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Gold prices and gold futures drop

ByVictoria

Spot gold, which dipped 0.5% to $2,904.51 an ounce as of 1211 GMT, has gained over 10% year-to-date. It hit a record high of $2,956.15 on February 24.

U.S. gold futures also dropped 0.5% to $2,912.10.

“Gold seems to be experiencing profit-taking as investors closely watch tariff developments with prices trading toward $2,900 ahead of the non-farm payrolls report,” Lukman Otunuga, senior research analyst at FXTM, said.

Platinum prices were flat at $964.68 per ounce.

Spot silver dipped 0.7% to $32.39 an ounce and palladium shed 0.5% to $937.74.

Source – Reuters

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Silver Price Forecast

ByVictoria
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Silver price (XAG/USD) continues its upward momentum for the third consecutive session, hovering around $33.30 per troy ounce during Asian trading hours on Thursday. 

Demand for dollar-denominated Silver could rise as the US Dollar (USD) remains under pressure due to cooling inflation. A weaker Greenback makes commodities more affordable for foreign buyers

Source – FXSTREET

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San Francisco Mint might close

ByVictoria
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President Trump and the Elon Musk-led Department of Government Efficiency (DOGE) have now targeted the San Francisco Mint for closure in a bid to sell the real estate on which the National Register of Historic Places structure stands, theoretically to reduce government expenses.

Mint-wide, the bureau has already trimmed more than 100 full-time staffers, with an edict from DOGE to trim another 200, while the bureau wrestles with vacancies, some of which still need to be filled. Many of the positions trimmed were resolved through resignations and retirements.

Closing the San Francisco Mint could affect the production of many numismatic products, such as Proof sets, silver Proof sets, Proof commemorative coins and Matte silver presidential medals.

Source – Coin World

Barrick gold seeks arbitration to settle disagreement with Mali

ByVictoria
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Barrick is a sector leading gold and copper production. One of the biggest in the world and comes in at 2nd in gold mining.

“The miner this week threatened to suspend operations in Mali over deteriorating mine conditions. Jefferies analysts wrote in a note this week that closure of the mine would reduce Barrick’s earnings before interest, taxes, and amortization by 11% next year.”

“Mali, under interim President Assimi Goita, has increased pressure on western miners in a bid to raise its revenue share from gold mines. In the last two months, the junta has detained senior executives of western miners, including employees of these companies for alleged non-payment of mining taxes.” Source – https://www.msn.com/en-ca/money/economy/barrick-gold-seeks-arbitration-over-mali-gold-mine-dispute/ar-AA1w6s2W?ocid=socialshare

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Australia’s Gold Road rejects Gold Fields proposal

ByVictoria
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Australia’s Gold Road Resources rejected a $2.1 billion takeover proposal from Gold Fields, calling the offer opportunistic following a drop in quarterly production.

The all-cash proposal was made earlier this month against a backdrop of surging gold prices, which recently surpassed $3,000 a troy ounce for the first time as economic uncertainty fuels demand for the metal as a perceived safe haven.

“Gold Fields will continue to seek the engagement of the Gold Road board to consider the merits of the proposed acquisition and to advance the proposal,” said Mike Fraser, chief executive of Gold Fields.

Source – Wall Street Journal

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Gold eases as dollar ticks up; Trump policies in spotlight

ByVictoria
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“With a stronger dollar and Treasury yields, it’s hard for gold to continue to move higher,” said Bob Haberkorn, senior market strategist at RJO Futures.

“(Gold) bulls’ next upside price objective is to produce a close above solid resistance at the contract high of $2,826.30,” Jim Wyckoff, senior market analyst at Kitco Metals, said.

Source – Reuters