The customs threat which weighed on certain types of ingots being finally dismissed, the course of yellow metal reflected at 33336.26 dollars, against 3,397.75 dollars seven days earlier at the end.
The price of gold fell this week after the clarification given for certain types of ingots on American customs duties and the prospect of a appeasement of geopolitical tensions.
Investors were worried at the end of last week with press information revealing an American customs document which classified certain gold ingots among the products subject to surcharge.
In response, gold had reached a record on the New York Energy and Precious Metals, Comex.
But Donald Trump said on Monday, via a press release published on his social social platform, that yellow metal would remain exempt from his new customs duties.
“This decision weighed on the course of gold in London and New York” and the gap between the two courses has been reduced, “notes Kathleen Brooks, analyst at XTB.
On Thursday, “the price of gold has undergone pressures” after the unexpected acceleration of the American production price index in July, which attenuated the expectations of a drop in the rates of the Federal Reserve in September, adds Carsten Fritsch, of Commerzbank.
The greenback and the yields of American obligations, traditionally considered as refuge values, were doped by this perspective, weighing in return on yellow metal.
Another lowering factor, “the increased market appetite for risk has diverted investors from the refuge assets”, like gold, underlines Ricardo Evangelista, of Activtrades.
The analyst explains it by “the extension by the American administration of the commercial truce with China” and the “meeting between the presidents Trump and Putin, likely to lead to a cease-fire” in Ukraine.
Friday, around 1:35 pm GMT (3:35 pm in Paris), the Once d’Or was exchanged in London at 3,3336.26 dollars, against 3,397.75 dollars seven days earlier at the end.
Coffee Coffee
Coffee lessons are increasing this week, encouraged by a light frost that occurred in certain producing regions of Brazil.
Coffee prices have mounted after “reports of light frosts in certain parts of the southern Minas Gerais and Cerrado Mineiro” in Brazil, the world’s leading producer, explains Ole Hansen from Saxo Bank.
According to the analyst, “although the damage was minimal, the concern was amplified by the low certified ICE stocks”, the stock market where contracts on agricultural products are exchanged in New York.
On the Ice Futures US in New York, Arabica’s book for delivery in December was worth 320.70 cents, against 302.45 cents last Friday.
On the London Liffe Friday, the ton of Robusta for delivery in November is exchanged at 3,955 dollars, against 3510 dollars seven days earlier at the end.
Despite the price rebound this week, the courses are far from the peaks reached in February, when Arabica’s book had risen up to 429.95 cents and the ton of robusta at $ 5849.
Marble copper
The fears about the Chilean supply, the main producer of copper ore, were counterbalanced this week by rather disappointing data from China, leaving the price of stable red metal.
The collapse last week of the El Teniente mine (largest world underground deposit) in Chile could have an “impact on the production estimated between 20,000 and 30,000 thousand tonnes of fine copper”, the Chilean public copper copper announced in a statement on Wednesday.
This announcement comes shortly after an estimate of growth revised downwards from 3% to 1.5% by the public body in the sector in Chile, leading to a production of 5.58 million tonnes in 2025, explains Carsten Fritsch de Commerzbank.
This makes the risk of the “copper supply of mines to weigh,” explains the analyst, which is a bull factor for the course of this metal widely used in the industry and for the energy transition.
However, “data from China has shown that new loans in Yuan have dropped unexpectedly in July,” said JP Steiner, analyst at ADM Investors Services.
This data has weighed on red metal, the course of which is strongly influenced by Beijing’s economic activity.
Friday, on the LME, a ton of copper cost 9,768 dollars on Friday, against $ 9,762 seven days earlier at the end.
