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Reserve Bank of India becomes more strict on gold loans

ByVictoria

India’s central bank plans to ask lenders to follow stricter underwriting processes for gold loans and monitor the end-use of funds as it tries to cool growth in the fast-growing segment, seven people, including industry sources and those aware of the regulator’s thinking, said.

“The RBI wants to ensure that the entities are following a standard protocol and any growth in the gold loan sector is not out of bounds,” one of the sources aware of the central bank’s thinking, said.

Source – Reuters

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    Copper up, investors confused

    ByVictoria
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    Copper prices drifted higher on Wednesday as investors waited for details of U.S. reciprocal tariffs, but tin extended a rally to its highest in nearly three years on supply fears.

    Benchmark three-month copper on the London Metal Exchange (LME) was up 0.2% at $9,711 a metric ton by 0953 GMT after slipping to its weakest in three weeks at $9,668.50.

    “Investors are confused, they’re uncertain about the outlook. It’s mostly tariff-related, although there’s also global conflict, currency debasement and confusion around central bank policy,” said Tom Price, head of commodities strategy at Panmure Liberum.

    “Aluminium gives you an insight into what copper might do. It has gone through the first phase of factoring in the cost of tariffs and now it’s going into the second phase, where demand is deteriorating,” Price said.

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    Gold could reach $4000 says Strategist Mick McGlone

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    The yellow metal could zoom all the way to $4,000 if investors continue to lose their appetite for risk, which would mean ditching assets like stocks and cryptocurrencies, and redirecting that money into gold and Treasury bonds, according to a note Friday from Bloomberg Intelligence Strategist Mick McGlone.

    “The key competitors for gold, at least for the past few years, have been the strong rise in U.S. stocks, the rise in U.S. bond yields, and the rise in digital gold—that is Bitcoin,”

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    Over the Weekend!

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    Bitcoin Lags Behind Gold

    Bitcoin has gained just over 3% year-to-date, trailing gold’s 9% jump, according to data compiled by Bloomberg. The precious metal reached a record high of $2,882 an ounce after President Trump on Feb. 4 said the US could take over Gaza — a comment his aides sought to tone down. Bitcoin is currently about 10% below its peak.

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    Mali gold production  plunges 23%

    Mali’s industrial gold production plunged 23% to 51 metric tons last year from 66.5 tons in 2023, the West African country’s mines ministry said.

    With an estimated 6 tons produced in artisanal mines, Mali’s total gold production in 2024 is expected to reach 58.7 tons, the mines ministry said.

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    Michael Oliver says Gold’s Making All-Time Highs, SILVER To Follow

    “I think that once you punch a hole in the stock market… you’re going to have a lot of that money moving,” he predicted, suggesting that a 5-10% drop could trigger a significant shift in investor sentiment, driving capital towards safer havens like gold and silver.

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    Toronto Stock Exchange energy losses offset mining

    ByVictoria
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    The Toronto Stock Exchange’s S&P/TSX composite index (.GSPTSE)
    , opens new tab     held steady at 24,793.53 points, mirroring the sentiment on Wall Street.

    However, high silver and gold prices helped limit losses for Canadian stocks.

    “A lot of gains were experienced yesterday and today you are probably going to see muted markets,” Allan Small, senior investment adviser at Allan Small Financial Group with iA Private Wealth, said on Thursday.

    The Bank of Canada is expected to cut interest rates by 25 basis points to 3.00% when it meets later this month, according to a Reuters poll of economists.

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    Gold and Silver up, weak dollar

    ByVictoria
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    Spot gold gained 0.8% to $3,340.53 an ounce as of 0300 GMT, after hitting its highest level since May 9.

    U.S. gold futures rose 0.9% to $3,341.90.

    “Gold’s bullish reversal is supported by a weaker U.S. dollar and lingering stagflation risks in the U.S. economy,” said Kelvin Wong, senior market analyst, Asia Pacific at OANDA.

    Spot silver rose 0.5% to $33.54 an ounce, platinum gained 0.1% to $1,077.33 and palladium lost 0.6% to $1,031.46.

    Source – Reuters