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Silver Price News: Silver Edges Back From Seven-Week Highs
Silver prices ultimately lost ground on Friday, as the precious metal pulled back after four straight days of gains.
Prices eased to a low of $31.22 an ounce by Friday afternoon, having set a 7-week high of $32.10 an ounce earlier in the day – the highest price since December 12th.
US tariffs threat boosts safe-haven demand:
Silver prices had made solid gains earlier in the week, as upcoming US import tariffs have fuelled concerns over their impact on inflation and global growth, triggering investor interest in safe haven assets such as gold and silver.
However, four straight days of gains for silver appeared to prompt some profit taking ahead of the weekend, leaving silver prices down around 0.8% day-on-day.
Another supply deficit forecast for 2025:
On the fundamentals side, the global silver market is forecast to see another significant supply deficit for the fifth consecutive year in 2025, industry group the Silver Institute said on January 29th.
Industrial demand for silver will remain the key driver of this supportive supply and demand dynamic, with industrial demand volumes projected to hit a new record in 2025, it said. Concerns over US trade policies have triggered short covering and deliveries of silver into CME warehouses since late 2024, the industry group said. This factor has combined with heightened economic and geopolitical uncertainties to underpin a solid recovery in silver prices since the start of the year, it said. Read More
Gold Price News: Gold Holds onto All-Time Highs
Gold prices pushed higher on Friday, holding ground at Thursday’s new all-time high for the precious metal. Prices rose as high as $2,820 an ounce on Friday, equalling Thursday’s peak – the all-time highest recorded gold price.
The latest push into new territory for gold came as several central banks reduced interest rates last week, notably the Bank of Canada and the European Central Bank. Lower interest rates reduce the opportunity cost of holding non-interest-bearing assets.
And while the US Fed held rates unchanged last Wednesday as expected, gold’s safe haven appeal remains undiminished amid uncertainty over the economic and inflationary effects of expected US trade tariffs.
US GDP growth below expectations:
Moreover, US GDP figures came out on Thursday showing growth of 2.3% for Q4, 2024, down from 3.1% in Q3, and well below expectations of 2.6%. Signs of a weaker-than-expected economy tend to drive additional demand for safe-haven assets such as precious metals.
Gold’s gains last week were all the more remarkable as they came in the context of a strengthening US dollar – normally a bearish element for dollar-denominated gold prices.
US demand draws gold from London:
In addition, there have been recent concerns in the market about a significant shortage of physical gold bullion in the London market, triggered by increased deliveries to the US. Waiting times to get gold bars out of the Bank of England have increased from a few days to several weeks, according to news reports. Gold inventories in New York had been falling from 2021 to 2024, but that trend has gone sharply into reverse at the start of 2025, according to Comex data. The movement of gold across the Atlantic has been chiefly linked to worries over the impact of US import tariffs. Read More
Wall Street and Main Street in lockstep on gold with majority predicting fresh ATHs next week as tariff threats become reality
Precious metals investors embarked on another wild ride this week, as downbeat U.S. data and escalating trade tariff threats combined to drive gold prices to fresh all-time highs.
Spot gold kicked off the week trading at $2,770 per ounce, but the North American open saw the yellow metal driven down to $2,740 in short order, and by noon Eastern, spot gold was trading at $2,731 per ounce.
This proved to be the weekly low, however, as gold prices quickly returned to the $2,740 range, a level that held despite multiple retests on Monday.
Tuesday morning saw gold prices rise to the mid-2760s, whereupon the market sat back for the most part and waited for Wednesday afternoon to see what the Federal Reserve would say and do. The central bank held rates as expected, and also signaled that further rate cuts were unlikely given persistent inflation and robust labor data, driving spot gold back down briefly to $2,745 per ounce. But gold recovered quickly, and by 3:30 am Thursday morning spot gold had set a fresh weekly high above $2,772 per ounce.
The release of significantly weaker-than-expected GDP data for December was the next catalyst for prices, driving gold to the edge of $2,800 per ounce multiple times during Thursday’s trading, a level it ultimately reached at 2:15 a.m. Eastern.
Friday morning saw the ratcheting up of trade war chatter, with conflicting reports which saw gold prices ultimately reach a new all-time high of $2,817.21 per ounce shortly after 10:00 a.m. Eastern, and after setting a double-top at this level just before 1:00 p.m., prices slid back to trade around $2,800 per ounce for the duration of Friday's trading session. Read More
Gold prices feeling some pressure but outpeforming S&P 500 as markets react to global trade war
The gold market is feeling the pressure from surging momentum in the U.S. dollar as the trading week kicks off and the world adjusts to America’s trade with Mexico, Canada, and China.
However, although the gold market started the Asian trading session and the new week with some selling pressure, the precious metal is down less than the U.S. dollar has rallied.
April gold futures are trying to hold initial support, last trading at $2,808.90 an ounce, down 0.92% on the day. At the same time, the U.S. dollar index has jumped solidly above 109 points and is up 1.27% on the day.
According to some analysts, despite some selling pressure, gold remains an attractive safe-haven asset as President Donald Trump’s tariffs have spooked equity investors. S&P 500 futures are down 113 points, or 1.87%, last trading at 5,956 points.
The selling pressure comes after the U.S. followed through with its threat and placed a 25% tariff on imports from Mexico and Canada on Saturday. The U.S. also placed 10% tariffs on goods coming from China. Read More
Saudi Arabia’s plans for its gold sector – Minister
Saudi Arabia, which is among the world's top 20 largest gold holders, is strategically developing its precious metals sector and plans to participate in the refining supply chain, according to His Excellency Bandar Alkhorayef, the Kingdom's Minister of Industry and Mineral Resources.
Speaking at the Future Minerals Forum in Riyadh, Alkhorayef outlined the country's vision for gold, emphasizing its historical significance and future potential.
“Gold is the first mine that was opened by the...founder of this country,” Alkhorayef said, noting that the country has a long history with gold. He stated that the Kingdom continues to view gold as an important resource.
A key part of Saudi Arabia's strategy involves developing its refining capacity. “We are now looking at how we can participate in the supply chain in the refinery,” Alkhorayef said. The goal is to establish a system that ensures the credibility and traceability of gold from Saudi Arabia.
This initiative includes working with investors to build a refinery capable of processing both domestic and international gold. The minister added, "this would allow Saudi not only to refinance gold from Saudi, but also from abroad."
Beyond its historical value, gold plays a strategic role for Saudi Arabia as the country seeks to diversify its economy and become a major mining hub. Watch the podcast
Gold outshines equities and Bitcoin as investors protect themselves from trade war
President Donald Trump’s escalating trade war is taking its toll on risk assets, and gold continues to shine as a safe-haven asset and an alternative global currency.
Not only is gold beating the S&P 500 as Trump levies significant tariffs on Mexico, Canada, and China, but it’s also outperforming Bitcoin, which saw a sharp drop over the weekend.
Bitcoin has been struggling since hitting new all-time highs above $100,000 per token last month. On Sunday, as equity markets were starting a new trading week, the leading cryptocurrency dropped to a low of $91,530 per token. Although Bitcoin has managed to bounce off its overnight lows, it remains in negative territory at $95,135 per token, down 2.6% on the day. Bitcoin is down 13% from its all-time highs seen just two weeks ago.
Meanwhile, gold prices experienced some modest selling pressure overnight as they tested support around $2,800 an ounce. However, prices have recovered ahead of the North American open. As of 8:45 a.m. ET, April gold futures were trading at $2,847.50 an ounce.
Many analysts expect gold prices to remain in a solid uptrend, even as they face increasing volatility due to strong gains in the U.S. dollar. In a note Monday, Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, said that gold should remain well-supported as the “everything bubble” starts to deflate. While gold has managed to bounce off its lows, the S&P 500 remains in heavily negative territory, down 1.58% ahead of the open. Read More
Gold prices near session highs after ISM Manufacturing PMI rises to 50.9 in January
Gold is trading close to session highs after the latest data showed the U.S. manufacturing sector improving this month.
The Institute for Supply Management (ISM) announced on Monday that its Manufacturing Purchasing Managers Index rose to 50.9 in January after it posted a 49.3 reading in December. The headline number was higher than expected, as consensus forecasts looked for a rise to 49.8.
“U.S. manufacturing activity expanded in January after 26 consecutive months of contraction,” said Timothy Fiore, Chair of the ISM Manufacturing Business Survey Committee. “Demand clearly improved, while output expanded and inputs remained accommodative.”
Spot gold was trading at a session high of $2,830.75 just before the 10 am release, but pulled back slightly in the minutes afterward. Spot gold last traded at $2,825.91 per ounce for a gain of exactly 1.00% on the day. Read More
Gold hits all-time high on new U.S. trade tariff threats
Gold prices are higher and have hit new record highs in midday U.S. trading Monday. Safe-haven demand is featured in the yellow metal amid keener marketplace uncertainty as the U.S. may soon implement tariffs against its major trading partners. April gold was last up $17.40 at $2,852.10. March silver was up $0.14 at $32.41.
Gold did back down from its daily high at mid-morning on news that U.S. trade tariffs against Mexico, which were set to go into effect Tuesday, have been delayed by one month so the U.S. and Mexico can negotiate more. Canada has vowed retaliation and as of this writing the new U.S. trade tariffs against that nation and against China were set to go into effect Tuesday.
The Canadian dollar overnight sank to its weakest level against the U.S. dollar since 2003.
Technically, April gold futures bulls have the strong overall near-term technical advantage. Prices are trending up on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at $2,900.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at this week’s low of $2,760.20. First resistance is seen at today’s contract high of $2,872.00 and then at $2,885.00. First support is seen at $2,822.10 and then at $2,800.00. Wyckoff's Market Rating: 9.5.
Image Source: Kitco News
March silver futures bulls have the overall near-term technical advantage amid a price uptrend in place on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at the December high of $33.33. The next downside price objective for the bears is closing prices below solid support at $30.00. First resistance is seen at last week’s high of $32.92 and then at $33.00. Next support is seen at $32.00 and then at the overnight low of $31.61. Wyckoff's Market Rating: 6.5. Read More
Image Source: Kitco News
Taiwan central bank and Azerbaijan Oil Fund buy gold in final months of 2024 - WGC’s Gopaul
Official sector gold demand continues to play a dominant role in the marketplace, supporting prices near record highs. At the same time, it's not just emerging market central banks that are trying to protect the value of their currencies.
In a social media post, Krishan Gopaul, Senior Analyst for EMEA at the World Gold Council, highlighted reserve data from the International Monetary Fund (IMF) showing that Taiwan's central bank increased its official gold reserves in October. According to the data, the Central Bank of the Republic of China (Taiwan)’s gold holdings rose to 424 tonnes three months ago.
“That’s an instance of an advanced economy (per IMF classification) adding to its gold reserves,” he said in the post.
Gopaul also noted in another post on Sunday that the State Oil Fund of Azerbaijan bought 20 tonnes of gold in the final quarter of 2024, bringing its full-year 2024 gold purchases to 45 tonnes.
“Total gold holdings were 147 tonnes at the end of 2024, accounting for 21% of its investment portfolio (vs. 12% at end-2023),” Gopaul said. Read More
Gold reaches record high amid global trade tensions and tariff developments
Precious metals markets experienced significant volatility this week, with gold prices demonstrating remarkable resilience and ultimately reaching a new all-time record high. After an initial decline of 1.15% in early trading, gold quickly rebounded and closed with substantial gains in New York.
Image Source: Kitco News
The most active April gold contract settled at $2,855, marking a $24.50 increase and representing a nearly 7% rise from the year's low of $2,638 on January 6. Notably, gold achieved record highs not only in US dollars but also in multiple international currencies.
The price surge coincides with President Trump's controversial tariff announcements targeting Canada, Mexico, and China. The proposed tariffs include a 25% import levy on products from Canada and Mexico, and a 10% tariff on Chinese goods. These trade measures are expected to potentially constrain US economic growth and potentially trigger inflationary pressures. Read More
Chinese gold demand looks to rebound as UK-U.S. flows continue, silver demand from solar may be peaking – Heraeus
Gold demand in China is showing signs of a strong rebound even as physical flows from the UK to the U.S. continue, while there are indications that solar demand for silver may be peaking, according to precious metals analysts at Heraeus.
In their latest precious metals update, the analysts noted that Chinese wholesalers appear to be anticipating a rise in consumer demand for gold.
“Shanghai Gold Exchange (SGE) withdrawals, a key indicator of wholesale and fabrication demand, typically rise in December and January as fabricators stock up for the Chinese New Year, which fell on 29 January this year,” they noted. “Consumer demand tends to also adhere to similar seasonality. Despite a strong start to 2024, cumulative withdrawals for the full year were among the lowest on record (excluding 2020), totalling 1,450 tonnes. This comes amid ongoing contractions in China’s jewellery industry, reflected in year-on-year revenue declines among major retailers such as Richemont, Chow Tai Fook and Chow Sang Sang. However, given that December 2024 withdrawals were up 23% month-on-month, January withdrawals could still align with the historical average of 190 tonnes (based on SGE data since 2016).”
The analysts said that SGE withdrawals tend to front-run consumer demand. “The uptick in December suggests that although on a lower level than in 2024, consumer demand in China could pick up in Q1 this year,” they wrote. “However, the performance of consumer demand is somewhat contingent on how the gold price performs. So far this year, gold has risen every week, including to a new all-time high in dollar terms last week. This could temper any positive impact from the Chinese New Year gifting cycle.” Read More
Live From The Vault - Episode: 208. The Silver Fuse to the Gold Explosion. Feat. Bill Holter
In this week’s Live from the Vault, Andrew Maguire is joined by renowned precious metals commentator Bill Holter to discuss how foreign investors pulling back from US treasuries, with the Feds as the sole buyer, is fuelling an unsustainable debt spiral.
Amid escalating political and economic uncertainty, silver’s growing industrial demand, combined with long-standing price suppression, points to a potential revaluation, with any supply disruption prompting investors to shift towards tangible assets.
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
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