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Silver price strengthens dollar

ByVictoria

Silver price (XAG/USD) hits a fresh weekly high to near $33.20 during North American trading hours on Wednesday. The white metal strengthens as the US Dollar (USD) extends its downside on the United States (US) credit rating erosion in the wake of large debt levels and escalated fiscal imbalances.

Technically, a soft US Dollar makes the Silver price a value bet for investors. Additionally, concerns over US credit erosion improve the safe-haven demand of non-yielding assets, such as Silver.

Source – FX Street

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    Freeport – McMoRan Inc is developing new technology

    ByVictoria
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    After 154 years of digging at Morenci, all the easily recoverable copper has been mined. Left behind are towering piles of waste rock that hold nearly 10 million tons of the metal seen as critical to global electrification. It’s a cache that could prove key to President Donald Trump’s ambition to boost US production of critical minerals.

    Freeport-McMoRan Inc., which owns Morenci, is trying to develop technology that can burrow within those gigantic waste piles and extract low-grade copper that miners previously saw as too expensive and difficult to process.

    “For a long time, we just didn’t think it was possible to recover any of this stuff,” said Robert Pollock, Morenci’s site manager, gazing up at a waste pile the size of a Manhattan office building. “But now, all this historical copper – we’re going after it.”

    Source – Bloomberg

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    Gold drops after inflation data, trade concerns loom

    ByVictoria
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    Spot gold eased 0.2% to $2,893.87 per ounce as of 09:58 a.m. ET (1458 GMT). U.S. gold futures fell 0.4% to $2,920.60.

    Prices dropped over 1% after data showed the U.S. consumer price index jumped 0.5% last month, more than expected, reinforcing the Fed message that it was in no rush to resume cutting interest rates amid growing uncertainty over the economy.

    “With today’s CPI data coming in hotter-than-expected, that has put weight on the gold market. Obviously at this point, any expectation that the market would have had of any type of rate cut later this year has now been put down,” said David Meger, director of metals trading at High Ridge Futures.

    Spot silver shed 0.7% to $32.05 per ounce and palladium fell 0.3% to $973.11, while platinum added 0.7% to $990.10.

    Source – Reuters

    More info!

    CPI – Consumer Price Index

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    Australia and New Zealand Banking Group Limited raise gold forecast

    ByVictoria
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    ANZ raised its zero to 3-month gold price forecast to $3,100 per ounce and 6-month forecast to $3,200 per ounce, according to a research note on Tuesday.

    For gold “we maintain our bullish view, amid strong tailwinds from escalating geopolitical and trade tensions, easing monetary policy, and strong central bank buying,” the bank said.

    Source – Reuters

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    Gold, Silver, Platinum Forecasts

    ByVictoria
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    GOLD

    In case gold settles below the $2830 level, it will head towards the nearest support, which is located in the $2780 – $2790 range.

    Silver

    Silver made an attempt to settle back below the $32.00 level but lost momentum and rebounded towards the $32.20 level.

    Platinum

    If platinum settles above the $1015 level, it will move towards the resistance at $1025 – $1030.

    Source – FXEMPIRE

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    Indonesia trade ministry supports extending Freeport’s copper export permit

    ByVictoria
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    Freeport’s last export permit expired at the end of 2024, but the company has requested it can continue selling copper concentrate abroad because its local copper smelter was in repair after a fire in October last year.

    “The trade ministry supports a plan to relax the export policy after weighing the cost and benefit analysis … while also observing the sustainability of the government’s natural resource downstreaming policy,” deputy minister Dyah Roro Esti said in a statement.

    Freeport Indonesia said that it’s currently negotiating with the government over the export permit and believed the government “would accommodate” it.

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    Citi’s gold expectations

    ByVictoria
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    Citi expects the price of gold to consolidate around $3,100 to $3,500 per ounce in the third quarter, as prices moderate due to geopolitical de-escalation in the Middle East and an improved global growth outlook, the bank said in a note on Monday.

    “We expect continued price consolidation … and highlight our view that we may have already seen the highs at $3,500/oz in late April as the gold market deficit is peaking soon if not already,” Citi said in the note.

    Source – Reuters