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Gold prices rise higher, tariff concerns

ByVictoria

Gold prices ticked higher on Tuesday as focus turned to U.S. jobs and inflation data, that could influence the Federal Reserve’s policy decision in the face of rising economic growth concerns. 

Spot gold (XAUUSD:CUR) +0.93% to $2,911.21 an ounce after hitting its lowest since March 3 in the previous session.

Meanwhile, worries over Trump’s tariff policies have also pushed safe-haven gold to a record high of $2,956.15 on February 24, as the metal is seen as a hedge against political risks and inflation.

Source – Seeking Alpha

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    Standoff continues for Congo copper mines

    ByVictoria
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    The $1.4 billion bid made by the Chinese defence and industrial giant in June stalled after Congo state miner Gecamines submitted its own unsolicited bid for the Chemaf assets, deepening a standoff that has been complicated by U.S. officials lobbying against China’s grip on the mineral-rich central African Copperbelt.

    Norinco has now proposed that the Democratic Republic of the Congo increase its interest in Chemaf’s Mutoshi and Etoile mines to as much as 15% from 5% currently – at no additional cost – subject to negotiations, said the sources, who asked to remain anonymous.

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    Norinco – also known as China North Industries Corporation. Within China it is known as China Ordnance Industries Group Corporation Limited

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    Gold rate in major cities in India

    ByVictoria
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    The second-largest consumer of gold in the country is India, after China. The country meets majority of its demand for gold through imports, along with locally recycled bullion.

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    All cities with gold rates listed in the link

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    Citi predicts 25% copper-specific tariff

    ByVictoria
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    Citi anticipates an eventual implementation of a 25% copper-specific tariff by the fourth quarter of 2025, following U.S. President Donald Trump’s executive order initiating an investigation into U.S. copper imports, the bank said in a note on Wednesday.

    Source – Reuters

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    Silver eagles to honor U.S. Army

    ByVictoria
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    A limited-edition, privy-marked Proof 2025-W American Eagle silver dollar prepared for release June 13 from the United States Mint celebrates the 250th anniversary of establishment of the Continental Army during the American Revolutionary War, on June 14, 1775.

    As of May 24, the Mint had not yet established pricing for the privy-marked American Eagle. The product is limited to an issue of 100,000 coins. Each household order is restricted  to three coins during the first 24 hours of sales, after which the limit will be lifted.

    The commemorative privy-mark — containing elements of the U.S. Army’s official seal — is positioned in the field behind Liberty, to the left of the Y in the inscription LIBERTY.

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    Congo gold miner pauses because of dispute on taxes

    ByVictoria
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    Twangiza Mining, a gold miner operating in the rebel-controlled South Kivu Province in the eastern Democratic Republic of Congo, said it has been ordered to suspend operations by the rebel administration, according to a company-wide letter seen by Reuters.

    Manu Birato, who was recently installed as M23 governor of the South Kivu Province, said Twangiza Mining must adapt to new regulations and pay taxes they have not been paying.

    “We are in talks with them and showing them that from now on they must start paying taxes,” Birato told Reuters.

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    President Trump will add copper to trade protection

    ByVictoria
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    U.S. Commerce Secretary Howard Lutnick said nothing would stop President Donald Trump’s expanded 25% tariffs on steel and aluminum until U.S. domestic production is strengthened, and that Trump will add copper to his trade protections.

    “We can’t be in a war and rely on steel and aluminum from some other country. I mean, it’s just not reasonable,” Lutnick said. “So the president wants steel and aluminum in America, and let me be clear, nothing is going to stop that until we’ve got a big, strong domestic steel and aluminum capability. And by the way, he’s going to add copper to that mix too.”

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