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Will gold reserves replace dollar?

ByVictoria

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

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Gold Is Close to Revisiting Its Record High

ByVictoria
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The most active futures on gold are currently trading at $2745.10, up $27.30 or 1% from a day earlier. That level is just about 2% shy of its all-time settlement high of $2800.80 marked on Oct. 30. If the contract closes at current levels, it would be the highest close since last month, according to the Dow Jones Market Data.

“Gold remains the consummate hedge for investors worried about inflation or growth,” wrote Jared Woodard and the team from BofA securities on Tuesday. Gold was labeled as BofA’s “highest conviction investment ideas for 2025.”

Source – BARRON’S

BofA securities – Bank of America Inc., previously Bank of America Merrill Lynch (BAML) is an American multinational investment banking division under the auspices of Bank of America.

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Copper safe from tariffs

ByVictoria
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The red metal, along with pharmaceuticals, semiconductors and lumber, earns an exemption from “reciprocal” tariffs on most goods entering the U.S.

Referred to in a White House fact sheet as “responsive tariffs,” President Trump spells out the rationale for and specific examples of other nations’ tariffs in that April 2 fact sheet, fully titled “Fact Sheet: President Donald J. Trump Declares National Emergency to Increase our Competitive Edge, Protect our Sovereignty, and Strengthen our National and Economic Security.”

“Some goods will not be subject to the Reciprocal Tariff”

“Copper, pharmaceuticals, semiconductors and lumber articles”

Source – Recycling Today

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Gold rose but weaker than expected: December report

ByVictoria
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Spot gold rose 0.5% to $2,663.79 per ounce, as of 9:55 a.m. ET (1455 GMT) and hit its highest since Dec. 13. U.S. gold futures gained 0.5% to $2,679.70.

Weaker private payrolls “is contributing to gold’s move, because ultimately, weaker employment numbers imply that the economy has been weaker than many had expected,” said Bart Melek, head of commodity strategies at TD Securities.

“The bigger factor will be U.S. nonfarm payrolls on Friday, the market is expecting a change of 163 (thousand); anything significantly above that will be negative for gold,” Melek said.

Source – Reuters