Peru’s mining ministry on Friday said copper output in 2024 amounted to 2,736,150 metric tons, down 0.7% from 2023. The drop marked the copper giant’s first decline after four straight years of recovery following the pandemic.
Source – Mining.com
Many people know gold does well when the economy is turbulent—but gold performed in 2024 for additional “nonfinancial, geopolitical” reasons.
Source – The Jerusalem Post reported/written by Augusta Precious Metals
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Source – The Charlotte Observer
Spot gold gained 0.4% to $3,312.05 an ounce by 08:56 a.m. EDT (1255 GMT), after hitting a session low of $3,285.19 on Tuesday.
U.S. gold futures rose 0.3% to $3,310.60.
“The gold market has been kind of choppy recently, just reacting to fresh daily fundamental news events with no real trending price action. In the near term, market top is in place,” Jim Wyckoff, senior analyst at Kitco Metals, said.
Goldman Sachs recommended on Wednesday a higher-than-usual allocation to gold in long-term portfolios, citing elevated risks to U.S. institutional credibility, pressure on the Fed, and sustained central bank demand.
Spot silver fell 0.3% to $33.20 an ounce, platinum firmed 0.8% to $1,088.65 and palladium eased 0.6% at $972.36.
Source – Reuters
Industrial silver demand set a record last year, but despite the increase in offtake, overall silver offtake declined by 3 percent to 1.16 billion ounces, primarily due to weak investment demand.
Silver jewelry demand grew by 3 percent to 208.7 million ounces in 2024.
The Silver Institute reported that improving exports to key Western countries also lifted silver jewelry demand.
Growth in demand for silver jewelry will likely contribute to increasing overall demand, putting further pressure on already limited silver supplies.
Source – Money Metals
Gold lost its shine after upbeat US jobs data. It hits an intraday low of $3311 and is currently trading around $3323.
The June 2025 U.S. Non-Farm Payrolls report demonstrated notable strength in the labor market, with 147,000 jobs added, substantially surpassing the consensus estimate of 110,000.
According to the CME Fed Watch tool, the chances of a rate pause in the Jul 30th 2025, meeting have increased to 93.30% from 79.30% a week ago.
Source – Econo Times
