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After record rally, gold, silver and platinum are taking a break
Gold prices fell on Wednesday after breaking through the $4,500 per ounce barrier earlier in the session. Silver and platinum also saw some losses following their record-breaking rally. At 11:52 am, spot gold was down by 0.3% to $4,473.49 an ounce. After hitting a high of $4,525.18, the ET session ended at 16:52 GMT. U.S. Gold Futures for February Delivery fell by 0.1% to $4,500.30. Jim Wyckoff, Kitco Metals' senior analyst, says that the gold market has seen some chart consolidation as well as a mild profit-taking following record highs. Gold is a good investment in low interest rate environments. It also thrives when there are periods of uncertainty. Donald Trump, the U.S. president, said Tuesday that he would like to see the next Federal Reserve Chair?lower interest rates in a good market. The U.S. Central?bank cut rates 'three times' this year, and traders currently price in two rate cuts for next year. A U.S. official said that the U.S. Coast Guard was waiting for more forces to arrive on the geopolitical scene before it could attempt to board and capture a Venezuelan-linked oil tanker, which they have been pursuing since last Sunday. Silver reached a new high of $72.70, and lastly rose 0.1% to $71.5 per ounce. The next target is for the gold market to reach $4,600/oz and for silver, $75/oz before the end of this year. Wyckoff added that the technicals are bullish. Silver prices are up 148% on a year-to date basis, despite strong fundamentals. This is more than bullion which has gained over 70%. Platinum peaked at $2.377.50, before reversing its gains and standing 4% lower at $ 2,186.16. Palladium is down by more than 10% to $1,675.43 per ounce after reaching its peak three years ago. The price of platinum and palladium, which are used primarily in automotive catalytic convertors to reduce emissions and cut down on pollution, has risen by 143% and over 85% respectively year-to date, due to tight mine supplies, tariff uncertainty and a shift away from gold investment.
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After record rally, gold, silver and platinum are taking a break
Gold prices fell on Wednesday as they took a breather after soaring past the $4,500 an ounce mark in the earlier part of?the day, while silver and platinum pared some gains from their record-breaking rally. At 10:04 am, spot gold was down by 0.4% to $4,468.96 an ounce. The session began with a high of $4,525.18. This was followed by a low of $4,425.18 at 1504 GMT. U.S. Gold Futures for February Delivery fell by 0.2% to $4,497.90. Jim Wyckoff, Kitco Metals' senior analyst, said that the gold market was experiencing some chart consolidation as well as a mild profit-taking following record highs. Gold is more likely to thrive in periods of uncertainty and low interest rates. U.S. president Donald Trump said Tuesday that he would like the next Federal Reserve chair to lower interest rates in a good market. The?U.S. The?U.S. central bank has reduced?rates a total of three times in the past year. Currently, traders are pricing in two rate reductions next year. A U.S. official said that the U.S. Coast Guard was waiting for more forces to arrive on the geopolitical scene before it could attempt to board and capture a Venezuelan-linked oil tanker, which they have been pursuing since last Sunday. Silver reached a record high of $72,70, but fell last 0.8% to $70.86 per ounce. The next upside target is $4,600/oz for gold and $75/oz for silver by the end the year. Wyckoff said that the 'technicals' remain bullish. Silver prices are up 147% on a year-to date basis, outpacing the bullion price increase of 70% during that same period. Platinum reached a high of $2,377.50, before reversing its gains to stand at $2.198.30, down 3.3%. Palladium fell 9% to $1,692.43 per ounce after reaching its peak three years ago. The price of platinum and palladium used primarily in automotive catalytic convertors to reduce emissions is up 160% and 100% respectively year-to date, due to tight mine supplies, tariff uncertainty and a shift away from gold investment.
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NIPSCO gets federal order to maintain Indiana coal plant
Northern Indiana Public Service Company announced on Wednesday that it had?received an order from the federal government requiring continued operation of R.M. Schahfer generation station will continue to operate 'well beyond?its December 31, 2025 retirement date. The firm said that the order requires the Indiana-based facility to remain open for a period of 90 days following the date of?order. The directive is coming as several U.S. utilities are delaying coal plant retirements in order to meet the 'rising demand for power,' driven by data centers and rising natural gas prices, which have led to a re-focus on coal generation. Donald Trump, the president of the United States, has also advocated for increased coal production. He signed executive orders aimed at increasing coal use in April. NIPSCO, a subsidiary of U.S. utility NiSource Inc., had previously stated that it intended to retire the two remaining coal units at the Schahfer Plant by the end 2025. Vince Parisi, President and Chief Operation Officer of NIPSCO, said that they were reviewing the overall impact on their customers and business. They would comply with any orders received. (Reporting from Yagnoseni das in Bengaluru, editing by Vijay Kishore.)
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SolGold accepts a $1.2 billion acquisition by Jiangxi Copper, a top investor
SolGold, a gold and copper mining company, announced on Wednesday that it had reached an agreement to be purchased by Jiangxi Copper. The deal valued SolGold at $867 million pounds ($1.17billion). The 28 pence per share deal represents a 43% premium over SolGold, a company focused on Ecuador that closed its stock price the previous day (November 19), the day Jiangxi approached the company to do a deal. SolGold's share price closed at 25.65 pence on Wednesday, a trading session that was shortened due to the holiday. The agreement gives Jiangxi the control of SolGold's Cascabel Project in Ecuador's Imbabura Province, as miners rush to secure copper supplies amid increasing demand driven by electric vehicles and AI infrastructure investment. One of the largest undeveloped copper and gold?deposits is located in South America. The London-listed mining company said that earlier this month, it was inclined towards recommending?the offer. Jiangxi was the third bid to acquire the company. "JCC is delighted to receive the unanimous recommendation from the SolGold board, and the strong support of other large shareholders for the acquisition. JCC is excited about the potential of the Cascabel Project," said Shaobing Zhou in a press release. SolGold's top investors also include BHP, a global mining company, and Newmont.
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Silver, platinum and gold all reach new heights
On Wednesday, gold broke the $4,500 mark for the first-ever time. Silver and platinum also reached new records, as speculation and a demand for'safe havens' and further U.S. interest rate cuts in 2019 fueled speculative metals. At 1220 GMT the spot gold price was up by 0.2% to $4,494.49 an ounce, after hitting a session high of $4,525.19. U.S. Gold Futures for February Delivery climbed 0.4%, to $4,523.10. Platinum peaked at 2,377.50, but then pared gains to end up at 2,312.70, a 1.6% increase. Silver reached an all-time record high of $72.70, and it was lastly up 1.3%. Palladium fell 1.5% to $1,830.37 per ounce after reaching its highest level in three years. Fawad Rasaqzada is a market analyst for City Index and FOREX.com. He said that the lack of bearish factors, and strong momentum are all backed up by solid fundamentals. These include central bank purchases, a declining U.S. Dollar, and some haven demand. "Other metals, like copper, have been rising. This is providing support for the entire commodities complex." As investors seek safe-haven assets in the face of geopolitical tensions, and as they expect that the U.S. Federal Reserve would continue to ease its monetary policy, gold has gained more than 70% over this past year. U.S. president Donald Trump said Tuesday that he wanted the next Fed chair to lower interest rates if the markets were doing well. Gold and other non-yielding investments tend to perform well in an environment of low interest rates. Traders are currently pricing in at least two rate reductions?next. Silver's price has risen by more than 150% in the past year, surpassing gold, due to strong investment demand and its inclusion on "the U.S. Critical Minerals List" as well as rising industrial usage. Analysts at Societe Generale wrote in a report that the risk of a significant drop in gold prices is largely tied to a'slowing down of outright gold purchases, such as those by central banks in emerging markets. Investor positions indicate that, barring such a situation, the unprecedented rise in gold prices is likely to continue. This supports our Commodities Strategists' forecast of $5,000/oz by 2026. The price of platinum and palladium (used in catalytic converters for automobiles to reduce emissions) has risen by 160% and 100% respectively year-to date, due to tight mine supplies, tariff uncertainty and a shift away from gold investment.
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Russia plans to build a nuclear plant on the Moon within 10 years
Russia is planning to build a nuclear plant on the Moon 'within the next ten years to power its lunar space program and a joint Russian/Chinese research station, as major powers race to explore Earth's only natural satellite. Since 1961, when Soviet cosmonaut Yuri Gagarin was the first person to enter space, Russia has been a leader in the space exploration field. However, in recent years, it has fallen further behind the United States, and increasingly China. Elon Musk revolutionised space vehicle launches, which were once a Russian specialty. Is that a nuclear reactor on the Moon? Roscosmos, the Russian state space corporation, announced in a press release that it had signed a contract to build a moon power plant by 2036. Roscosmos didn't say that the plant was nuclear, but said that it included the Russian state nuclear corporation Rosatom as well as the Kurchatov Institute - Russia's foremost nuclear research institute. Roscosmos stated that the plant would be used to power the Russian lunar programme. This included rovers and an observatory, as well as the infrastructure for the joint Russian-Chinese International Lunar Research Station. Roscosmos stated that the project is an important step in the creation of a permanently operating scientific lunar station, and the transition from a one-time mission to a long term lunar exploration program. Dmitry Bakanov said that Roscosmos's goal was to build a nuclear plant on the Moon and explore Venus, also known as Earth's "sister planet". The moon is located 384,400 kilometers (238,855 mi) away from our planet. It moderates earth's wobble, which helps to maintain a stable climate. It also creates tides in all the oceans. U.S. PLANS REACTOR ON MOON Russia isn't the only country with such plans. NASA announced in August its intention to place a nuclear reactor on?moon within the first quarter fiscal year 2030. "We are in a race for the moon with China. "We need energy to have a moon base," U.S. Transportation Secretary Sean Duffy stated in August when asked about plans. He also said that the United States is currently "behind" in the race to reach the moon. He said that energy is essential for life to continue?on the Moon and then to reach Mars. Nuclear weapons are prohibited in space, but nuclear energy sources can be placed there as long as certain rules are followed. Some space analysts predicted a gold rush on the Moon: NASA estimates that there is a million tonnes (or more) of Helium-3 on the moon, which is an isotope helium rare on Earth. Boeing's research shows that rare earth metals, such as scandium, yttrium, and 15 lanthanides - which are used in smartphones, computer and advanced technology - can also be found on the Moon. According to Boeing's research, the rare earth metals - used in smartphones, computers and advanced technologies - are also present on the moon. These include scandium, yttrium and 15 lanthanides.
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The US dollar's weakness and growth in GDP has led to a record-breaking price for copper of $12,300.
The?U.S. economy grew at a robust pace, boosting demand prospects and supporting prices. Economic growth increased demand prospects, and a weaker US dollar supported prices. As of 1010 GMT on the London Metal Exchange, benchmark three-month copper was up 1.1% to $12,195 per metric tonne, after earlier hitting a record high $12,282. This week the metal gained 2.6%, December saw a 9% increase and 2025 is on track to see a 39% jump as supply restrictions lead to bullish bets. Copper also reached a record high of 96.750 yuan (13,793) per ton at the Shanghai Futures Exchange on Wednesday. John Meyer, an analyst at SP Angel, said: "It wouldn't surprise me to learn that the Chinese are purchasing physical copper on the market. They will get as much as possible while no one else is watching." The Yangshan premium The, a measure of Chinese demand for copper, has risen to $55 per tonne, its highest level since September 24. The U.S. economic growth accelerated to its highest rate in two years during the third quarter. Meanwhile, the dollar is headed for its worst performance in over two decades due to investors' bets on more rate cuts in 2019. The greenback is weakening, making metals more affordable to holders of other currencies. Copper has been flowing in large quantities to the United States over the past few months. This includes more than 50,000 tonnes from China in November. Aluminium was up 0.6% to $2,956 per ton on the LME after reaching its highest level since May 2022. Zinc grew 0.2% to $3 098, while lead increased 0.6% to $1 994.50. Tin climbed by 1% to $43,005. Nickel was up 0.6% to $15,835, and rose for the sixth consecutive day, on the expectation that Indonesia will reduce ore production next year. The LME Ring, or the open-outcry floor, will close at 1440 GMT on Wednesday before closing on Thursday and Friday to celebrate Christmas.
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Gold, silver and Platinum extend record streak
Silver and platinum both reached new records on Wednesday, as the speculative demand for precious metals and expectations of future U.S. interest rate cuts fuelled speculation. At 1023 GMT the spot gold price was up by 0.1% to $4,493.76 an ounce, after hitting a session high of $4,525.19. U.S. Gold Futures for February Delivery climbed 0.3%, to $4.520.00. Silver reached an all-time peak of $72.70, and last rose 0.9% to $72.09 per ounce. Platinum peaked at 2,377.50, before reversing gains, now standing 0.3% higher, at $2282.70. Palladium fell?2.5% to $1,815.25, after reaching its highest level in three years. Gold is supported by the lack of bearish factors, strong momentum and solid fundamentals. These include central bank purchases, a declining U.S. Dollar and some haven demand, according to?Fawad Rasaqzada. "Other metals, like copper, have been rising. This is supporting the whole commodities complex." Gold is up more than 70% in 2018, its largest annual gain since 1979. Investors are flocking to safe-haven investments amid geopolitical tensions, and they expect the U.S. Federal Reserve to continue to ease their monetary policy. U.S. president Donald Trump said Tuesday that if the markets are performing well, he would like to see the next Fed chair lower interest rates. Gold and other non-yielding investments tend to perform well in an environment of low interest rates. Traders are currently pricing in at least two rate reductions next year. The price of silver has risen by more than 150% in the past year, surpassing that of gold, due to strong demand for investment, its inclusion on?U.S. The inclusion of silver on the U.S. critical minerals list, and its increasing industrial use have all contributed to this increase. In a recent note, analysts at Societe Generale stated that the risk of a significant drop in gold prices is largely related to a slowing in outright gold purchases by central banks in emerging markets. Investor positions indicate that, barring such a situation, the unprecedented rise in gold prices will continue. This is consistent with our Commodities Strategists' forecast of $5,000/oz for end-2026. The price of platinum and palladium (used in catalytic converters for automobiles to reduce emissions) has risen by 160% and 100% respectively year-to date, due to tight mine supplies, tariff uncertainty and a shift away from gold investment.
As investors expect Fed rate cuts, stocks rise and the dollar is set to lose 10 days in a row.
Global shares rose on Thursday as investors hoped that the U.S. would cut rates next week to support the world's biggest economy. Meanwhile, the dollar dropped for the tenth consecutive day against a basket currency, marking its longest losing streak since over 50 years. Japanese stocks rose sharply following a strong auction of government bond, which set the tone for broader equity markets. STOXX 600 in Europe was up by 0.1%, and is still on track for a modest gain each week. U.S. Stock Futures were slightly positive for the day and suggested a steady trading start later in the day. This follows Wednesday's rally, led by the Russell 2000 small-cap index which rose 1.9%. The S&P 500 also gained ground. Gains were made after the U.S. private employment data showed their largest drop in over two-and a half years and after a survey that revealed activity in the services sector remained steady while hiring slowed.
FedWatch, a tool of the CME Group, shows that Fed funds futures have a near-90% probability that the central bank will cut interest rates by a quarter point at its next meeting scheduled for December 10. This is compared to an 83.4% possibility a week earlier.
According to LSEG, the dollar index (which tracks the U.S.'s currency performance against six other currencies) was down 0.05% last day. This is the longest losing streak since at least 1971. The yield on a 10-year Treasury bond in the United States was last up by 2.7 basis points to 4.083%. This is after the Financial Times reported that bond investors expressed concern to the U.S. Treasury on Wednesday about Kevin Hassett's potential to aggressively reduce interest rates to match President Donald Trump’s preferences.
Hassett would likely face the same problem as Governor Miran does today if he advocated for any ultra-dovish rate reductions on jumbo bonds. Michael Brown, senior strategist at Pepperstone said that without a convincing economic case for such a policy, Hassett will not be able garner enough votes to support such a move. In Japan, a government debt sale attracted the highest demand in over six years. This helped calm investor nerves regarding the country's finances on a long-term basis, which has caused similar concerns about other economies.
Shoki Omori is the chief desk strategist at Mizuho, Tokyo. He said that "the 30-year JGB was unexpectedly strong." The extent of previous selling seems to have created a feeling of cheap valuation, which in turn encouraged demand.
He added that the sentiment would need to be improved by multiple auctions. The 30-year Japanese government bonds yield was 3 basis points lower at 3.39%. Dollar was down last by 0.4% to 154.67 yen. This is the largest weekly gain for the U.S. dollar in more than two months. The yen was given a boost by a report stating that the Bank of Japan will likely raise interest rates next month, and the government is expected to tolerate this decision. Three government sources who are familiar with these deliberations were cited in the report.
In Hong Kong, offshore trading, the yuan weakened a bit, resulting in a 0.1% increase in the dollar at 7,0664 yuan. On Wednesday, the Chinese currency reached its highest level in over a year against the US dollar. After a recent run of hot metals, precious metals have cooled. Silver fell 1.8%, to $57.41 per ounce after reaching a record of $58.98 an ounce on Wednesday. Gold dropped 0.3%, at $4,192. Brent crude rose 0.4% to $62.92 per barrel. Reporting by Gregor Stuart Hunter, Editing by Lincoln Feast; Sonali Paul, Andrew Heavens, and Chizu Nomiyama
(source: Reuters)