Putting tariffs on the world’s largest silver producer, Mexico, and a bullish seasonal window has woken the silver bulls.
Silver is showing strong signs of bullish momentum, supported by seasonal demand, a favorable technical picture, and a fundamental catalyst in the form of tariffs on Mexico and Canada.
Source – Barchart / Written by Don Dawson
Gold inched higher on Thursday in holiday-thinned trade, as investors focused on the U.S. Federal Reserve’s interest rate strategy and anticipated tariff policies under President-elect Donald Trump, both of which could influence the metal’s direction in the coming year.
Source – Daksh Grover / Reuters
“The uncertainty surrounding Trump’s first measures as U.S. president fuelled demand for gold as a safe haven. This can be seen, among other things, in the strong inflow of more than 10 tons into the world’s largest and most liquid gold ETF on Friday,” Commerzbank Research said.
“The uncertainty as to whether tariffs will be introduced on gold and silver has already left visible traces on the Comex in recent weeks. In addition, the price premium for gold on the Comex has widened significantly compared to the spot price in London.”
Source – Seeking Alpha
Mining in Peru’s northern district of Pataz will be suspended for 30 days, President Dina Boluarte said on Monday, after 13 gold mine workers in the area were kidnapped and killed by illegal miners.
On Sunday, miner Poderosa said the bodies of 13 workers from a local firm, R&R, which held a mining contract with Poderosa, had been recovered by police after they were kidnapped last month.
“The armed forces will take control of the area where Poderosa operates,” Boluarte said, but did not provide details on how the mining pause would work.
Peru is the world’s third-largest copper producer, but the deposits of the red metal are largely in the south. Gold and silver are mined in the north.
Jorge Montoro, said the 30-day pause could be extended.
Source – Reuters
China’s gold consumption fell 5.96% year-on-year to 290.492 tonnes in the first quarter of 2025 as high gold prices continued to curb demand for gold jewellery, the China Gold Association said on Monday.
Source – Reuters
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
The metal is showing strong upside potential, with the next target range between $34.87 and $35.40. However, traders should remain cautious as silver is currently well above key support levels at $32.53 and the 50-day moving average at $31.75.
Source – FXEMPIRE
