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Gold up 2%, Silver up 4.1%

ByVictoria

Gold rose more than 2% on Monday to its highest in over three weeks, as a weakening dollar and a combination of geopolitical risks and economic uncertainty fuelled investor demand for safe-haven assets.

Spot gold was up 2.7% at $3,377.29 an ounce, as of 10:19 a.m ET (1419 GMT), after hitting its highest level since May 8 earlier in the session.

“The latest tariff threats on Friday, including plans to double steel and aluminium tariffs to 50% along with Ukraine’s weekend attacks deep into Russia, have heightened geopolitical risks and are fuelling risk-off sentiment,” said Peter Grant, vice president and senior metals strategist at Zanier Metals.

“For the gold forecast, this backdrop of risk aversion and fiscal uncertainty couldn’t be more favourable.”

Spot silver rose 4.1% to $34.31 an ounce, platinum was up 0.3% at $1,059.55 and palladium rose 1.2% to $982.40.

Source – Reuters

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    SA analyst World Gold Council stated: “While gold may face some consolidation due to the speed of its latest move, the combination of geopolitical and geoeconomic uncertainty, rising inflation, lower rates, and a weaker US dollar continue to provide powerful tailwinds to investment demand,”

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    One gold and four silver pieces are being made available for collectors, the Royal Mint said, and they will be presented through auction via Stack’s Bowers Galleries.

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    The shares of Hindustan Zinc surged nearly 6 percent to trade at Rs 496 apiece on June 5 on the back of a notable surge in silver prices in India.

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