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Silver sees 10-year peak

ByVictoria

“Silver’s been a laggard, and some would refer to it as the Cinderella metal, because it always misses the ball. Having said that, silver has finally woken up and broken above some key technical resistance,” independent analyst Ross Norman said. If current momentum continued, silver could challenge the $35 level, he added.

“Silver has a long history of higher volatility than gold, and that when gold makes a decisive move, silver’s amplitude is usually 2.0-2.5 times that of gold,” StoneX analyst Rhona O’Connell said in a recent note.

Source – Reuters

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    Gold up amidst Israel – Iran conflict

    ByVictoria
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    Spot gold was up 0.2% at $3,374.54 an ounce, as of 0505 GMT. U.S. gold futures eased 0.5% to $3,391.90.

    “Gold has made a modest bounce as we await the next steps in the Israel-Iran conflict. If the U.S. does decide to get directly involved in the conflict this could raise the geopolitical stakes,” KCM Trade Chief Market Analyst Tim Waterer said.

    “The Fed was not as dovish as some had hoped, and I’d argue Powell was a tad more hawkish than many would like. The U.S. dollar is likely at oversold levels, and that is likely to cap gains on gold over the next few weeks,” said Matt Simpson, a senior analyst at City Index.

    Source – Reuters

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    Riversgold secures 80% stake in Kalgoorlie Gold Project

    ByVictoria
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    Riversgold Ltd has exercised its option to acquire an 80% interest in the Kalgoorlie Gold Project’s Northern Zone in Western Australia after meeting the required A$600,000 minimum exploration expenditure.

    Exploration efforts have identified a significant blind porphyry gold system, with widths of up to 600 metres and mineralisation extending beyond 400 metres in depth.

    Source – Proactive Investors

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    Gold and Silver gained

    ByVictoria
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    Gold prices gained over 1% on Monday as the dollar and U.S. bond yields weakened amid uncertainty over trade talks ahead of a U.S. deadline of August 1 for countries to strike deals or face more tariffs.

    Spot gold was up 1.2% at $3,390.79 per ounce at 9:52 ET (1352 GMT). U.S. gold futures were up 1.3% to $3,402.40.

    Spot silver gained 1.8% to $38.86 per ounce, platinum rose 2.2% to $1,453.17 and palladium was 3.5% higher at $1,284.46.

    Source – Reuters

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    Spot gold down 1.3%

    ByVictoria
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    Spot gold was 1.3% down at $2,840.25 an ounce by 10:42 a.m. ET (1542 GMT). Bullion has so far lost 3.2% for the week, its steepest weekly fall since November.

    “I think the main element impacting the gold and silver markets is the profit-taking in week-long liquidation (and) the strong U.S. dollar index,” said Jim Wyckoff, a senior market analyst at Kitco Metals.

    Spot silver fell 0.9% to $30.97, platinum lost 1.1% to $938.50 and palladium slipped 1.5% to $906. All three metals’ prices looked set for monthly declines.

    Source – Reuters

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    China gold falls 5.96%

    ByVictoria
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    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