    “By 2025, Peruvian copper production is expected to be similar to this year’s expected 2.8 million tons,” said Victor Gobitz, SNMPE’s head, in an interview last week.

    Source – Reuters