|

Gold update, up 1.6%

ByVictoria

Gold prices rebounded on Thursday as investors bought bullion following a sharp decline in the previous session, while the focus remains on U.S.-China trade tensions.

Spot gold was up 1.6% at $3,338.79 an ounce, as of 1140 GMT. Bullion fell as much as 3% on Wednesday in its worst daily performance since late November.

“Gold’s pullback earlier has cleared some of the froth from its latest surge. That, in turn, attracted some buy-the-dip action amid still-persistent global trade war fears,” said Han Tan, chief market analyst at Exinity Group.

“Given the still-evident tailwinds for this precious metal, gold bugs could ultimately conquer the $3,500 level with conviction.”

Spot silver fell 0.3% to $33.44 an ounce, platinum was steady at $972.15 and palladium was down 0.2% at $942.28.

Source – Reuters

Similar Posts

  • /

    Ero Copper Corp. Advances While Market Declines

    ByVictoria
    0 Comments

    In the latest market close, Ero Copper Corp. (ERO) reached $13.17, with a +1.15% movement compared to the previous day. The stock outperformed the S&P 500, which registered a daily loss of 0.27%. On the other hand, the Dow registered a loss of 0.51%, and the technology-centric Nasdaq increased by 0.03%.

    The the stock of company has fallen by 6.67% in the past month, lagging the Basic Materials sector’s gain of 7.68% and the S&P 500’s gain of 4.27%.

    The company’s earnings report is set to go public on March 6, 2025.

    Source – Zacks.com

  • / /

    Glencore’s Steelmaking Company production fell

    ByVictoria
    0 Comments

    Glencore’s steelmaking coal production in the first half soared following the integration of Elk Valley Resources, but copper and gold output fell.

    Elk’s contribution pushed first-half production expressed in copper equivalents up 5%. This is despite copper production falling 26% to 343,900 tons and gold output dropping 18% to 301,000 ounces.

    The FTSE 100-listed company said it was confident that it can deliver its full-year production guidance but tightened the ranges of some of its commodities to reflect its performance to date.

    Source – The Wall Street Journal

  • /

    China copper imports fall

    ByVictoria
    0 Comments

    China’s unwrought copper imports declined by 7.2% year-on-year to 837,000 metric tons in the first two months of 2025, customs data on Friday showed, due to increased domestic smelting capacity that reduced the need for additional imports.

    Deliverable copper stocks on the Shanghai Futures Exchange stood at 268,337 tons on February 28, more than double the 83,174 tons recorded on January 3.

    Source – Reuters

  • /

    Trump metals tariffs propel gold, China steel under pressure

    ByVictoria
    0 Comments

    China, the biggest steel maker, is not a top direct exporter of steel to the U.S. but Trump said that China’s exports had forced others to ship more to the U.S., while rising imports “support a conclusion” of transshipment or processing of steel products via third party countries into the U.S.

    “Today is a great day for the U.S. aluminum industry,” said Mark Duffy, president of the APAA.

    “Unfair trade practices have devastated the domestic aluminum industry and President Trump’s actions today will protect thousands of American workers and their families.”

    Source – Reuters