Latest news with #NiteshShah
CNA
3 days ago
- Business
- CNA
Silver surges past $35/oz level to hit a more than 13-year high
Silver has soared to the key milestone of $35 per ounce, reaching its highest level in more than 13 years, propelled by robust industrial demand and ongoing supply deficits, analysts said. Spot silver rose 2.5 per cent to $35.82 per ounce as of 1347 GMT, having touched its highest level since February 2012 at $36.08. "We have been expecting silver to close its performance gap with gold for some time. The metal has firm fundamentals, including being in a supply deficit and industrial demand being robust," said Nitesh Shah, commodities strategist at WisdomTree. The gold-silver ratio, which reflects how many ounces of silver are needed to buy an ounce of gold, currently stands around 94 - down from 105 in April, when it reached its highest level since May 2020. A lower gold-silver ratio means silver is gaining value relative to gold. Given silver's recent underperformance against gold, "it looks to me that there could be some ratio trading going on now that it's dipped below the 100 level," StoneX analyst Rhona O'Connell said. ROBUST INDUSTRIAL DEMAND Known both as a safe-haven asset and a vital industrial metal, silver has surged 24 per cent so far in 2025. Industrial uses account for more than half of global silver demand, according to the Silver Institute industry association. That demand has remained robust despite broader industrial headwinds in the past few years, said Shah, due in part to its role in solar and electrification. "With all precious metals in positive territory, I guess they are benefiting from similar factors - weaker US economic data supporting the case of rate cuts, which should support industrial demand at a later stage," said Giovanni Staunovo, UBS analyst. Meanwhile, gold has surged about 29 per cent in 2025, shattering records multiple times on safe-haven demand, expectations of U.S. rate cuts and robust central bank purchases. SUPPLY DEFICIT AND LONG-TERM OUTLOOK Silver is facing its fifth consecutive year of a structural market deficit, although the deficit is expected to narrow by 21 per cent in 2025, according to the Silver Institute industry association. "As silver is largely a by-product of mining for other metals, the elevated price will not necessarily drive a lot of new supply. So supply deficit markets may be maintained for longer," Shah added. "In the long-term, rising demand for silver as an industrial material means prices could reach $40 or even $50 per ounce," said Fawad Razaqzada, market analyst at City Index and
Business Recorder
27-05-2025
- Business
- Business Recorder
Copper retreats on tariff uncertainty and firmer dollar
LONDON: Copper prices lost ground on Tuesday, pressured by a firmer dollar and uncertainty over U.S. tariffs, retreating from their strongest in nearly two weeks after persistent problems at a large mine in Congo. Three-month copper on the London Metal Exchange was down 0.3% to $9,585 a metric ton by 1015 GMT after hitting its highest since May 14 at $9,634. 'We just don't know which way tariffs will go, how U.S.-European negotiations are going,' said WisdomTree commodity strategist Nitesh Shah. U.S. President Donald Trump's decision to drop his threat to impose 50% tariffs on European Union imports from next month gave new impetus to trade talks, the EU said on Monday. U.S. Comex copper futures slid 1.8% to $4.75 per lb, bringing the premium over LME copper to $888 a ton. Also weighing on the market was the firmer dollar, making dollar-denominated assets more expensive for buyers using other currencies. The most-traded copper contract on the Shanghai Futures Exchange was down by 0.08% to 78,210 yuan ($10,878.36) a ton. Copper dips on Trump's tariff threats In top metals consumer China, end-user demand is gradually slowing and fundamentals could weaken as copper demand approaches its off season, said Chinese consultancy Everbright Futures. Helping to cap losses in copper was news that Ivanhoe Mines suspended its output forecast for this year after seismic activity at its giant mine in the Democratic Republic of Congo halted underground mining operations. The DRC is the biggest copper producer in Africa. Among other LME metals, aluminium lost 0.3% to $2,456 a ton, zinc was flat at $2,701.50, lead slipped by 0.8% to $1,976, nickel lost 1.8% to $15,310 and tin was down 0.5% at $32,650.
Business Recorder
18-05-2025
- Business
- Business Recorder
Gold slips, heads for worst week in six months on easing trade tensions
NEW YORK: Gold prices dropped more than 2% on Friday and were heading for their worst week in six months, as an overall higher dollar and a temporary US-China trade agreement dented demand for the safe-haven metal among investors. Spot gold was down 1.9% to $3,178.06 an ounce as of 1136 GMT. Bullion has lost more than 4% so far this week and is set for its worst weekly performance since November 2024. US gold futures fell 1.4% to $3,180.90. 'We've gone through a week where there have been optimistic signals in terms of trade negotiations and we have seen the dollar appreciate on the course, which is weighing on gold prices,' said Nitesh Shah, commodities strategist at WisdomTree. Earlier this week, the US and China agreed to temporarily slash the harsh tit-for-tat tariffs imposed in April, lifting sentiment in the wider financial markets. The dollar index was subdued on the day, but was heading for its fourth straight weekly gain, making gold less attractive for other currency holders. Gold, used as a safe store of value during times of political and financial uncertainty, scaled an all-time high of $3,500.05 per ounce last month, boosted by central bank buying, tariff war fears and strong investment demand. Offering some respite to gold, signs of slowing inflation and weaker-than-expected economic data in the United States this week cemented bets of more Federal Reserve rate cuts this year. Non-yielding gold tends to thrive in a low-rate environment. 'On the plus side, gold price dips continue to attract buyers, which shows that the precious metal remains a favoured asset, with the global growth and inflation outlooks still looking rather murky,' said Tim Waterer, chief market analyst at KCM Trade. Elsewhere, spot silver dipped 1.8% to $32.08 an ounce, platinum eased 0.5% to $985.1 and palladium lost 1% to $958.24.
Time of India
17-05-2025
- Business
- Time of India
Gold price to crash soon? Here's what experts are predicting about gold rate
Gold prices fell big time as spot gold witnessed worst week since November. Gold rate tanked around 10 per vent from a record high just above $3,500 per ounce in April. Spot gold was trading around $3,180 an ounce on Friday but analysts are sticking with a bullish outlook due to strong underlying support for the metal, as per a Reuters report. Gold, often used as a safe store of value in times of political and financial uncertainty, rose to an all-time high of $3,500.05 per ounce on April 22 and is up 21 per cent so far this year after a 27 per cent increase over the whole of 2024. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Live Comfortably: 60m2 prefabricated bungalow for the elderly in Kwandang Pre Fabricated Homes | Search Ads Search Now "Nothing is set in stone and the risks still remain very high... Overall it's too early to call out the top in gold prices," said Ricardo Evangelista, senior analyst at brokerage firm ActivTrades. "Gold prices are more likely to rise than to fall from this stage onwards as other factors like central bank demand and very strong investor demand from China are not going away anytime soon," said Nitesh Shah, commodities strategist at WisdomTree. Live Events The inflow into physically backed gold exchange-traded funds in April was the largest since March 2022, with China-listed funds leading the move, data from the World Gold Council showed last week. China's central bank added gold to its reserves in April for the sixth straight month, official data from the People's Bank of China (PBOC) showed earlier this month. "Longer term, we remain constructive (on gold) from a hedging perspective as geopolitical tensions are unlikely to disappear completely, real interest rates are expected to decline, the U.S. dollar is forecast to weaken, and central bank buying remains strong," said UBS analyst Giovanni Staunovo. FAQs Q1. What is current gold price ? A1. Spot gold was trading around $3,180 an ounce on Friday. Q2. What is China doing with gold? A2. China's central bank added gold to its reserves in April for the sixth straight month, official data from the People's Bank of China (PBOC) showed earlier this month.
Asharq Al-Awsat
16-05-2025
- Business
- Asharq Al-Awsat
Gold Slips, Heads for Worst Week in Six Months on Easing Trade Tensions
Gold prices slipped more than 1% on Friday and were heading for their worst week in six months, as an overall higher dollar and a temporary US-China trade agreement dented demand for the safe-haven metal among investors. Spot gold was down 0.9% to $3,210.19 an ounce as of 0933 GMT. Bullion has lost more than 3% so far this week and is set for its worst weekly performance since November 2024. US gold futures fell 0.4% to $3,213.60. "We've gone through a week where there have been optimistic signals in terms of trade negotiations and we have seen the dollar appreciate on the course, which is weighing on gold prices," said Nitesh Shah, commodities strategist at WisdomTree. Earlier this week, the US and China agreed to temporarily slash the harsh tit-for-tat tariffs imposed in April, lifting sentiment in the wider financial markets. The dollar index was subdued on the day, but was heading for its fourth straight weekly gain, making gold less attractive for other currency holders. Gold, used as a safe store of value during times of political and financial uncertainty, scaled an all-time high of $3,500.05 per ounce last month, boosted by central bank buying, tariff war fears and strong investment demand. Offering some respite to gold, signs of slowing inflation and weaker-than-expected economic data in the United States this week cemented bets of more Federal Reserve rate cuts this year. Non-yielding gold tends to thrive in a low-rate environment. "On the plus side, gold price dips continue to attract buyers, which shows that the precious metal remains a favored asset, with the global growth and inflation outlooks still looking rather murky," said KCM Trade Chief Market Analyst Tim Waterer. Elsewhere, spot silver dipped 1.2% to $32.28 an ounce, platinum eased 0.4% to $985.30 and palladium lost 1% to $958.56.
