|

Weaker dollar helping gold today

ByVictoria

Gold price rose more than 1% on Thursday, moving away from the one-month low it touched in the previous session, as a pullback in the dollar and fresh U.S. tariff announcements lifted demand for the safe-haven asset.

Spot gold was up 0.9% at $3,305.15 per ounce, as of 1140 GMT. The bullion had hit its lowest level since June 30 at $3,267.79 on Wednesday

“We had some large downward moves yesterday in gold around the FOMC statement release and the tariff announcement. So a moderately weaker U.S. dollar is helping gold today,” said UBS commodity analyst Giovanni Staunovo.

Spot silver was down 1.6% at $36.53 per ounce, platinum fell 0.6% to $1,318.20 and palladium gained 0.9% to $1,215.94.

Source – Reuters

Similar Posts

  • / /

    How to preserve your coins

    ByVictoria
    0 Comments

    Did you know the oils on your fingertips can permanently damage a coin? Most collectors don’t find out until it’s too late. Our Coin Preservation Guide covers everything you need to know to protect your collection from day one. Proper handling, the right storage options, what causes damage, and why you should never clean your coins no matter how tempting it looks.

    Get the full guide!

    Click the image for the guide!

  • /

    The world’s second-largest gold storage has weeks long queues

    ByVictoria
    0 Comments

    All existing slots at the Bank of England to withdraw gold bars are booked up as market players race to ship the metal to the United States to take advantage of a surge in gold prices there, an official has said.

    “The US gold market has been trading at a premium to the London market,” Dave Ramsden, deputy governor for markets and banking at the central bank, told reporters Thursday. The owners of the gold bars in its underground vaults have been “looking to take advantage of that price differential,” he added.

    Meanwhile, gold inventories on the US COMEX exchange — a major market for trading gold, silver and other metals — have almost doubled since the end of October, Commerzbank said in a note Friday.

    “The fact that gold is significantly more expensive on the COMEX than (in) other trading centers is likely related to the feared US import tariffs, which could possibly also affect gold,” wrote Carsten Fritsch, a commodity analyst at the German bank. “The deliveries on the COMEX are therefore likely to be primarily driven by concerns about possible supply disruptions.”

    Source – CNN

    COMEX – Commodity Exchange

  • / /

    KY gold and silver tax bill gets governor sued

    ByVictoria
    0 Comments

    In a complaint filed in Boone Circuit Court on March 27, the same day the legislation was delivered to the secretary of state’s office, an online bullion exchange and three Northern Kentucky residents said they and others are owed refunds on taxes improperly collected for their precious metals in the past eight months, naming Gov. Andy Beshear and several state offices as defendants.

    The state representative, a frequent foil to Beshear who told colleagues in the House he sponsored the bill to ensure Kentuckians do not “pay taxes that were never lawful in the first place.”

    HB 2 ensures the sale, use, storage or other consumption of “bullion currency” — gold, silver, platinum and other precious metals — cannot be taxed, overriding a line-item veto by Beshear that was included in a separate bill passed in 2024.

    HB 2, which was filed in January and approved on party-line votes in the House and Senate, allows anyone who paid taxes on gold and silver after that Aug. 1 deadline to seek a refund in court.

    Source – Courier Journal

  • Gold on 3 month high

    ByVictoria
    0 Comments

    Spot gold climbed 1.6% to $4,590.51 per ounce by 10:19 a.m. EDT (1419 GMT), earlier touching $4,604.18 — its highest since May 15. U.S. gold futures rose 1.7% to $4,647.00.

    “A big factor, of course, is technical… next step is $4,700 if this momentum continues, but also I think it’s been very much driven by a drop in the U.S. dollar,” said Bart Melek, global head of commodity strategy at TD Securities.

    “Gold call option demand has risen sharply amid renewed demand for global macro-policy hedges, creating a mechanical price amplifier to both the upside and downside,” Goldman Sachs said in a note.

    Spot silver gained nearly 2% to $69.43 per ounce, platinum climbed 3.8% to $1,897.36, while palladium rose 0.6% to $1,342.30. All metals are set for a weekly gain.

    Source – Reuters