Traders and investors were taken on a roller coaster ride in terms of price swings in both the dollar and gold markets during today’s trading session. Gold had been trading higher for the better part of the morning session, posting gains as it still had momentum from the previous day's rally.In fact, gold futures traded to a new yearly record high, taking prices to $1365.40 an ounce in early...Read More
(Kitco News) - Bitcoin and cryptocurrencies should not be considered a substitute for gold, according to the World Gold Council. In a report published Thursday, the WGC said that gold possesses several characteristics that differentiate it from digital currencies. The most notable factor is that cryptocurrencies have yet to prove their worth as a strategic component to a portfolio, unlike gold. &...Read More
(Kitco News) - Gold prices have fallen to session lows as President Donald Trump showed his support for a strong U.S. dollar.In an interview with CNBC at the World Economic Forum in Davos Switzerland, Trump said that he wants to see a stronger U.S. dollar, adding that Wednesday’s comments from Treasury Secretary Steven Mnuchin were taken out of context.“The dollar is going to get stron...Read More
(Kitco News) - Gold prices are starting the new year in stellar fashion and investors should see further gains throughout the year, according to analysts at GFMS Thomson Reuters.In its fourth quarter 2017 Gold Survey, published Thursday, the research team said that they could see prices rallying to $1,500 an ounce at some point in 2018 with gold averaging the year at $1,360 an ounce. “We bel...Read More
(Kitco News) - Gold and silver prices both hit 4.5-month highs and ended the U.S. day session moderately higher Thursday. An eroding U.S. dollar and a rallying crude oil market are bullish outside elements boosting the metals. February Comex gold was last up $7.40 an ounce at $1,363.80. March Comex silver was last up $0.136 at $17.625 an ounce.The U.S. Dollar Index was solidly lower and hit anothe...Read More
(Kitco News) - Rhetoric over a potential global currency war continues to heat up, prompting renewed interest in gold on the back of a weaker U.S. dollar.Markets continue to react and digest comments made by U.S. Treasury Secretary Steven Mnuchin at the World Economic Forum in Davos, Switzerland. On Wednesday, Mnuchin said that a weaker U.S. dollar has been “good” for the U.S. economy,...Read More
(Kitco News) - Kitco aficionados, it is now time to have your say in where you think gold prices are heading in the short-term.Will gold prices go higher, lower or remain unchanged next week? Kitco readers will have until 9 a.m. EDT, Friday to cast their vote. The results will be tabulated and released after noon (12 PM EDT) along with the results from our market professional survey.Readers can al...Read More
The latest news and price moves to start the Asian day on Thursday January 25.Base metals prices on the London Metal Exchange put in a strong performance during the afternoon of Wednesday January 24, supported by the weaker dollar as the complex closed in positive territory across the board. Read more in our live futures report.Here are how prices looked at the end of the day on Wednesday.In...Read More
The latest news and price moves to start the Asian day on Thursday January 25.Base metals prices on the London Metal Exchange put in a strong performance during the afternoon of Wednesday January 24, supported by the weaker dollar as the complex closed in positive territory across the board. Read more in our live futures report.Here are how prices looked at the end of the day on Wednesday.In...Read More
Base metals prices on the London Metal Exchange were on divergent paths at the close on Thursday January 25, with the weak dollar still the key supportive factor. The dollar index continued to crumble further; it is now down 13% since the turn of the year and hit a low of 88.43 today. "For the time being, it seems that commodity markets want to push higher, with a weaker dollar being a formidable...Read More
Rio Tinto is in preliminary talks to sell its stake in the Grasberg mine to the Indonesian government, according to the chief executive officer of Freeport-McMoRan.The US company, which operates the Grasberg mine through its 90.64%-owned PT Freeport Indonesia (PT-FI) subsidiary, is providing information to assist the sale process but has no control over its outcome, Richard Adkerson said. "The Ind...Read More
Comex copper prices were little changed in the US morning on Thursday January 25 after the metal experienced outsized price movements over the last couple of sessions. Copper for March settlement on the Comex division of the New York Mercantile Exchange inched up 0.10 cents or 0.1% to $3.2295 per lb. The red metal saw prices tumble to a one-month low on Tuesday before rebounding on Wednesday, sugg...Read More
Analysts at Macquarie have cut their price forecasts for cobalt, citing easing tightness for the battery raw material in the coming years amid expectations of supply growth. Rising output from Glencore's copper-cobalt operations in Africa will push the market into a surplus in the medium term, for example, the analysts said. Cobalt output from Glencore's Katanga mine in the Democratic Republic of...Read More
Ferro-alloys trader Massimiliano Gentile has joined Belgian trading house Metraco, the company told Metal Bulletin. Formerly a senior trader at Euromet SA in Switzerland, Gentile will trade ferro-titanium from...Read More
Trader interest, limited supplies and strong aluminium prices have lent stability to spot alumina prices over the past two weeks. Metal Bulletin's daily fob Australia alumina index settled at $382.29 per tonne on Thursday January 25.The index has settled in a narrow range of $381.16-385.08 per tonne over the past two weeks, underpinned in the mid to low $380s by limited availability of Australian...Read More
Freeport-McMoRan is in talks with a group led by the Indonesian government to negotiate and create documentation for the divestment of a stake in its Grasberg project interests, the company said.The parties have a mutual objective of completing negotiations and the required documentation during the first half of 2018, Freeport added.Freeport operates the Grasberg copper and gold mine through its 9...Read More
Turkish steel mills went quiet again in the deep-sea scrap markets on Thursday January 25, but are expected to book more cargoes soon, according to market sources.The mills in the country took time out for a short break for price negotiations at the beginning of the week and returned to the market for a Baltic Sea cargo sold at $354 per tonne cfr for HMS 1&2...Read More
Rio Tinto is in preliminary talks to sell its stake in the Grasberg mine to the Indonesian government, according to the chief executive officer of Freeport-McMoRan.The US company, which operates the Grasberg mine through its 90.64%-owned PT Freeport Indonesia (PT-FI) subsidiary, is providing information to assist the sale process but has no control over its outcome, Richard Adkerson said. "The Ind...Read More
Comex copper prices were little changed in the US morning on Thursday January 25 after the metal experienced outsized price movements over the last couple of sessions. Copper for March settlement on the Comex division of the New York Mercantile Exchange inched up 0.10 cents or 0.1% to $3.2295 per lb. The red metal saw prices tumble to a one-month low on Tuesday before rebounding on Wednesday, sugg...Read More
Freeport-McMoRan is in talks with a group led by the Indonesian government to negotiate and create documentation for the divestment of a stake in its Grasberg project interests, the company said.The parties have a mutual objective of completing negotiations and the required documentation during the first half of 2018, Freeport added.Freeport operates the Grasberg copper and gold mine through its 9...Read More