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Gold Prices Steady Near $3,180 Ahead of Key U.S. Economic Data

Gold prices recovered from early losses on Thursday, holding steady at $3,179.07 per ounce as the U.S. dollar weakened. Analysts attribute this recovery to short-covering and technical support near the $3,130 level, a key trendline since early 2024.

The recent U.S.-China agreement to reduce tariffs has somewhat decreased gold’s appeal as a safe haven. Investors are now focused on upcoming U.S. producer price data and Federal Reserve Chair Powell’s speech for clues about potential interest rate cuts.

Markets currently anticipate 50 basis points in rate reductions this year, likely beginning in October. In other metals news, Johnson Matthey reports that the palladium market is expected to shift from deficit to balance in 2024, with demand falling 6% due to decreased gasoline vehicle production and increased recycling in China.

gold silver prices ceasefire
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Gold, Silver Swing as Ceasefire Cracks

The US-Iran ceasefire is barely holding. Gold closed at $4,768 and silver at $75.60 after wild swings. Oil snapped back above $100 as Iran still controls the Strait. FOMC minutes revealed growing inflation fears and a hawkish shift. Here’s your PM roundup.

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How to Spot Fake Gold and Silver: Authentication, Tests, and Red Flags
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How to Spot Fake Gold and Silver: Authentication, Tests, and Red Flags 

Counterfeiting precious metals is as old as money itself. Knowing how to spot fake gold starts with understanding how fakes are made.   In September 2012, Manhattan dealer Ibrahim Fadl paid $100,000 for four 10-ounce PAMP Suisse gold bars. He drilled into them after a colleague’s tip — and found tungsten [NBC News]. The bars had already passed X-ray fluorescence testing and a scale check. With gold near all-time highs, the incentive for this kind of fraud has never been greater.  The good news: most fakes can be caught before money changes hands. This guide covers how counterfeits are made, which tests work, what

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gold silver prices ceasefire
News

Gold, Silver Swing as Ceasefire Cracks

The US-Iran ceasefire is barely holding. Gold closed at $4,768 and silver at $75.60 after wild swings. Oil snapped back above $100 as Iran still controls the Strait. FOMC minutes revealed growing inflation fears and a hawkish shift. Here’s your PM roundup.

Read More »

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