Gold ETF posts sharp rally
The SPDR Gold Shares ETF was up 3.3% in morning trading, according to FactSet data, at last check. That brought its year-to-date gain to a massive 30.6%.
Source – Market Watch
Gold – Silver ratio 2025
The gold-silver ratio was just over 103:1. That means it takes about 103 ounces of silver to buy an ounce of gold.
This is slightly above the 1991 peak and not too far below the all-time high of 123:1 during the pandemic chaos in 2020.
Source – Money Metals
Gold to new record high
Gold surged above $3,400 to a record high on Monday, as the dollar weakened and uncertainty over the economic impact of U.S.-China trade tensions spurred demand for safe-haven bullion.
Spot gold rose 2.6% to $3,415.24 an ounce at 10:46 a.m. ET (1446 GMT). Prices hit a record high of $3,424.25 earlier in the session.
U.S. gold futures rose 3% to $3,426.30.
“As tariff tensions continue to move at a fevered pitch, we continue to see gold prices move to the upside as a safe haven response,” said David Meger, director of metals trading at High Ridge Futures.
Source – Reuters
Copper outputs up amid tariffs
BHP warned Thursday that a tariff war could slow the global economy and disrupt world trade, as the world’s biggest miner reported a slight decline in quarterly iron ore production and a 10% rise in copper output due to higher volumes from the giant Escondida mine in Chile.
“Despite the limited direct impact of tariffs on BHP, the implication of slower economic growth and a fragmented trading environment could be more significant,” CEO Mike Henry said. “China’s ability to shift toward a consumption-led economy and for trade flows to adapt to the new environment will be key to sustaining the global outlook.”
Source – Seeking Alpha
Silver in demand and up
On April 16, spot silver traded between $32.28 and $33.11. The white metal closed with a strong gain of 1.57 per cent at $32.90 as gold surged and the US Dollar Index and yields slumped.
Per Silver Institute, silver industrial demand rose 4 percent in 2024 to 680.5 million ounces (Moz), reaching a new record high for the fourth consecutive year.
Source – Business Standard
Gold is “uniquely positioned”
Spot prices hit another record high of $3,357.40 per troy ounce on Wednesday before falling back after Federal Reserve chair Jerome Powell said President Donald Trump’s tariffs were “significantly larger” than expected.
The Goldman analysts said that stresses in bond markets “increase our conviction that gold is uniquely positioned to hedge recession risk.”
The bank’s economists say there’s a 45% chance of a US recession in the next 12 months. If that happens, the analysts said gold could hit $3,880 by the end of the year — or even as much as $4,500 under certain scenarios.
Source – Markets Insider
Silver expected to rise in demand
The precious metal has gained nearly 12% in the year-to-date and is set to benefit from continued macroeconomic and geopolitical uncertainty, alongside potential U.S. interest rate cuts, according to the industry body’s World Silver Survey 2025.
“While ongoing uncertainties elsewhere, along with silver’s healthy supply-demand conditions, will offer support, we do see prices easing back in late 2025.”
Supply is expected to rise by just 2% and demand to ease by only 1%, setting the stage for a 117.6 million ounce deficit.
“We very much expect such a dynamic will emerge eventually, but we feel that a few more years of deficits are needed first to further erode above-ground silver inventories.”
Source – Market Watch
Gold hits another record high
Spot gold was up 2.2% to $3,299.85 an ounce as of 1107 GMT, after hitting a record high of $3,317.90 earlier in the session. U.S. gold futures gained 2.3% to $3,315.80.
“Trump’s trade war shows no signs of easing… sparking a fresh move towards safe havens and out of stocks,” said Ole Hansen, head of commodity strategy at Saxo Bank.
Spot silver rose 2% to $32.94 an ounce, platinum was up 0.1% to $960.85, and palladium gained 0.6% to $977.09.
Source – Reuters
Copper in a slump
London Metal Exchange (LME) three-month copper slumped to a 17-month low of $8,105 per metric ton on April 7 after China responded to U.S. tariffs in kind.
Citi, which now expects copper to hit $8,000 per ton over the next three months, warns that commodity markets are still not pricing the full potential impact on demand.
Copper as a macro play cannot but reflect the broader market concerns about the negative impact of an escalating trade war between the United States and China on the world economy.
But at a micro level, the specific threat of U.S. tariffs on the metal is pulling normal trade patterns out of shape and causing both LME and Shanghai exchange inventories to fall.
Source – Reuters
Gold and Silver Rs up
Gold of 99.5 per cent purity increased Rs 50 to reclaim its all-time high level of Rs 96,000 per 10 grams against the previous close of Rs 95,950 per 10 grams.
Silver prices climbed by Rs 2,500 to Rs 97,500 per kg on the back of fresh industrial demand.
“Gold prices remain steady near all-time highs, buoyed by a weakening dollar and persistent uncertainty surrounding US trade policy,” Chintan Mehta, Chief Executive Officer at Abans Financial Services, said.
Spot silver in the Asian market hours fell marginally at USD 32.32 per ounce
Source – Press Trust of India