Precious Metals News
Other metals have struggled in large part because of China’s prolonged economic slowdown.
The total gold imports via Hong Kong recorded a surge of 60% from October this year to total 45.22 metric tons in November 2024.
Gold has gained around 27% so far this year, with it hitting an all-time high of $2,790.15 on Oct. 31.
The LME Steel Scrap CFR Turkey (Platts) Month 2 Closing price as of December 24, 2024 stood at $349.50 per tonne.
The LME Copper Cash Settlement contract edged higher marginally from $8,838.00 a day before to $8,847.50 per tonne.
The LME Aluminum Cash Settlement contract recorded marginal increase from $2,504.00 a day before to $2,541.50 per tonne.
However, the momentum took a hit as the dollar gained strength after Donald Trump's presidential win and the Fed's indication of fewer rate reductions in 2025.
Manthey highlighted that she expects the positive momentum of gold to continue in the short and medium term.
In the meantime, LME Steel Scrap CFR India (Platts) Month 2 prices as of December 19, 2024 closed at $390 per tonne.
The LME Copper Cash Settlement contract edged lower marginally from $8,905.50 a day before to $8,795.50 per tonne.
The closing price of LME Aluminum 3-Month contract stood at USD 2,512.00 per tonne as of December 19, 2024.
Switzerland is the world's biggest bullion refining and transit hub.
The U.S. central bank will release its policy statement at 1900 GMT, followed by remarks from Chair Jerome Powell.
The precious metal has risen by around 29% this year, putting it on track for its biggest annual gain since 2010.