|

Trump uncertainties push gold to near all-time high

ByVictoria

Spot gold added 0.4% to $2,755.2 per ounce as of 02:29 p.m. ET (1629 GMT). Prices were at their highest since Oct. 31 when they hit their all-time high of $2,790.15.

“There are uncertainties with proposed tariffs and other things, and gold typically does well when there’s a large or even a moderate amount of uncertainty in the market, it’s a natural place where people gravitate to,” said Ryan McIntyre, senior portfolio manager at Sprott Asset Management

“(Trump) has been perhaps just a shade less hawkish on tariffs as feared, which helps — less/lower tariffs is taken to indicate lower inflation hence potential for more rate cuts,” said Tai Wong, an independent metals trader.

Source – Reuters

Similar Posts

  • / / /

    Gold set for eighth weekly gain

    ByVictoria
    0 Comments

    Spot gold shed 0.4% to $2,927.95 an ounce by 1204 GMT. Bullion has gained around 1.6% this week after rising to a record $2,954.69 on Thursday.

    “The non-stop rally since December remains unchallenged unless prices drop to around $2,850,” said Ole Hansen, head of commodity strategy at Saxo Bank.

    “Gold has been displaying resilience with short-lived retracements, as lingering U.S. trade uncertainties reinforce its appeal as a hedge,” IG market strategist Yeap Jun Rong said.

    Spot silver was flat at $32.92 an ounce, and palladium dipped 0.3% to $974.75. Both metals were headed for weekly gains.

    Platinum shed 0.2% to $976.80 and eyed a weekly decline.

    Source – Reuters

  • /

    Will gold reserves replace dollar?

    ByVictoria
    0 Comments

    The Reserve Bank of India (RBI) is not increasing the reserves of gold to replace any international currency, Finance Minister Nirmala Sitharaman on Monday clarified in the Lok Sabha.

    “Gold is also kept in the Reserve Bank and gold is also being bought by the Reserve Bank. But beyond that, as regards an international currency or potential currency, there is not much for me to comment at this stage,” FM Nirmala Sitharman said.

    “I think it is very typical of India, particularly for households of small businesses and, it is normally said, women, but general households also, and women also, to invest in gold because they think it’s far more secure and far more liquid” FM Nirmala Sitharaman said.

    “The idea that the BRICS Countries are trying to move away from the Dollar, while we stand by and watch, is OVER,” Trump posted on Truth Social after assuming power as the President of the US.

    Source – Mint

  • /

    100K-150K metric tons of copper to arrive in the US

    ByVictoria
    0 Comments

    The U.S. will soon be flooded with massive amounts of copper shipments in a global rush to front-run President Trump’s probable tariffs, with 100K-150K metric tons of refined copper expected to arrive in U.S. ports in the coming weeks, which potentially would surpass the all-time record of 136,951 tons set in January 2022, Bloomberg reported Wednesday.

    Goldman Sachs analysts said they expect all forms of copper shipped to the U.S. to be hit with tariffs by year-end, keeping Comex prices at a hefty premium over other benchmarks, and noted that tariffs could cause China to refine 10K-20K tons/month less copper within the first three months – in a global market that Goldman already expected to face a 180K-ton deficit this year.

    Source – Seeking Alpha

  • /

    Silver breaks above $33.45

    ByVictoria
    0 Comments

    After briefly dipping to $32.66 last week, silver has regained the $33.45 pivot, which now serves as near-term support. The level is seen as a trigger for momentum trades, and a sustained move above it could drive a retest of the recent high at $34.24. A breakout above that zone would open the path toward resistance between $34.87 and $35.40. Conversely, a failure to hold $33.45 could expose the downside to the $32.53–$31.81 retracement range.

    Source – FX Empire

  • /

    Korea Zinc is struggling

    ByVictoria
    0 Comments

    Korea Zinc’s ambitious 10-year growth plan has stalled in its first year, derailed by an eight-month control battle with private equity firm MBK Partners, raising concerns about the company’s financial health and strategic direction.

    The world’s top non-ferrous metal smelter laid out its long-term vision in December 2023 during its first-ever investor day in Seoul, pledging to invest 11.9 trillion won ($8.8 billion) over the next decade in battery materials and other new businesses, with a target of 10% annual growth.

    The dispute has overshadowed hopes that Korea Zinc could benefit from U.S. President Donald Trump’s renewed tariff push and global supply chain realignment. “They’ve already wasted eight months,” said an industry source. “If this continues, the company may miss its window of opportunity.”

    Source – The Chosunilbo