preciousmetals
Platinum price has been in a strong uptrend this year, joining other industrial metals like copper and zinc. It has also joined other precious metals like silver and gold, which have been in a strong bull run. It soared to a high of $1,095 on Monday, its highest level since March 11th. Platinum has also outperformed palladium, which has risen by just 20% from its lowest point in 2023. Demand and supply mismatchPlatinum has done well this year, helped by strong demand and slow supply growth. A recent report by the World Platinum Council showed that automotive demand for platinum surged to its h...
Invezz
This morning, the gold price hit a new record high during the Asian trading session. The precious metal rose to a spot price of almost $2450 in the early hours of Monday. The XAU USD price went from $2425.51 to almost $2441 in under 15 minutes at 1am, Coordinated Universal Time (UTC). Why has gold hit a new high?The XAU USD price is known to be linked to geopolitical tensions, with rising conflict on the world stage often meaning that investors retreat to the ‘safe harbor’ gold is perceived as. Tensions certainly arose over the weekend when it was reported that the helicopter carrying Iranian ...
Invezz
The iShares Silver ETF (SLV) surged above a key resistance level as the price of silver soared to $30 for the first time in over 11 years. It has jumped by more than 72% from its lowest level in 2022, making it one of the best-performing metals in the industry. Silver and gold have jumped sharply because of the rising expectation that the Federal Reserve will start cutting interest rates in the second half of the year. Most leading indicators like housing starts, building permits, retail sales, and consumer confidence have shown that the economy is slowing. Wage growth has slowed, which could ...
Invezz
As gold prices reach unprecedented levels in 2024, topping $2,400 an ounce last month, Goldman Sachs forecasts a potential rise to over $3,000 by year’s end, driven by robust demand and global economic uncertainties. The surge in gold prices has been significantly driven by the active participation of central banks and consumer demand in Asia, despite economic recovery challenges and currency depreciation. The People’s Bank of China (PBOC) has increased its gold reserves for 17 consecutive months, adding 160,000 ounces in March alone. This aggressive acquisition is mirrored by other nations li...
Invezz
The prices of precious metals saw an uptick on Wednesday as investors responded to the latest inflation figures from the United States. The annual inflation rate in April slowed to 3.4%, slightly below analysts’ expectations and down from March’s 3.5%. This cooling of inflation has led traders to speculate that the Federal Reserve’s cycle of monetary policy tightening may be drawing to a close. Gold and Silver jumpGold prices rose by 0.64%, reaching $2,372.77 per ounce at 9:09 am ET. Silver experienced a more significant surge, climbing 1.89% to sell at $29.16 per ounce at the same time. These...
Invezz
Gold prices have seen a notable increase, driven by a cooling U.S. labor market which has contributed to a weaker dollar and lower Treasury yields. This environment has enhanced the allure of gold, pushing its prices up in Asian trading on Friday. Spot gold rose by 0.3% while futures climbed by 0.9%, setting the stage for gold to potentially end its recent three-week correction on a positive note. Analysts see bullish future with $3,000 targetThe long-term outlook for gold remains strongly bullish, with market analysts and technical charts suggesting a possible rise to the $3,000 mark. The for...
Invezz
Gold prices experienced a notable increase on Monday, trading in the $2,320s, as markets reacted to the latest U.S. jobs report and strong economic data from China, alongside sustained central bank demand for the precious metal. US employment data softens, boosting gold appealThe gold market rebounded as the recent U.S. Nonfarm Payrolls data revealed weaker-than-expected job growth, with only 175,000 positions added in April, below market forecasts. More crucially, the slowdown in wage inflation, as evidenced by lower-than-expected Average Hourly Earnings, suggests that the Federal Reserve mig...
Invezz
The US dollar index (DXY) and the price of gold retreated slightly after the Federal Reserve interest rate decision. The dollar moved from last month’s high of $106.50 to $105.70. It remains about 5% above its lowest point this year. US nonfarm payrolls aheadGold, on the other hand, has retreated from last month’s high of $2,432 to $2,320. Like the US dollar, gold remains significantly higher than the year-to-date low of $1,985. The main catalyst for the price of gold and the US dollar index was the Federal Reserve decision on Wednesday. In it, the bank decided to leave interest rates unchange...
Invezz
Copper prices retreat from two-year high of $10,208 a ton amid cautious Chinese demand. Copper prices slipped after initially climbing above $10,200 a ton, as market focus shifted towards demand conditions in China, the world’s leading consumer of the metal. Despite a brief surge that saw copper reach a two-year high of $10,208, prices dropped to $10,100.50 by midday on the London Metal Exchange, reflecting a 0.4% decrease. Chinese manufacturing shows signs of lifeThe decline in copper prices comes amidst mixed signals from China. A rebound in Chinese manufacturing activity, evidenced by the o...
Invezz
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