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Discussion: Gold tops $3,000/oz for the first time
Premium: Where it can go next
Discussion:
Gold tops $3,000/oz for the first time
Gold just topped $3,000/oz for the first time ever. Tariff concerns that risk higher inflation and slower economic growth are spurring demand for safe-haven assets like gold.
Gold is one of the best-performing major commodities this year, up more than 14% year-to-date. It has hit a series of consecutive record highs along the way, driven by trade frictions, central bank buying, and inflows into ETF holdings.
Total known gold exchange-trade fund holdings have grown by around 3.5moz so far this year to almost 86.4moz.
Central banks bought 1,045 tonnes last year, accounting for about a fifth of overall demand and more purchases are likely to continue this year.
If we see more additions, this will give bullion prices a further tailwind. We believe more gains for gold are in sight
Stocks ended sharply lower with the S&P 500 confirming correction, while Treasury yields fell on global trade tensions. The potential impact on U.S. inflation and economic growth pushed gold to record highs. The dollar rose as markets consolidated positions. Oil plunged on tariff concerns and supply demand expectations.
Canada's main stock index fell to a four-and-a-half-month low as investors grew more risk averse on signs of an escalating global trade war, technology leading broad-based declines among sectors. The Toronto Stock Exchange's S&P/TSX composite index, ended down 0.90% at 24,203.23, its lowest closing level since October 31.
Market News: President Bessent
“Treasury Secretary Scott Bessent said Thursday the administration is more focused on the long-term health of the economy and markets and not short-term gyrations. While Bessent said the administration is attentive to market moves, he predicted that both the real economy and markets would prosper over time.”
“President Trump on Thursday announced another salvo in a fast-escalating trade war with the European Union, saying he would impose a 200% tariff on U.S. imports of wine, Champagne and other alcoholic beverages from the 27-nation bloc.
Business News
US producer inflation, labor market stable ahead of tariff turbulence U.S. producer prices
EXCLUSIVE-Citigroup plans to slash IT contractors, hire staff to improve controls
Dollar General forecasts muted 2025, says American shoppers are struggling
Tesla working with Baidu to improve assisted driving system in China,
Trump family held deal talks with Binance's US arm, WSJ reports
Meta to test 'Community Notes' in US next week using X algorithm Meta will start testing "Community
Couche-Tard could lift $47 billion offer for Seven & i if Japanese firm cooperates Alimentation Couche
Canada initiates WTO dispute complaint on US steel, aluminium duties
These stories and more continue at bottom…
Geopolitics/ Politics:
Israel's Channel 12 quoted an Israeli source stating if there is no progress in negotiations within the next two days, the team will return to Israel, according to Al Jazeera.
US and Israel look to Africa for resettling Palestinians uprooted from Gaza, according to AP.
UN Security Council agreed to the Russia and US-drafted statement condemning widespread violence in Syria's Latakia and Tartus, while the statement called for Syria's interim authorities to protect all Syrians, regardless of ethnicity or religion and to hold the perpetrators of the mass killings accountable.
Ukrainian President Zelensky said Russian President Putin is preparing a rejection of the ceasefire proposal but is scared to say this directly to US President Trump, while he added they need to impose sanctions that put pressure on Russia and will continue to work with our partners to force it to end the war. Furthermore, he said Russia is setting conditions on a ceasefire to try to delay it or make it not happen.
US President Trump does not think Russia will attack US allies and said they'll make sure it doesn't happen, while Trump said he still has a good relationship with North Korea’s leader.US President Trump said Special Envoy Witkoff was in serious discussions in Russia and he is getting word things are going ok in Russia, while he added that hopefully Russian President Putin and others want to end this nightmare.
Saudi Crown Prince MBS and Russian President Putin spoke on the phone and the Saudi Crown Prince affirmed the kingdom's commitment to exerting all efforts to facilitate dialogue and achieve a political solution to the Ukraine crisis.
Senior officials from China, Iran and Russia hold talks in Beijing over Iran's nuclear issues, according to CCTV.
NATO SecGen Rutte said Europe is committing to much higher defence spending and needs to produce more weapons but added it is not doing enough and is lagging behind the Russians and the Chinese.
US Pentagon has been tasked with providing military options to ensure US access to the Panama Canal, according to CNN.
US President Trump said they are going to have to make a deal on Greenland and thinks the annexation will happen, while he added the US is going to order 48 icebreakers.
