Gold

Gold prices rose on Tuesday, supported by safe-haven demand amid uncertainty over U.S. President Donald Trump’s tariff plans for next week that could potentially boost inflation.

Spot gold was up 0.3% at $3,021.39 an ounce at 11:24 a.m. ET (1524 GMT). U.S. gold futures were up 0.4% at $3,026.20.

“Investors are concerned about the state of the world, especially with U.S. policies being what they are, and so they’re buying gold as an alternative asset because they’re concerned that the U.S. government may throw the world into a global recession,” said Jeffrey Christian, managing partner of CPM Group.

Spot silver gained 1.8% to $33.59 an ounce, platinum added 0.8% to $980.80 and palladium added 1.1% to $961.60.

Source – Reuters

Australia’s Gold Road Resources rejected a $2.1 billion takeover proposal from Gold Fields, calling the offer opportunistic following a drop in quarterly production.

The all-cash proposal was made earlier this month against a backdrop of surging gold prices, which recently surpassed $3,000 a troy ounce for the first time as economic uncertainty fuels demand for the metal as a perceived safe haven.

“Gold Fields will continue to seek the engagement of the Gold Road board to consider the merits of the proposed acquisition and to advance the proposal,” said Mike Fraser, chief executive of Gold Fields.

Source – Wall Street Journal

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,”

Source – Barron’s

“In our bull case, we see gold prices reaching $3,500 per ounce by year-end, underpinned by much higher hedging/investment demand on fears of US hard landing/stagflation,” analysts at Citi said in a note.

Source – Reuters

Spot gold held steady at $3,047.1 an ounce as of 0700 GMT, after hitting a record high of $3,057.21 earlier in the session.

U.S. gold futures gained 0.4% to $3,054.10.

“For now, gold’s appeal as a safe haven and inflation hedge has further strengthened in light of those geopolitical concerns and tariff uncertainty. We remain constructive on the outlook of gold,” said OCBC forex strategist Christopher Wong.

Spot silver was flat at $33.8 an ounce, platinum fell 0.3% to $989.85. Palladium slipped 1% to $949.50.

Source – Reuters

With prices for most of its popular products ranging from 10,000 to 50,000 yuan, Laopu now competes more directly with Western luxury brands such as Tiffany and Cartier.

As rising gold prices in 2024 pushed investors toward bullion and coins and gold jewellery sales in China fell 24.69% to 532.02 tonnes, Laopu twice raised prices on its designer jewellery and trinkets. It again upped prices by 5-12% last month.

But analysts say Laopu is a contender to fully break through the luxury glass ceiling.

“It’s not an imminent threat to global luxury groups because to build a luxury brand takes a long time. You need a story, you need a history, you need the craftsmanship, but it’s possible,” said Jonathan Yan, a principal at consultancy Roland Berger in Shanghai.

Source – Reuters