Weak dollar and Treasury yields

ByVictoria

“U.S. dollar and Treasury yields are lower, which is helping gold catch a bit of support… The overall uptrend remains intact and the path of least resistance favours the upside,” said Ilya Spivak, head of global macro at Tastylive.

“Prices have been stable in a range between about 2,830 and 2,960 for the past four weeks… We would need to see a convincing break above or below these boundaries to conclude that some sort of lasting directional move is resuming.”

Spot silver added 0.3% to $32.19 an ounce, platinum was steady at $957.89 and palladium lost 0.3% to $940.47.

Source – Reuters

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    South African rand raises

    ByVictoria
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    The South African rand strengthened on Tuesday, helped by the gold price extending its historic run to a new all-time peak.

    At 0814 GMT, the rand traded at 18.0175 against the dollar , about 0.4% stronger than its previous close.

    “At some point a gold price that continues to rise will excite local miners to make a greater effort to mine difficult-to-reach gold deposits. What may not have looked viable several years ago must be looking interesting now,” said ETM Analytics in a research note.

    Source – Reuters

    South African rand – is the official currency of South Africa. 1 South African Rand is $0.055 USD.

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    Gold continues to climb, great asset

    ByVictoria
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    Spot gold prices surged as high as $3,500.05 per ounce on Tuesday, surpassing the $3,500/oz milestone for the first time.

    “With all the geopolitical tensions, central banks do want to diversify away from the dollar and have something that won’t be sanctioned … gold is one of those asset classes that could fit the bill,” Marex analyst Edward Meir said.

    Source – Reuters

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    Precious metals fall, Gold eased

    ByVictoria
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    Gold prices slipped more than 1% on Tuesday, as optimism over trade deals between U.S. and its trading partners weighed on safe-haven flows, with a firmer U.S. dollar and rising Treasury yields adding further pressure.

    Spot gold eased 0.8% to $3,307.16 per ounce, as of 01:49 p.m. EDT (1749 GMT), after hitting its lowest in over one week earlier in the session. U.S. gold futures settled 0.8% lower at $3,316.9.

    “Focus is on trade as the July 9 deadline nears, with the Trump administration ramping up pressure. But some optimism related to trade deals is fuelling risk-on sentiment, keeping gold subdued,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.

    Spot silver lost 0.3% to $36.64 per ounce, platinum dropped 0.8% to $1,359.90, while palladium was flat at $1,111.36.

    Source – Reuters

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    China copper imports fall

    ByVictoria
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    China’s unwrought copper imports declined by 7.2% year-on-year to 837,000 metric tons in the first two months of 2025, customs data on Friday showed, due to increased domestic smelting capacity that reduced the need for additional imports.

    Deliverable copper stocks on the Shanghai Futures Exchange stood at 268,337 tons on February 28, more than double the 83,174 tons recorded on January 3.

    Source – Reuters

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    Asia Gold: Elevated prices deter buyers in key hubs

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    In India, domestic prices hit an all-time high of 80,034 ($927.69) rupees per 10 grams on Friday, tracking the international spot gold prices and hovering near a record high of $2,790.15 hit on Oct. 31.

    “Retail demand was negligible this week due to the price rise. Most jewellery stores were witnessing thin footfall,” a Chennai-based bullion dealer said.

    Chinese gold prices are higher again and close to historical highs, which has sucked out demand but some people are still buying due to the holiday season starting next week, said a mainland China-based precious metal trader.

    Source – Reuters

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    Gold prices still going strong

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    “We believe the demand is across the board. We see institutions either adding to or establishing long term strategic asset allocation type positions. We see individual investors doing the same. We see a certain amount of FOMO. There’s a fear of missing out whenever the price gains momentum to the upside” George Milling-Stanley, Chief Gold Strategist at State Street Global Advisors, told FOX Business.

    Source – FOX News