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Gold slips, Dollar gains

ByVictoria

Gold prices fell sharply by Rs 1,000 to Rs 98,400 per 10 grams in the national capital on Monday, amid a weak global trend and optimism surrounding a possible US-China trade agreement, according to media reports citing the All India Sarafa Association.

“Gold prices continued to decline as easing US-China trade tensions boosted investors’ risk appetite, reducing demand for safe-haven assets like bullion while a stronger dollar added downward pressure,” said Chintan Mehta, Chief Executive Officer of Abans Financial Services, as quoted in media reports.

“Rising geopolitical tensions could limit gold’s downside. As war risks escalate and new conflicts emerge, investors are likely to seek refuge in gold.”

Source – Kashmir Life

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    Freeport-McMoRan hopes copper will be declared “critical mineral”

    ByVictoria
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    Freeport-McMoRan (FCX.N), opens new tab hopes U.S. President Donald Trump declares copper a critical mineral, a move that would unlock tax credits needed to boost American production of the red metal and offset global rivals, CEO Kathleen Quirk said on Monday.

    “Having the incentives and clarity around those would be a big plus for the domestic copper industry,” said Quirk, who became CEO of Phoenix-based Freeport last year.

    “People are understanding more what copper is used for and its importance in our economy. It’s just a matter of time before it’s classified as a critical mineral.”

    “We’re not looking for handouts, but if the government is trying to incentivize domestic production, it’s important to recognize that the U.S. doesn’t have the same grades that we have internationally,” said Quirk.

    Source – Reuters

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    Gold bounces back after month long low

    ByVictoria
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    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

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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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    Platinum supply and demand forecast

    ByVictoria
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    Platinum demand outpaced supply by 995,000 ounces last year. That was 46 percent higher than forecast.

    Meanwhile, platinum jewelry sales grew by 8 percent in 2024, and investment demand took off, rising by 77 percent.

    The WPIC forecasts that jewelry demand will reach 2 million ounces this year, an increase of 2 percent year-on-year.

    Source – Money Metals

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    Silver will get to $35….eventually

    ByVictoria
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    The Thursday session sees a bit of consolidation in the silver market, as we are not trying to digest further gains from the Wednesday session. At this point, the market looks as if it want to go to the $35 level eventually.

    Silver is a metal that I would be a buyer on dips because it is a precious metal. It’s a way to protect wealth, but it’s also an industrial one.

    Source – FX Empire

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    Gold gained .4%, market “choppy”

    ByVictoria
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    Spot gold gained 0.4% to $3,312.05 an ounce by 08:56 a.m. EDT (1255 GMT), after hitting a session low of $3,285.19 on Tuesday.

    U.S. gold futures rose 0.3% to $3,310.60.

    “The gold market has been kind of choppy recently, just reacting to fresh daily fundamental news events with no real trending price action. In the near term, market top is in place,” Jim Wyckoff, senior analyst at Kitco Metals, said.

    Goldman Sachs recommended on Wednesday a higher-than-usual allocation to gold in long-term portfolios, citing elevated risks to U.S. institutional credibility, pressure on the Fed, and sustained central bank demand.

    Spot silver fell 0.3% to $33.20 an ounce, platinum firmed 0.8% to $1,088.65 and palladium eased 0.6% at $972.36.

    Source – Reuters