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Gold up .6%, dollar weak

ByVictoria

Spot gold was up 0.6% at $3,373.09 an ounce, as of 0552 GMT. U.S. gold futures gained 1.5% to $3,393.80.

The weakness in the dollar index serves as a strong catalyst, said Kelvin Wong, a senior market analyst, Asia Pacific at OANDA, adding that a “bullish breakout” of the $3,346 resistance triggered technical buying.

Spot silver was up 0.4% at $36.38 per ounce, platinum rose 1.2% to $1,271.15, still hovering near a more than 4-year high, while palladium was down 1.1% at $1,068.19.

Source – Reuters

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    2 new gold ETFs launched

    ByVictoria
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    New Delhi, Jul 10 (PTI) Gold Exchange Traded Fund (ETF) attracted a net sum of Rs 2,081 crore in June, making it the highest monthly inflow in five months, driven by resilient prices of the yellow metal, geopolitical uncertainties and volatility in equity markets.

    “The robust inflows in June indicate a decisive shift in sentiment, likely supported by resilient gold prices, geopolitical uncertainties, and volatility in equity and fixed income markets, which have revived gold’s appeal as a safe-haven asset,” Nehal Meshram, Senior Analyst-Manager Research, Morningstar Investment Research India, said.

    In June, two new Gold ETFs were launched, collectively mobilising Rs 41 crore.

    “While the fund mobilisation through new launches remained modest, it adds to the broader recovery in flows and reflects steady investor interest in the asset class,” Meshram said.

    Source – rediff

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    Indonesia trade ministry supports extending Freeport’s copper export permit

    ByVictoria
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    Freeport’s last export permit expired at the end of 2024, but the company has requested it can continue selling copper concentrate abroad because its local copper smelter was in repair after a fire in October last year.

    “The trade ministry supports a plan to relax the export policy after weighing the cost and benefit analysis … while also observing the sustainability of the government’s natural resource downstreaming policy,” deputy minister Dyah Roro Esti said in a statement.

    Freeport Indonesia said that it’s currently negotiating with the government over the export permit and believed the government “would accommodate” it.

    Source – Mining.com

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    Gold, Silver and Platinum move above level

    ByVictoria
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    Gold tests historic highs as the strong rally continues.

    A move above the $2850 level will open the way to the test of the $2900 level.

    In case silver stays above the $32.00 level, it will head towards the next resistance at $32.75 – $33.00.

    In case platinum settles back above the $1000 level, it will move towards the resistance level at $1025 – $1030.

    Source – FXEMPIRE

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    Global Coin Announces Exclusive 2025 1oz Gold Eagles

    ByVictoria
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    Global Coin offers the 2025 1oz Gold Eagle in flawless NGC MS70 condition at dealer cost, including shipping and taxes. Early buyers receive a free 2025 Silver Eagle. Backed by an ironclad 30-day return policy, this exclusive promotion ends January 31, 2025.

    To mark this special occasion, Global Coin is offering the Gold Eagle in flawless NGC MS70 condition for the dealer cost of $2,790, including shipping and taxes, through the end of January.

    Promotion Details:

    • Duration: Offer valid through January 31, 2025, or while supplies last.
    • Bonus: A free 2025 Silver Eagle for the first 100 Gold Eagle buyers.
    • Quality: All coins are certified in flawless Mint State 70 condition, representing the highest standards of coin grading.
    • Shipping & Taxes: Included in the purchase price for seamless transactions.

    Source – Business Insider / Markets Insider

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    Over the weekend!

    ByVictoria
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    ‘Pivotal Moment’—Coinbase CEO Predicts When Bitcoin Price Could Flip Gold’s $18 Trillion

    “Any country with gold reserves should be holding at least 11% of that amount in bitcoin reserves,” Armstrong posted to X in response to criticism of Trump’s plan for a national bitcoin reserve. “And I believe in the next five to 10 years bitcoin’s market cap will likely surpass gold. So these reserves should grow to exceed gold.”

    “We’re gonna do something great with crypto because we don’t want China, or anybody else … but others are embracing it, and we want to be ahead,” Trump told CNBC.

    Source – Forbes

    Korea Zinc’s shares rose sharply

    The stock climbed 12% on Friday, its steepest one-day gain in nearly two months, outperforming the benchmark Kospi index’s 0.85% rise.

    The extraordinary shareholders’ meeting had initially been called by private-equity firm MBK Partners and Korea Zinc’s major shareholder Young Poong, which have teamed up and increased their combined stake to more than 40% since September for control of the smelter, to reshape its board and management led by Chairman Yun B. Choi.

    Source – The Wall Street Journal

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    Gold, Silver, and Platinum down

    ByVictoria
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    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