| |

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

Similar Posts

  • / /

    Gold and Silver headed for weekly gain

    ByVictoria
    0 Comments

    “The latest run-up in prices—in gold to an 11-week high near last year’s record, and silver towards resistance around USD 31—was triggered by Trump’s threat to impose tariffs on some of its major trading partners, including Canada, Mexico, Europe, and China.”

    “Silver continues to recover from the deep end-of-year correction that saw the white metal tumble 17% from a 12-year high at $34.87 to a December low at $28.74. Besides renewed demand from wrong-footed short sellers in the futures market at the start of the year, prices have also been supported by… the fundamental outlook for a fifth consecutive annual supply deficit.”

    Source – Seeking Alpha

  • /

    LME copper spreads surge to premium on short covering

    ByVictoria
    0 Comments

    The spread between the cash LME copper contract and benchmark three-month futures spiked to a premium for the first time in 19 months on Friday.

    It rocketed to $249 a metric ton, the highest since November 2021, compared to a discount, or contango, of $119 two days ago.

    Copper prices on COMEX have surged as investors seek to price in potential tariffs, with the premium of COMEX over LME at $1,050 a ton on Friday, down from a record peak of $1,153 a day earlier.

    Source – Mining.com

  • /

    Presidential dollars and First Spouse gold coins legislation extension

    ByVictoria
    0 Comments

    A flurry of legislative activity in both chambers of Congress in February includes more than a half dozen bills, one of which seeks an extension of production of Presidential dollars and First Spouse gold coins.

    S. 633, introduced Feb. 19 by Sen. Catherine Cortez Masto, D-Nevada, seeks to extend the Presidential dollar and First Spouse gold coin series to include deceased presidents and their spouses not yet honored.

    Jimmy Carter Presidential dollars would be authorized to be struck with a circulation finish in bags and rolls offered for sale from the Denver and Philadelphia Mints, and Uncirculated finish versions from both production facilities and Proof coins from the San Francisco Mint.

    For the First Spouse gold coins, Proof and Uncirculated versions would be produced as numismatic products at the West Point Mint bearing the facility’s W Mint mark.

    Source – Coin World

  • / / /

    Gold fell, Silver up, Platinum up 1.7%

    ByVictoria
    0 Comments

    Gold prices edged lower on Thursday, weighed down by easing geopolitical tensions in the Middle East and continued uncertainty over the Federal Reserve’s interest rate trajectory.

    Spot gold fell 0.5% to $3,316.47 per ounce, as of 0933 a.m. EDT (1333 GMT). U.S. gold futures slipped 0.4% to $3,329.20. 

    Palladium lost 2.5% to $1,084.41. Platinum climbed to its highest level since September 2014, adding 1.7% to $1,377.62.

    Spot silver was up 0.2% to $36.39.

    Source – Reuters

  • /

    Central banks back at it, jewelry fell

    ByVictoria
    0 Comments

    Central banks worldwide are on track to buy 1,000 metric tons of gold in 2025, which would be their fourth year of massive purchases as they diversify reserves from dollar-denominated assets into bullion, consultancy Metals Focus said.

    The price rally has so far kept purchases by central banks, a crucial category of demand, unaffected with the first-quarter buying in line with the 2022-24 quarterly average, Metals Focus said in its annual report on Thursday.

    Jewelry demand for bullion has been hit hard by the price rally. Gold jewelry fabrication fell 9% to 2,011 tons in 2024 and is expected to deliver a 16% slump this year with India and China accounting for much of this decline.

    Source – Reuters

  • Copper giant Peru foresees another production plateau in 2025

    ByVictoria
    0 Comments

    Peruvian copper production is expected to remain flat in 2025 for the third straight year, according to the country’s top mining association and industry analysts, as declining ore grades and a lack of new projects cap output.

    Peru’s top mining association SNMPE expects the country’s 2025 copper output to hit around 2.8 million metric tons, matching 2023 and what is expected for 2024, as miners contend with poorer-quality resources and development bottlenecks for new projects.

    “By 2025, Peruvian copper production is expected to be similar to this year’s expected 2.8 million tons,” said Victor Gobitz, SNMPE’s head, in an interview last week.

    Source – Reuters