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Gold, Silver, and Platinum down

ByVictoria

Gold prices eased on Thursday, pressured by a firmer U.S. dollar, as investor worries eased temporarily after President Donald Trump said he did not plan to oust Federal Reserve Chair Jerome Powell.

Spot gold was down 0.6% at $3,335.77 per ounce, as of 0958 GMT. U.S. gold futures fell 0.8% to $3,331.30.

“Yesterday, gold prices rose on the back of these rumours, which were unfounded. Since the rumours were quelled, prices have been falling,” said Nitesh Shah, commodities strategist at WisdomTree.

“I think if we come out of (the tariff deadline of) August 1 with much better trade deals, then that could be gold price-negative,” Shah said.

Spot silver fell 0.4% to $37.77 per ounce. Platinum lost 0.3% to $1,412.78 and palladium eased 0.6% to $1,223.03.

Source – Reuters

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    Gold and Silver : Experts predict 10% – 25% rally

    ByVictoria
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    “Given the current scenario, central banks are likely to continue diversifying their reserves with gold for financial and strategic reasons,” ICICI Securities stated in its report.

    Pankaj Pandey, Head of Research at ICICI Securities, noted, “We anticipate fresh investment demand for gold in 2025 as investors seek a store of value amidst trade war anxieties.”

    Silver is poised to outperform gold in 2025, supported by strong industrial demand from green energy applications, including photovoltaics and electric vehicle (EV) electrification, said ICICI.

    Source – Live Mint

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    Goldman Sachs raises gold forecast again

    ByVictoria
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    Analysts led by Lina Thomas moved their gold forecast for the end of 2025 to $3,300 an ounce, from $3,100.

    Gold futures rose 1.3% to $3,060.70 an ounce, buoyed by uncertainty over new auto tariffs announced by the White House on Wednesday. 

    On Tuesday, Bank of America lifted its gold-price forecast to $3,500 from $3,000. As with Goldman, their analysts cited central bank and ETF demand, but also pointed out that China’s insurance industry is getting a regulatory push to buy more.

    Source – Market Watch

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    Spot gold down 1.3%

    ByVictoria
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    Spot gold was 1.3% down at $2,840.25 an ounce by 10:42 a.m. ET (1542 GMT). Bullion has so far lost 3.2% for the week, its steepest weekly fall since November.

    “I think the main element impacting the gold and silver markets is the profit-taking in week-long liquidation (and) the strong U.S. dollar index,” said Jim Wyckoff, a senior market analyst at Kitco Metals.

    Spot silver fell 0.9% to $30.97, platinum lost 1.1% to $938.50 and palladium slipped 1.5% to $906. All three metals’ prices looked set for monthly declines.

    Source – Reuters

  • “Richest shipwreck” gold coins confirmed

    ByVictoria
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    Experts have confirmed that dozens of gold coins scattered across the ocean floor off the coast of Colombia belonged to the San José, an ill-fated Spanish treasure galleon that sank over 300 years ago during a battle with British warships. The findings were published on June 10 in the journal Antiquity.

    The 64-gun, three-masted Spanish flagship alone carried as much as 200 tons of treasure with a modern value estimated as high as $17 billion by today’s standards.

    The key pieces of evidence were dozens of rough gold coins sitting on the ocean floor. The treasure had an average diameter of 1.3 inches and each weighed around one ounce.

    “Hand-struck, irregularly shaped coins—known as cobs in English and macuquinas in Spanish—served as the primary currency in the Americas for more than two centuries,” Daniela Vargas Ariza, a maritime archeologist and the study’s lead author said in a statement.

    Source – Popular Science