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Gold steady, Platinum at its highest

ByVictoria

Gold prices were little changed on Wednesday as investors waited for the Federal Reserve’s policy decision and comments from Chair Jerome Powell, while platinum surged to a more than four-year peak.

Spot gold was steady at $3,387.89 an ounce by 1145 a.m. EDT (1545 GMT).

“The prevailing trend of seeking alternative stores of value beyond the U.S. dollar remains strong, driven by a growing desire for assets that are independent of external control,” said Ryan McIntyre, Managing Partner at Sprott Inc.

Spot silver fell 1% to $36.87 per ounce

Platinum added 3.5% to $1,306.68, highest since February 2021.

Source – Reuters

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    Gold prices and gold futures drop

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    Spot gold, which dipped 0.5% to $2,904.51 an ounce as of 1211 GMT, has gained over 10% year-to-date. It hit a record high of $2,956.15 on February 24.

    U.S. gold futures also dropped 0.5% to $2,912.10.

    “Gold seems to be experiencing profit-taking as investors closely watch tariff developments with prices trading toward $2,900 ahead of the non-farm payrolls report,” Lukman Otunuga, senior research analyst at FXTM, said.

    Platinum prices were flat at $964.68 per ounce.

    Spot silver dipped 0.7% to $32.39 an ounce and palladium shed 0.5% to $937.74.

    Source – Reuters

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    Gold futures hold record high

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    Investors are increasingly seeking safe-haven in hard assets like gold, silver, copper and platinum, historically viewed as stores of value in times of financial uncertainty, Saxo Bank’s Ole Hansen says in a note.

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    Futures (in finance) – Are contracts to buy or sell a specific underlying asset at a future date.

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    Ivanhoe Mines Unveils Independent Phase 2 and Phase 3 Expansion Studies

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    Mokopane, South Africa–(Newsfile Corp. – February 18, 2025) – Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) Executive Co-Chairman Robert Friedland and President Marna Cloete announced today that the company’s subsidiary, Ivanplats, and its partners, welcome the positive and significant results from two independent technical studies completed on the Phase 2 and Phase 3 expansions of the tier-one Platreef platinum, palladium, rhodium, nickel, gold, and copper mine in South Africa.

    Ivanhoe Mines’ Founder and Co-Chairman, Robert Friedland commented: “The results of these studies mark the culmination of three decades of tireless efforts by thousands of our people to discover, then delineate, and finally build a world-class, polymetallic mining complex that will have a life span of many human generations.

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    Fantastic study and very detailed article to fill your day with. -V. 🙂

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    Silver price strengthens dollar

    ByVictoria
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    Silver price (XAG/USD) hits a fresh weekly high to near $33.20 during North American trading hours on Wednesday. The white metal strengthens as the US Dollar (USD) extends its downside on the United States (US) credit rating erosion in the wake of large debt levels and escalated fiscal imbalances.

    Technically, a soft US Dollar makes the Silver price a value bet for investors. Additionally, concerns over US credit erosion improve the safe-haven demand of non-yielding assets, such as Silver.

    Source – FX Street

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    10lbs gold nugget up for auction

    ByVictoria
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    In 1979, a couple using a metal detector in the Kalgoorlie Goldfields of Western Australia located a massive gold nugget. Known today as the “Golden Beauty,” the nugget weighs in at nearly 10 pounds.

    It is currently on the auction block. According to Heritage Auctions, the opening bid was $400,000.

    At the current spot price, the gold is worth around $481,800.

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    Peru has high expectations for copper

    ByVictoria
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    Peru’s Energy and Mines Minister Jorge Montero expects mining investment in the world’s third-largest copper producer to reach $4.8 billion this year, and output of the red metal to be 2.8 million metric tons, he said on Tuesday.

    Source – Reuters