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Gold Rate Today

ByVictoria

Spot gold fell 0.9% to $2,776.05 per ounce by 0303 GMT after prices hit a record peak at $2,817.23 on Friday. US gold futures were 0.9% lower at $2,810.80.

“Gold has support at $2774-2760 while resistance is at $2817-2832. Silver has support at $31.15-30.95 and resistance is at $31.65-31.80. In rupee terms, gold has support at Rs 81,980-81,710, while resistance is at Rs 82,070-82,350. Silver has support at Rs 92,710-92,050 while resistance is at Rs 93,980-94,570,” said Rahul Kalantri, VP Commodities, Mehta Equities.

Source – The Economic Times

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Trump singles out copper as a focus of his domestic minerals policy

ByVictoria
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President Donald Trump is taking a step toward granting the U.S. mining industry’s biggest wishes by singling out one metal as a focus of his domestic minerals policy: copper.

From talk of acquiring Greenland and its vast mineral wealth to prodding Ukraine for minerals in exchange for help fending off Russia’s invasion, Trump has made the raw materials of modern life a pillar of his foreign policy.

“Copper is, I think, the metal that is really the most critical because it is the electricity metal,” said Debra Struhsacker, a mining industry policy consultant. “The electricity demand is, I think, going to stay. And copper is indispensable for that.”

“Made in America, America first, starts with American mining and American miners that supported this president across the country,” National Mining Association president and CEO Rich Nolan said.

Source – The Associated Press

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Gold’s price gains jewellery demand

ByVictoria
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A 12% y/y drop in Q4 gold jewellery consumption to 547t- took the annual total down to 1,877t, down 11%, as unrelenting gold price strength impacted consumers’ ability to buy, the World Gold Council (WGC) said in a report on Wednesday.

For 2025, the WGC said central banks and “ETF investors likely to drive demand with economic uncertainty supporting gold’s role as a risk hedge, but on the flipside, keeping pressure on jewellery.”

Source – Seeking Alpha

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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