|

Gold prices fall, trade deal soon

ByVictoria

Gold prices fell on Thursday, reversing earlier gains, as U.S. President Donald Trump hinted at a potential trade deal with Britain, easing trade tensions and reducing the precious metal’s appeal as a safe-haven investment.

Spot gold was down 0.7% to $3,342.22 an ounce, as of 1157 GMT. U.S. gold futures slipped 1.3% to $3,347.90.

“As it becomes confirmed that there is some sort of trade deal in the wings that could help to firm up the dollar a bit and take some of the steam off of gold,” said Nitesh Shah, commodities strategist at WisdomTree.

Spot silver eased 0.2% to $32.40 an ounce, platinum gained 0.6% to $979.91 and palladium fell 0.2% to $970.91.

Source – Reuters

Similar Posts

  • /

    Robert Kiyosaki says silver will reach $70

    ByVictoria
    0 Comments

    Robert Kiyosaki urges investors to ditch “fake money” and start saving silver, gold, and Bitcoin — calling silver the top asset for the next two months and predicting it could hit $200.

    “Silver for the next two months is the best of the three, gold, silver, and Bitcoin,” he said. “Today silver is about $35 an ounce. I believe silver may soon be $70 an ounce this year and $200 in a year or two.”

    “The best news is, almost everyone in the world can afford at least 1 silver coin today….but not tomorrow,”

    Source – The Street

    Robert Kiyosaki – is an American Businessman and author most notably for his “Rich Dad Poor Dad” series of personal finance books.

  • /

    Gold bounces back after month long low

    ByVictoria
    0 Comments

    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

  • / /

    Gold up 2%, Silver up 4.1%

    ByVictoria
    0 Comments

    Gold rose more than 2% on Monday to its highest in over three weeks, as a weakening dollar and a combination of geopolitical risks and economic uncertainty fuelled investor demand for safe-haven assets.

    Spot gold was up 2.7% at $3,377.29 an ounce, as of 10:19 a.m ET (1419 GMT), after hitting its highest level since May 8 earlier in the session.

    “The latest tariff threats on Friday, including plans to double steel and aluminium tariffs to 50% along with Ukraine’s weekend attacks deep into Russia, have heightened geopolitical risks and are fuelling risk-off sentiment,” said Peter Grant, vice president and senior metals strategist at Zanier Metals.

    “For the gold forecast, this backdrop of risk aversion and fiscal uncertainty couldn’t be more favourable.”

    Spot silver rose 4.1% to $34.31 an ounce, platinum was up 0.3% at $1,059.55 and palladium rose 1.2% to $982.40.

    Source – Reuters

  • / /

    Missouri passes bill on gold and silver

    ByVictoria
    0 Comments

    The Missouri legislature has passed a bill that would allow the state government to accept gold and silver as payment for taxes and other transactions

    The legislation, led by Republicans, would require state government entities to accept electronic versions of gold and silver, called “electronic specie currency,” as payment for taxes and public debts. The bill doesn’t require businesses to accept gold and silver as payment for private uses, but it would allow them to do so.

    “The goal is about restoring economic and political freedom back to everyday Missourians,” state Rep. Bill Hardwick (R) said.

    Source – Just The News

  • /

    Copper futures up, copper market awaits investigation

    ByVictoria
    0 Comments

    Copper, yet to be included in Donald Trump’s widening list of tariff-hit products, continues to rally on the assumption that it is just a matter of time, Saxo Bank said in a note, as it sees a sooner-than-expected tightening of the global market.

    Copper futures (HG1:COM) are up 2.8% so far this week, and 6.3% for the month. 

    The copper market is still awaiting the result of an investigation carried out under Section 232 of the Trade Expansion Act.

    “As such an investigation normally takes months to be completed, it has left the door wide open for a massive profitable arbitrage between international prices and those in the U.S. being reflected through the High Grade futures contract in New York.”

    Source – Seeking Alpha

  • /

    Copper tariff in effect August 1

    ByVictoria
    0 Comments

    U.S. President Donald Trump sprang a double surprise on the copper market when he announced import tariffs of 50% effective next month.

    The August 1 start date signals the end of the race to ship physical metal to the United States to capture the tariff arbitrage.

    A lucky few with cargoes already afloat may yet cross the finishing line in time, but the physical tariff trade is rapidly unwinding.

    The LME benchmark spread is now in a comfortable contango of $66 per ton, compared with a backwardation of more than $300 per ton at the end of June.

    Source – Reuters