Germany Chancellor plans lithium deal with Serbia after Rio ruling
Olaf Scholz plans to visit Serbia this week to secure supplies of lithium that are critical for the nation’s energy transition and auto industry.
Gold futures trading on the Comex division of the New York Mercantile Exchange experienced an after-hours selloff on Friday with prices tumbling $20 in a flurry of end-of week liquidation.
Gold for June delivery changed hands for $1,659, up from a day low of $1,650 an ounce, by 5pm EST after earlier in the day reached as high as $1,679 an ounce.
The Economic Times reports renewed fears about the Eurozone debt problem, a stronger dollar and disappointing Chinese growth figures were behind the decline:
A fall to $1,550 would wipe out the year’s gains to date. “Especially in the United States, the investment climate is very neutral towards gold at this stage. People really need to see a policy catalyst before they come back aggressively,” Standard Bank analyst Walter de Wet said.
“On the physical side, from the end of this month there is really no seasonal demand coming until August,” he added. “It is going to be difficult to break much higher if we don’t have this physical buying supporting any investment demand coming through for the next two or three months.”
