2 reasons. The most important reason is that we think that central bank demand for gold, will structure your main higher.
The second reason is gold is a great hedge against tariff escalation concerns about debt sustainability. Daan Struyven, Goldman Sachs co-head of global commodities research
Source – CNBC / Video
The second-largest consumer of gold in the country is India, after China. The country meets majority of its demand for gold through imports, along with locally recycled bullion.
Source – ABP News
All cities with gold rates listed in the link
The price of gold rose 1.4% to $2,941 per troy ounce in trading Tuesday, putting it 0.2% off its record high notched last week, according to Dow Jones Market Data.
“After missing several (brief/ shallow) buying opportunities in 2024, investors are likely wary of repeating the same patterns and may want to take advantage of corrections sooner this time around,” analysts wrote.
Source – Barron’s
Should uncertainty over economic policy persist, including on tariffs, bullion could hit $3,300 an ounce on higher speculative positioning
Rising fears of inflation and fiscal risks “may push central banks — especially those holding large US Treasury reserves — to buy more gold
Source – Bloomberg
The price for Gold increased to INR 94,784.55 per tola from INR 94,440.36 per tola a day earlier.
Source – FXStreet
Anglo American said it does intend to sell the remainder of its retained shares over time, and said that it will not hold any representation on the Anglo American Platinum board after the split.
Source – Morning Star
The platinum jewellery market decline now appears to have stabilised, with year-on-year growth of 5% estimated for 2024 and 2% year-on-year growth forecast for this year, when total platinum jewellery demand is expected to reach 1.98-million ounces, the organisation points out.
PGI points out that in most markets, platinum jewellery is 950 parts per thousand, compared with 18 ct gold which is 750.
Source – Mining Weekly
PGI – Personal guarantee insurance
Although gold and silver saw disappointing price action on Friday, experiencing their worst daily loss since mid-December, some analysts note that the damage to the broad rallies has been limited.
The gold market started the week holding initial support around $2,880 an ounce. Spot gold last traded at $2,896.50 an ounce, up 0.50% on the day. Silver is also finding solid support, as it has bounced off its overnight lows just below $32 an ounce. Spot silver last traded at $32.20 an ounce, up 0.20% on the day.
Alex Kuptsikevich, Chief Market Analyst at FxPro, said in a note that gold’s price action has become a little more complicated following Friday’s selloff, as buyers have become more cautious.
Source – KITCO News
Silver prices surged to $33 per ounce on Friday, hitting their highest since late October at $33.41, fueled by factors driving gold to record highs.
London Bullion Market Association data revealed an 8.6% drop in silver inventories to 23,528 tons in January, the largest monthly decline since 2016.
Despite bullish trends, analysts caution against silver’s volatility, noting its price movements often exceed gold’s by 2-2.5 times.
Source – Econo Times
“Gold is still benefiting from investors looking for safe-haven assets amid concerns of a tariffs and trade war,” UBS analyst Giovanni Staunovo said.
“We continue to see upside for gold, with the yellow metal expected to rise to $3,000, benefiting also from ongoing central bank demand.”
Spot silver rose 0.3% to $32.24 an ounce after hitting its highest level since October 31 on Friday.
Platinum gained 0.1% to $980.43, and palladium climbed 1.9% to $978.25.
Source – Reuters
