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Gold prices all – time high, $2,800 mark

ByVictoria

Spot gold steadied at $2,795.52 per ounce by 11:18 GMT, after hitting a record peak of $2,800.99 earlier in the session. Prices rose more than 6% for the month and 1% for the week.

“The rally could hold for as long as there is uncertainty in the market. A lot of today’s uncertainty stems from not knowing whether and how tariffs will be applied,” said WisdomTree commodities strategist Nitesh Shah.

“We see central bank buying as the strongest structural force in the gold market, underpinning our long-term constructive view,” said Carsten Menke, analyst at Julius Baer.

Source – Reuters

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    Silver prices showing momentum as US tariff Mexico and Canada

    ByVictoria
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    Putting tariffs on the world’s largest silver producer, Mexico, and a bullish seasonal window has woken the silver bulls.

    Silver is showing strong signs of bullish momentum, supported by seasonal demand, a favorable technical picture, and a fundamental catalyst in the form of tariffs on Mexico and Canada.

    Source – Barchart / Written by Don Dawson

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    Gold up .5%, Silver up .7%

    ByVictoria
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    Gold prices rose on Thursday, supported by a pullback in the dollar and the prospect of U.S. interest rate cuts later in the year, while investors awaited more details on U.S. President Donald Trump’s trade policy.

    Spot gold was up 0.5% to $3,328.23 per ounce by 0916 GMT. U.S. gold futures gained 0.5% to $3,336.90.

    “The passing of the One Big Beautiful Bill, unsettling trade (policies) and rate-cut expectations should be ‘dollar negative’ kind of events… gold should be favoured in that environment,” said WisdomTree commodities strategist Nitesh Shah

    Spot silver rose 0.7% to $36.59 per ounce, platinum gained 0.9% to $1,359.65, and palladium climbed 1.2% to $1,117.93.

    Source – Reuters

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    Chile in a “wait and see” mode

    ByVictoria
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    Chile’s place at the low-end of U.S. tariffs announced last week could be favorable for the world’s leading copper-producing country if U.S. President Donald Trump decides to slap tariffs on copper, Chile Mining Minister Aurora Williams said on Wednesday.

    Chile is in “wait-and-see” mode until the investigation concludes, Williams told Reuters, but sees potential for a positive outcome even if the U.S. imposes tariffs on copper.

    “If we assume that Chile is within the lowest tariff range, the application of a potential 10% tariff is lower than the tariffs we have seen for other copper-producing countries and therefore also generates a better price position,” Williams said

    Source – Reuters

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    African banks are getting into gold

    ByVictoria
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    Sub-Saharan African central banks that have added gold to their reserves in recent years could face price and liquidity crises if the value of the precious metal slides, BMI, a unit of Fitch Group, said on Wednesday.

    Ghana, Tanzania and Nigeria have been buying gold domestically to beef up their reserves, BMI said, a move accelerated by this year’s broader market volatility stoked by U.S. trade tariffs and other geopolitical risks.

    Policymakers in Kenya and Uganda are exploring a move into gold, Rwanda and Namibia have taken active steps towards adding the metal into their reserves.

    Governments could also struggle to convert their gold holdings into liquid assets like hard currencies, Gard said, pointing to India and Argentina when they faced acute balance of payments challenges in the 1990s and 2000s, respectively.

    Source – Reuters

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    Reserve Bank of India becomes more strict on gold loans

    ByVictoria
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    India’s central bank plans to ask lenders to follow stricter underwriting processes for gold loans and monitor the end-use of funds as it tries to cool growth in the fast-growing segment, seven people, including industry sources and those aware of the regulator’s thinking, said.

    “The RBI wants to ensure that the entities are following a standard protocol and any growth in the gold loan sector is not out of bounds,” one of the sources aware of the central bank’s thinking, said.

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    Gold bounces back after month long low

    ByVictoria
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    Markets initially dropped after Fed Chair Jerome Powell hinted at fewer rate cuts next year, but quickly recovered as investors recognized this aligned with recent expectations, said StoneX analyst Rhona O’Connell.

    “Gold sold off, showcasing once more that it is not an inflation hedge per se, but regained some lost ground on a threatened U.S. government shutdown,” said Carsten Menke, analyst at Julius Baer.

    Source – Reuters https://www.reuters.com/markets/commodities/gold-recovers-one-month-low-short-covering-2024-12-19/

    More!

    “Gold is reacting to a sharp rise in the U.S. dollar after a hawkish Fed cut,” said Michael Armbruster, co-founder and managing partner at Altavest. Source – Market Watch https://www.marketwatch.com/livecoverage/stock-market-today-dow-futures-rise-ahead-of-final-rate-decision-and-economic-forecast-of-the-year/card/gold-futures-decline-after-fed-announcement-WFThfHDv2mQxezfnO3an

    “Despite the pullback we’ve seen in gold prices following yesterday’s Fed statement, we believe gold’s positive momentum will continue in the short to medium term,” Manthey said by email. Source – CNBC https://www.msn.com/en-us/money/other/the-fed-s-hawkish-signal-sparked-gold-jitters-but-analysts-see-support-for-the-precious-metal-in-2025/ar-AA1wajju?ocid=socialshare