Section1: Commodity Update:
Gold climbed toward $3,330 per ounce recently, marking its fourth consecutive daily gain and reaching its highest level in nearly two weeks. The rally was driven by growing demand for safe-haven assets amid mounting concerns over the U.S. fiscal outlook. Investor sentiment soured following the release of a proposed federal budget that could further expand the already substantial deficit, alongside Moody’s recent downgrade of the U.S. credit rating due to escalating debt and the Federal Reserve’s cautious economic stance. Heightened geopolitical tensions also boosted gold’s appeal, with ongoing conflict in the Middle East and former President Trump appearing to step back from efforts to mediate the Russia-Ukraine war. Additionally, Chinese customs data revealed that gold imports surged to an 11-month high of 127.5 metric tonnes in April—up 73% from March—fueled by strong domestic demand and increased import quotas issued by the central bank amid heightened U.S.-China trade friction.
Data Source: Trading Economics
Section 2: Company Overview and Fundamental Insights
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