Cobre Unveils Maiden Resource at Comet, Targets Low-cost In-situ Copper

By Finance News On Aug 17, 2025

The gold price edged higher this week, benefiting from increased investor uncertainty as US tariffs went into effect for dozens of countries on Thursday (August 7).

Rates start at 10 percent and rise as high as 50 percent for countries like Brazil. The US is still in talks with Canada, China and Mexico, its top three trading partners.

Commenting on the news, President Donald Trump took to his social media platform Truth Social, saying that “billions of dollars” will now start flowing into the US.

Aside from that, there are hopes the tariffs will provide a boost for domestic businesses as buyers turn inward. However, critics argue that the levies will be passed on to American consumers who are already dealing with the ongoing effects of inflation.

Going back to gold, the yellow metal has also seen support from strong expectations that the US Federal Reserve will cut interest rates when it meets in September.

This outlook comes after weaker-than-expected July jobs data released last week — only 73,000 jobs were added for the month, and in addition to that the Bureau of Labor Statistics revised down numbers for May and June, saying 258,000 fewer jobs were created.

Trump fired the bureau’s commissioner of labor statistics in response, saying the numbers weren’t accurate. Fed Chair Jerome Powell also found himself in the line of fire, with the president suggesting that he too should be put “out to pasture.”

Bullet briefing — Gold revaluation, China buying, streaming deal

Fed publishes gold revaluation article

The Fed turned heads in the resource space this week with the release of an article on gold revaluation. In it, a principal economist looks at “rare cases when countries used proceeds from valuation gains on gold and foreign exchange reserves.”

While precious metals market watchers have noted that the Fed publishing research on gold revaluation doesn’t mean it’s going to happen in the US, it’s still seen as significant that the central bank is mentioning it at all.

China snaps up gold, platinum

The People’s Bank of China continued snapping up gold in July, adding to its reserves of the yellow metal for the ninth month in a row. According to Bloomberg, the Asian nation now holds 73.96 million ounces of gold, an increase of 60,000 ounces over the course of the month.

China is also reportedly adding to its platinum holdings, with data from Standard Chartered (LSE:STAN) showing that it brought in 1.2 million ounces in the second quarter.

A separate article from Bloomberg indicates that state-owned entity China Platinum is making most of the purchases, meaning it’s difficult to know who is really buying the metal.

The US is picking up platinum too, while London and Zurich are seeing shortfalls of the metal. With the implied one month lease rate down from over 35 percent last month, but still elevated at 10 percent, experts are calling for continued tightness in the market.

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