Silver prices edged lower Tuesday, giving back some of Monday’s strong gains that saw the market break through key resistance at $33.70. The retreat reflects profit-taking as traders reassess short-term positioning, with rising attention on the U.S. dollar and gold’s technical posture.
At 12:34 GMT, XAGUSD is trading $34.29, down $0.46 or -1.34%.
Source – FX EMPIRE
Gold prices dipped for a second straight session on Monday as U.S.-China trade tensions eased, and the market awaited data due this week.
Spot gold was down 0.6% at $3,297.10 an ounce as of 09:27 a.m. ET (1327 GMT). U.S. gold futures rose 0.3% to $3,307.80.
“The broader gold forecast and price direction remains constructive, even with some of its haven appeal diminishing,” said Fawad Razaqzada, market analyst at City Index and FOREX.com.
“Until we witness clear patterns of lower highs, lower lows, and firm trade agreements rather than more political bluster from the Trump administration, the prospect of fresh highs for gold cannot be dismissed.”
Spot silver eased 0.1% to $33.04, platinum gained 1.8% to $988.90 and palladium added 0.8% to $956.35.
Source – Reuters
“With the price now reaching our long-held target of $3,000/oz, the main question is whether the rally will continue. We think so, as long as policy risks and an intensifying trade conflict continue to spur safe-haven demand,” UBS said.
Source – Seeking Alpha
UBS Group AG – formerly Union Bank of Switzerland, is a multinational investment bank and financial services company based in Switzerland.
Gold prices scaled a record peak above the crucial $3,000-mark on Tuesday for the second time in a week, as investors sought cover from economic concerns fuelled by U.S. President Donald Trump’s tariff policies.
Spot gold rose 0.2% to $3,006.88 an ounce as of 0525 GMT after hitting a record high of $3,016.92 per ounce earlier in the session.
“Gold is moving higher on account of a weaker dollar and continued tariff uncertainties… With Gold at record highs there is a lot of technical and chart based buying that kicks in since there is no resistance apparent on the charts,” said Marex analyst Edward Meir.
Spot silver firmed 0.1% to $33.85 an ounce, platinum added 0.2% to $1,002.50 and palladium rose 0.4% to $968.96.
Source – Reuters
“Over the last 12 months, the value of their reserves or the value of the gold in their reserves was five times the amount by which their reserves increased,” Thompson stated, emphasizing the significant shift in China’s gold holdings.
Thompson also highlighted the unique dynamics of the silver market. “We’ve seen year after year the volume of silver… being produced by the mines going down,” he explained.
Source – The Jerusalem Post
Barrick Gold (NYSE:GOLD) said Monday it plans to change its name to Barrick Mining, subject to shareholder approval at its upcoming annual meeting on May 6.
The company expects to change its NYSE ticker symbol from GOLD to B, effective at the start of trading on May 9; Barrick (NYSE:GOLD) common shares will continue to trade under the ABX symbol on the Toronto Stock Exchange.
Source – Seeking Alpha
Gold prices rose to a two-week high on Tuesday, supported by post-holiday buying from China and concerns over potential U.S. tariffs on pharmaceutical imports, while investors await the outcome of the Federal Reserve’s policy meeting.
Spot gold was up 1.9% at $3,395.94 an ounce at 1200 ET (1600 GMT). Earlier in the session, prices rose around 2% to the highest since April 22, when they hit a record high of $3,500.05/oz.
“The bull market is being driven by China’s latest gold investing surge, plus the ongoing bid from central banks wanting to cut their exposure to U.S. assets, most especially the dollar,” said Adrian Ash, BullionVault director of research.
Spot silver gained 1.5% to $33 an ounce, platinum rose about 2.4% to $982.18 and palladium added 3.4% to $972.46.
Source – Reuters
