Looking for another sign of how nervous investors are about tariffs? Copper prices plummeted 7% Friday to about $4.50 a pound in New York. Copper has plunged nearly 15% since hitting a 2025 peak price of about $5.25 in late March. But copper is still up about 13% this year. That may not last much longer.
Source – Barrons
Spot gold was down 0.4% at $3,101.01 an ounce, as of 0710 GMT. Still, bullion was on track for a fifth consecutive weekly gain, buoyed by its safe-haven appeal that aided gold to reach three record highs this week.
“Gold tends to rally amid difficult-to-price uncertainty – like the start of a war – but tends to lose that support once markets learn how to price the risks involved,” said Ilya Spivak, head of global macro at Tastylive.
“The Trump administration seems to have picked a road, and while sentiment clearly doesn’t like it, at least the path of least resistance is more visible and easier to price. That is trimming some of gold’s “market confusion” premium.”
Spot silver declined 1.5% to $31.4 an ounce, platinum lost 0.8% to $944.80, and palladium was steady at $928.33.
Source – Reuters
The safe-haven Japanese yen strengthened on Monday while gold pushed to a fresh peak as traders worried that U.S. President Donald Trump’s tariffs would ignite inflation and crimp economic growth.
The yen was up as much as 0.74% at 148.735 per U.S. dollar at one point on Monday, and was last 0.46% stronger at 149.145.
The Swiss franc, another traditional safe haven, started the day by rising 0.3% to 0.8775 per dollar.
The Canadian dollar was flat at C$1.4321 per greenback.
Mexico’s peso slipped 0.45% to 20.4364 per dollar.
Cryptocurrency bitcoin lost 1% to $81,703.
Source – Reuters
Gold’s price (XAU/USD) is jumping higher as buyers dig into the precious metal on Monday, printing several fresh all-time highs above $2,900 at the time of writing.
The Pivot Point level on Monday is the first nearby support at $2,866, followed by the S1 support at $2,846. From there, S2 support should come in at $2,832.
Source – FXStreet
Anglo American said it does intend to sell the remainder of its retained shares over time, and said that it will not hold any representation on the Anglo American Platinum board after the split.
Source – Morning Star
Three-month copper on the London Metal Exchange (LME) rose 0.1% to $8,949.5 a metric ton in official open-outcry trading.
Adding further pressure, the International Copper Study Group said on Friday that the global refined copper market was in a 287,000 metric ton surplus for the first 10 months of 2024.
With a mean reversion strategy in play, copper is likely to strengthen back above the crucial $9,000 mark, Sucden Financial analysts said.
Source – ZAWYA
Source – MSN