Investing

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    Gold steady, tariff announcement

    ByVictoria
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    Spot gold was at $3,026.85 an ounce at 1131 GMT. U.S. gold futures edged 0.4% higher to $3,032.40.

    “A modestly weaker dollar is probably giving gold a little bit of a tailwind at present,” said Ross Norman, an independent analyst.

    “A worse-than-feared tariff announcement on April 2 could give bullion bulls a shot in the arm towards striving for the $3,100 mark,” said Han Tan, Exinity Group’s chief market analyst.

    “Should risk-on sentiment make a comeback, assuming the U.S. tariff threats prove to be more bark than bite, that could see fleeting forays below $3,000,”

    Spot silver firmed 0.4% to $33.16 an ounce, platinum steadied at $975.55, and palladium was flat at $957.95

    Source – Reuters

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    Australia’s Gold Road rejects Gold Fields proposal

    ByVictoria
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    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

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    Gold could reach $4000 says Strategist Mick McGlone

    ByVictoria
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    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

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    Copper prices may continue to rise

    ByVictoria
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    Copper is generally a good indicator because it’s used all over the economy — in factories, houses, electronics and streetlights, per Chris Berry, founder and president of House Mountain Partners.

    “The next time you’re on an airplane at night, and you’re coming in for a landing, and you see any lights or anything like that, every single one of those lights is working because of the electrical conductivity of copper,” he said.

    So, if the economy is growing, and we’re building more, we’ll need more copper. 

    Source – Market Place

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    Copper trade up to $US10,046.50 a ton

    ByVictoria
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    Copper traded on the London Metal Exchange has jumped 14 per cent this year and reached $US10,046.50 a tonne on Thursday, the highest since October.

    “Traders are redirecting the metal from Asia to take advantage of the price premium and skirt any potential tariffs on the metal,” said ANZ senior commodity strategist Daniel Hynes.

    “The US copper rush could leave the rest of the world tight on copper if demand picks up more quickly than expected,” said ING commodity strategist Ewa Manthey.

    Source – Financial Review

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    JSW Group plans copper smelter by 2028-2029

    ByVictoria
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    India’s steel-to-power conglomerate JSW Group plans to set up a 500,000 metric ton capacity copper smelter in the eastern state of Odisha by 2028/29 with feedstock of copper concentrate from Peru and Chile, a source directly aware of the matter told Reuters on Thursday.

    JSW plans to feed its planned electric vehicle and battery manufacturing facilities with the copper produced at the smelter, the source added. Some of the concentrate supply will come from Hindustan Copper, the source said.

    Source – Reuters

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    Citi raises gold price target

    ByVictoria
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    “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

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    Gold hit record high

    ByVictoria
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    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

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    Chinas Laopu Gold dubbed “Hermes of Gold”

    ByVictoria
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    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