Gold prices held steady on Friday (August 15th), continuing the previous session's decline and on track for their worst week since late June. Sentiment was weighed down after a series of stronger-than-expected US data eroded hopes of a significant Fed interest rate cut, causing the dollar and US bond yields to strengthen and dampen interest in non-yielding assets like gold. Pressure intensified after the US PPI rose at its fastest pace in three years in July, well above consensus, indicating that companies were beginning to pass on tariff-induced import cost increases to final...
Gold prices fell to their lowest in more than two weeks on Thursday (27/2) as the U.S. dollar strengthened, with investors awaiting key inflation data that could shed light on the Federal Reserve's monetary policy path. Meanwhile, U.S. President Donald Trump said on Thursday that his proposed tariffs on imports from Mexico and Canada would go into effect on March 4 as scheduled, adding that China would be hit with an additional 10% on that day. Source: Newsmaker.id
Silver maintained its recent decline to around $31.7 an ounce in late February amid strong demand and supply uncertainty. Profit-taking also weighed on silver prices, although the metal is still up about 10% this year. Hecla Mining Company, the largest U.S. silver producer, reported a 13% increase in silver production for 2024, mining 16.2 million ounces moz, the second-highest production level in its 134-year history. On the demand side, purchases of U.S. silver coins fell 27% year-on-year in January to 3.5 moz, the lowest January demand since 2018. Meanwhile, weak U.S. economic data...
Gold weakened to the area of $2886 per troy ounce on Thursday (27/2) at the beginning of the European session, this was supported by the strengthening of the US dollar and rising Treasury yields. Meanwhile, on Wednesday, US President Donald Trump said his administration would impose a 25% tariff on the EU, while a White House official later said the deadline for Canadian and Mexican tariffs remained March 4 and Trump had not decided whether to grant another extension. This is still a factor in the increase in this Precious Metal in the long term. The price of gold when this news was...
Gold slumped below $2,900 an ounce on Thursday, extending its decline from Monday's record high of $2,950, pressured by a stronger U.S. dollar. Meanwhile, investors are also assessing uncertainty over tariffs ahead of key U.S. data. On Wednesday, President Trump added to the confusion over tariff prospects for Canada and Mexico, suggesting they would take effect on April 2 instead of the previously set March 4 deadline, while also proposing a "reciprocal" 25% tariff on cars and European Union goods. Markets are also closely watching a slew of U.S. economic data due later in the day,...
Geopolitical instability or fears of a deep recession could see Silver prices rise due to its safe haven status, albeit to a lesser extent than Gold. As a non-yielding asset, Silver tends to rise with lower interest rates. Its movement also depends on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong dollar tends to hold Silver prices down, while a weaker dollar tends to push prices up. Other factors such as investment demand, mining supply, Silver being much more abundant than Gold and recycling rates can also affect prices. Until this news was released,...