preciousmetals
The SPDR Gold Shares (GLD) and the iShares Gold Trust (IAU) have done well this year, helped by the recent gold price breakout. GLD and IAU have risen by almost 20% this year, outperforming the S&P 500 index, which has jumped by 17%. However, the two funds have lost assets, with the IAU net outflows soaring to $2.4 billion while GLD has shed over $936 million. Their total assets stand at over $68 billion and $29 billion, respectively. Gold has numerous tailwindsGold has become one of the best-performing metals this year as it soared to a record high of $2,531 earlier this week. It has also jum...
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Silver price is doing well this year even as other industrial metals like iron ore and copper crash. It has jumped by 25.50% this year, beating gold, which has risen by 22.5% and currently sits at a record high. In contrast, copper, a common barometer of the health of the global economy, is in a bear market after falling by over 20% from its highest point this year. Iron ore, which is used to make steel, has plunged by over 32% from the year-to-date high. While aluminum has risen recently, it remains 10% below the highest level this year. Other metals like nickel, lithium, and cobalt have also...
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Gold prices edged lower on Monday, stabilising just above the $2,500 mark following a record-breaking rally. The precious metal, which has seen a remarkable 20% rise this year, experienced a slight pullback as traders took profits after last week’s surge to an all-time high. The spot price of gold dropped by 0.2%, settling at $2,502.78 per ounce as of 0317 GMT. In contrast, US gold futures managed a modest 0.2% increase, reaching $2,541.80 per ounce. The recent surge in gold prices was largely driven by expectations of an imminent interest rate cut by the US Federal Reserve. The anticipation o...
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Gold prices soared to an unprecedented high of $2,490 per ounce on Friday, driven by heightened demand for safe-haven assets amid escalating geopolitical tensions and uncertain economic indicators. This record-breaking surge underscores gold’s role as a secure investment during periods of global instability. Source: Trading Economics Geopolitical turbulence fuels gold’s record highAs global tensions rise, investors have flocked to gold, viewing it as a safe haven amid mounting geopolitical uncertainties. The threat of retaliation from Iran following recent events in Israel and the escalating c...
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Barrick Gold Corp (NYSE: GOLD) has outperformed market expectations with its Q2 2024 earnings, reflecting strong operational performance amidst a booming gold market. As gold prices hover near historic highs, Barrick’s strategic initiatives and robust financials position the company to capitalize on ongoing market opportunities. Q2 earnings in detailIn Q2 2024, Barrick reported non-GAAP earnings per share (EPS) of $0.32, surpassing analyst estimates by $0.05. The company achieved revenues of $3.16 billion, marking an 11.7% year-over-year increase. This growth was driven by a combination of two...
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The price of precious metals experienced a notable increase on Monday, driven by escalating geopolitical tensions between Ukraine and Russia. This development follows recent reports of Ukrainian forces making unexpected advances into Russian border regions, a move that has heightened concerns over the potential intensification of the conflict that began in February 2022. Increased volatility fuels demand for silver, gold, and other metalsThe ongoing conflict between Ukraine and Russia has seen its share of fluctuating tensions, but the latest developments have sparked renewed anxiety among glo...
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Gold price has done well this year, outperforming other assets like stocks, and the rally could continue, according to ING analysts. It has risen by over 17% while the S&P 500 and Dow Jones are up by 12% and 4%. In a note, the analysts said that they expect gold to continue doing well this year, with their year-end target being at $2,450. US recession and Federal Reserve actionsThe first main reason why gold prices could do well is that the US economy is showing signs that it could move into a recession soon. Leading indicators have been sending these red alerts for a long time. The manufactur...
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Gold prices surged to $2,474 per ounce on Friday, driven by a disappointing US jobs report and broader economic uncertainties. This historic high underscores gold’s role as a safe-haven asset in times of economic and geopolitical turbulence. The catalyst for this dramatic increase was the release of the US jobs report for July, which revealed a far lower-than-expected job creation figure of just 114,000, well below the anticipated 175,000 increase. Compounding the issue, the unemployment rate spiked to levels not seen since 2021, and wage growth slowed more than anticipated, further unsettling...
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Copper futures have fallen to $4.1 per pound, nearing the four-month low of $4.05 set on July 30th. This decline is primarily due to escalating concerns over Chinese demand. The Chinese government has chosen not to deploy stimulus measures to counter the significant downturn in the world’s largest manufacturing sector. Instead, they are focusing on transitioning the economy towards innovative technology and alternative energy sources. Market reaction and PBoC’s responseChina’s decision to withhold economic aid triggered a swift market reaction, leading to a sell-off of assets and base metals c...
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Copper prices have experienced a decline on the London Metal Exchange (LME), falling by 0.7% to $9,045 per metric ton as of 11:06 GMT. This decrease represents an 18% drop from the record high reached in late May, underscoring the ongoing volatility in the metals market. The current dip in copper prices reflects a broader trend influenced by increased inventories and weak demand from major consumers. Copper inventories on the LME have surged, more than doubling to 239,100 tons since early June. This sharp increase in stockpiles highlights a significant supply surplus. The trend is mirrored on ...
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