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Gold on week high, Silver up 1%
Gold prices rose for a third straight session on Wednesday and hit a one-week high, helped by a softer dollar and safe-haven demand amid economic and geopolitical uncertainty.
Spot gold was up 0.7% at $3,312.51 an ounce, as of 1153 ET (1553 GMT). U.S. gold futures climbed 0.9% to $3,315.60.
“We expect gold’s recent price dip will stimulate investment buying, as macroeconomic and geopolitical uncertainty linger,” said ANZ in a note.
Silver rose 1% to $33.40 an ounce.
Platinum was up 2.1% at $1,075.59 after hitting its highest since May 2024 earlier. Palladium added 1.8% to $1,031.05, an over six-month peak.
Source – Reuters
Poland copper mining tax to end in 2026
Poland’s copper mining tax will fall from next year under a new system that will provide deductions related to investment spending, Polish finance minister Andrzej Domanski said on Friday.
The tax on mineral extraction, including copper, was introduced in 2012. Poland’s biggest copper miner KGHM paid 3.87 billion zlotys in tax in 2024, according to its annual report.
“By taking care of investments in Poland, by taking care of the development of KGHM, we also take care of the collective security of the West and the European Union.”
Source – Reuters
Copper tariff in effect August 1
U.S. President Donald Trump sprang a double surprise on the copper market when he announced import tariffs of 50% effective next month.
The August 1 start date signals the end of the race to ship physical metal to the United States to capture the tariff arbitrage.
A lucky few with cargoes already afloat may yet cross the finishing line in time, but the physical tariff trade is rapidly unwinding.
The LME benchmark spread is now in a comfortable contango of $66 per ton, compared with a backwardation of more than $300 per ton at the end of June.
Source – Reuters
Analysts poll on gold and silver
Analysts in a quarterly Reuters poll have forecast an average annual gold price above $3,000 for the first time, with global trade friction and a swing away from the U.S. dollar powering demand.
The poll of 29 analysts and traders returned a median forecast of $3,065 per troy ounce of gold for this year, up from $2,756 predicted in a poll three months ago. The estimated price for 2026 rose to $3,000 from $2,700.
The poll forecast an average 2025 silver price of $33.10 per ounce, unchanged from the previous survey. It has averaged $32 so far this year.
Analysts lifted their 2026 silver price forecast to $34.58 from $33.45, expecting a structural market deficit and the global clean energy transition to provide support.
Source – Reuters
Gold down 1%, Silver up
Gold fell more than 1% on Tuesday as signals of easing U.S.-China trade tensions reduced some safe-haven demand, while investors braced for key economic data this week to gauge the Federal Reserve’s policy outlook.
Spot gold was down 1.2% at $3,300.57 an ounce as of 9:50 a.m. ET (1350 GMT). U.S. gold futures fell 1.1% to $3,310.20.
“There is some optimism that there will be some de-escalation of the trade war between the U.S. and China,” said David Meger, director of metals trading at High Ridge Futures.
“We’ve seen the equity markets rebound over the course of the last several sessions. So there’s been a bit of a lesser need for safe havens like gold.”
Spot silver rose 0.1% to $33.2 an ounce, platinum eased 0.3% to $983.26 and palladium lost 0.8% to $941.51
Source – Reuters
Gold and Silver prices over seas
On April 1, 2025, 24 carat gold is priced at ₹89,330/10 gm, according to data on the Indian Bullion Association (IBA) at 10.15 am. Further, 22 carat gold is priced at ₹81,886/10 gms. Gold bullion prices have remained steady over the past 24 hours.
Silver meanwhile, is priced at ₹1,01,200/kg (Silver 999 Fine) at 10.15 am on April 1, according to the IBA website. On the MCX index, the price of Silver has increased by ₹834 to ₹1,00,899/kg.
Source – Live Mint