Published: May 09, 2026 - 12:24 AM Updated: May 09, 2026 - 12:28 AM (Kitco News) - Gold prices continue to trade in elevated territory, holding new support above $4,700 an ounce, and some analysts have noted that downside risks for the precious metal remain limited as central bank demand continues to provide solid support. Specifically, the People’s Bank of China continues to see lower gold prices as a buying opportunity, as the central bank bought 8.1 tonnes of gold in April, following its 5-tonne purchase in March. China has been a dominant player in the gold market in recent years, increasing its official gold reserves for the last 18 consecutive months. At the same time, the pace of purchases is at its highest level since December 2024. Analysts have said that it is difficult to be short gold when the market continues to see consistent demand from the official sector. “Central bank purchases have been among the key drivers of gold demand for over four years,” said Barbara Lambrecht, Commodity Analyst at Commerzbank, in a note on Friday. “Despite the significant rise in prices, purchases by central banks and other public institutions in the first quarter totaled nearly 245 tonnes, according to the WGC, which was 3% higher than the previous year and even slightly above the five-year average.” Although China has been a key player in the gold market, it is certainly not alone. Krishan Gopaul, Senior Analyst, EMEA at the World Gold Council (WGC), said in a social media post on Thursday that updated reserve data showed the Czech National Bank bought 2 tonnes of gold last month. “Its YTD net purchases now total 8 tonnes, helping to lift total gold holdings to over 79 tonnes,” he said. Gopaul also said that according to preliminary estimates, Poland’s central bank bought another 13 tonnes of gold in April; however, he added that this cannot be confirmed until official reserve numbers are updated. Source： https://www.kitco.com/news/article/2026-05-08/china-and-other-central-banks-continue-buy-dip-gold

Published: May 07, 2026 - 2:28 AM Updated: May 07, 2026 - 2:41 AM (Kitco News) - The gold market is seeing some renewed momentum, with prices testing new resistance at $4,700 an ounce. While it still has some way to go to regain key price levels, one investment bank expects prices to eventually move higher. In her latest precious metals note, Amy Gower, Morgan Stanley Research’s Metals & Mining Commodity Strategist at Morgan Stanley, reiterated her call for gold prices to end the year around $5,200 an ounce, up roughly 10% from current prices. Gower added that she is not surprised gold has struggled in recent months despite heightened geopolitical uncertainty from the ongoing war in Iran. “With the conflict triggering an energy supply shock that has reduced hopes for lower U.S. interest rates, it is not surprising that gold has struggled to work as a safe haven this time,” said Amy Gower, Morgan Stanley Research’s Metals & Mining Commodity Strategist. “ Gold ’s sensitivity to monetary policy has taken over as the key price driver. This has overshadowed its safe-haven status and reduced its effectiveness as a hedge against both geopolitical and inflation risks. Gold prices reflect not just the impact of a particular event but, more importantly, the policy response that follows.” High oil prices, driving inflation pressures, are forcing the Federal Reserve to reevaluate its easing policy stance and, as a result, markets have started to price out rate cuts this year. However, Morgan Stanley is still betting on at least one rate cut this year, which will support higher gold prices. “ Gold is likely to remain sensitive to real yields, but we see room for further upside,” Gower said. Morgan Stanley sees one rate cut in January followed by another rate cut in March 2027. “This should benefit gold, with ETF purchasing decisions particularly sensitive to policy signals and gold now realigning with real rates,” Gower said. As indicated by the current market volatility, gold ’s future depends heavily on what happens with the conflict in the Middle East. Overnight, President Donald Trump said that great progress is being made toward a lasting peace agreement. Analysts have said that if the crisis ends soon, the global economy should be able to recover from the current energy supply crisis. However, Gower added that the longer the conflict continues, the greater the risks are for gold. “ Gold prices may suffer if markets begin to anticipate prolonged rate holds or even hikes,” Gower warned. “At the same time, upside in a resolution scenario could be limited, as already elevated prices may constrain demand from ETFs, central banks and consumers.” Source： https://www.kitco.com/news/article/2026-05-06/morgan-stanley-sees-gold-prices-climbing-5200-despite-geopolitical

(Kitco News) – BRICS+ nations now hold 17.4% of global gold reserves, up from 11.2% in 2019, while the dollar’s share of global reserves fell to its lowest level since 1994 – and one BRICS member could well buy as much as all other countries combined, according to Michael Harris, technical analyst at EBC Financial Group.

(Kitco News) – The war in Iran and the ramping up of defense spending in Europe as well as the U.S. are contributing to a strong bullish setup for gold prices in the medium term, and $6,000 gold is still on the horizon, according to Chris Mancini, co-portfolio manager of the Gabelli Gold Fund (GLDAX) at Gabelli Funds.

(Kitco News) - Central bank gold demand continues to play an important role in the marketplace as prices have managed to hold critical long-term support, and China remains a dominant player in the sector.

(Kitco News) – While high yields, dollar strength and profit-taking are combining to create headwinds for gold in the near term, none of the structural factors that pushed the yellow metal well above $5,000 per ounce have gone away, and gold’s long-term trajectory remains upward, according to Emily Avioli, Vice President and Investment Strategist at Merrill.

(Kitco News) - Gold and silver continue to struggle as investors come to grips with the broad market collapse on Friday. Although prices have room to fall further, commodity analysts at Société Générale still see asymmetric upside risk through the year.

(Kitco News) - Gold’s dramatic pullback amidst its record-setting rally has rattled markets, but according to Metals Focus, the recent turbulence should not be mistaken for the end of the bull market.

SMM April 28 News: In the metal market: As of the midday close, base metals in the domestic market all fell, with SHFE copper down 0.26%. SHFE tin dropped 0.5%, SHFE nickel fell 0.81%. SHFE aluminum declined 0.23%, SHFE lead decreased 0.24%, and SHFE zinc dropped 0.97%. In addition, alumina rose 0.17%. Lithium carbonate fell 1.58%, silicon metal dropped 0.79%, and polysilicon declined 1.64%. The ferrous metals series showed mixed performance, with iron ore down 0.63%, rebar up 0.84%, HRC up 1.12%, and stainless steel slightly up. In the coking coal and coke sector, coking coal fell 1.14%, and coke dropped 1.04%. In the overseas metal market, as of 11:47, base metals showed mixed performance. LME tin fell 0.83%. LME nickel rose 0.26%. LME lead increased 0.62%, LME copper slightly declined, LME aluminum rose 0.14%, and LME zinc dropped 0.25%. In the precious metals sector, as of 11:47, COMEX gold rose 0.15%, while COMEX silver fell 0.73%. Domestically, SHFE gold dropped 1.18%, and SHFE silver fell 1.25%. The world's largest gold-backed ETF, SPDR Gold Trust, announced that as of Friday, its gold holdings decreased by 0.24% to 946.27 mt. The latest Kitco News weekly gold survey showed that after days of selling pressure on gold prices, only a few industry experts and retail traders remained bullish on gold. As of the midday close, the most-traded contract for European container shipping rose 0.78% to 1,386.9 points. As of 11:47 on April 28, some futures midday market conditions: 》April 28 SMM Metal Spot Prices Spot and Fundamentals Copper: Today, Guangdong #1 copper cathode spot prices against the front-month contract were reported at a premium of 180 yuan/mt to 230 yuan/mt, with an average premium of 205 yuan/mt, unchanged from the previous trading day. SX-EW copper was reported at a premium of 120 yuan/mt to 140 yuan/mt, with an average premium of 130 yuan/mt, unchanged from the previous trading day. The average price of Guangdong #1 copper cathode was 77,620 yuan/mt, down 515 yuan/mt from the previous trading day, while the average price of SX-EW copper was 77,545 yuan/mt, down 515 yuan/mt from the previous trading day. Spot market: Guangdong inventory has declined for 18 consecutive days, with strong downstream consumption being the main reason. Inventory fell significantly after the weekend and is now close to breaking the 20,000 mt mark... 》Click for details Macro Front Domestic: 【Pan Gongsheng: Implement a moderately loose monetary policy to promote high-quality development of China's economy】 The State Council Information Office held a press conference at 10:00 this morning, inviting Zhao Chenxin, Deputy Director of the National Development and Reform Commission (NDRC), Yu Jiadong, Vice Minister of Human Resources and Social Security, Sheng Qiuping, Vice Minister of Commerce, and Zou Lan, Deputy Governor of the People's Bank of China (PBOC), to introduce policies and measures for stabilizing employment and the economy to promote high-quality development, and to answer questions from reporters. Zhao Chenxin of the NDRC: China will introduce and implement several measures to stabilize employment and the economy to promote high-quality development; Yu Jiadong of the Ministry of Human Resources and Social Security: In Q1, 3.08 million new urban jobs were created nationwide; Sheng Qiuping of the Ministry of Commerce: The implementation of the consumer goods trade-in policy has boosted consumption by over 720 billion yuan; Zou Lan of the PBOC: The central bank will adjust the reserve requirement ratio (RRR) and interest rates in a timely manner based on domestic and overseas economic conditions and financial market operations. 》Click for details 【PBOC injects a net 103 billion yuan into the open market】 The PBOC conducted 279 billion yuan in 7-day reverse repo operations today, with the operation rate at 1.50%, unchanged from the previous rate. As 176 billion yuan in 7-day reverse repos matured today, the net injection was 103 billion yuan. ► On April 28, the central parity rate of the RMB against the US dollar was 7.2043 yuan per dollar. US Dollar: As of 11:47, the US dollar index was flat at 99.62. A series of economic data will be released this week, including the PCE price index on Wednesday and the non-farm payroll report on Friday, which are expected to provide guidance for the market to judge the future policy direction of the US Fed. Other Currencies: US-Japan trade negotiations enter deep waters! In the finance ministers' meeting that just concluded last week, Japan seemed to have avoided direct pressure from the US on yen appreciation, but upon closer examination of the statements from both sides, the exchange rate issue and the Bank of Japan's policy remain the "sword of Damocles" hanging overhead. As the second round of negotiations is about to begin, the game concerning the economic lifelines of the two countries is undercurrent. Japanese Finance Minister Kato Katsunobu insisted that "no exchange rate target was discussed," but revealed that there will be "close dialogue on the exchange rate issue" during the trade negotiations. The US did not directly accuse Japan of manipulating the exchange rate, but Trump has long held the view that "the yen is deliberately devalued." NLI Research Institute experts warned: If trade negotiations are blocked, the exchange rate issue will immediately surface. (Huitong Finance) Data: Today, the UK's April CBI retail sales difference and other data will be released. In addition, it is worth noting that Canada is holding a federal election. Crude Oil: As of 11:47, crude oil futures rose slightly, with US oil up 0.33% and Brent oil up 0.26%. The uncertainty of the trade situation continues to cloud the global growth and fuel demand outlook, while the prospect of OPEC+ production increases has added to market gloom, limiting oil price gains. The market expects that some members of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, will recommend that the group accelerate production increases for the second consecutive month at the May 5 meeting. US energy services company Baker Hughes said in its closely watched report on Friday that US energy companies added oil and gas rigs for the second consecutive week, the first time since February. Data showed that as of the week of April 25, the total number of US oil and gas rigs, a leading indicator of future production, increased by 2 to 587. (Webstock Inc.) Spot Market Overview: ► Pre-holiday stockpiling is moderate, suppliers insist on high premiums for shipments [SMM South China Copper Spot] ► The price spread between futures contracts widened, downstream buying interest was poor, and spot premiums/discounts fell [SMM North China Copper Spot] ► The spot-futures price spread narrowed, some suppliers lowered premiums, downstream pre-holiday rigid demand stockpiling supported transaction resilience [SMM Daily Review] Other metal spot midday reviews will be updated later, please refresh to view~

The Russian Ministry of Natural Resources stated on Monday that it plans to produce at least 60,000 mt of lithium carbonate by 2030 to reduce dependence on imports and boost the production of high-capacity EV batteries. Lithium and other critical minerals, including rare earth metals, have gained global attention in recent months as US President Donald Trump sought to counter China's dominance in the sector through production agreements with Ukraine and Russia. Lithium, a metal crucial for EV production, has been listed as one of 50 critical minerals by the U.S. Geological Survey (USGS). Russia reported having up to 3.5 million mt of lithium oxide reserves. However, according to USGS estimates, Russia's lithium reserves were around 1 million mt in 2024, ranking 14th globally. Notably, the pure lithium content in lithium oxide is approximately one-third, while in lithium carbonate, it is about 20%. The Russian Ministry of Natural Resources stated that domestic industrial lithium production is expected to start in 2030. Russian President Vladimir Putin also emphasized last month that Russia should accelerate its lithium mining plans, and demand for lithium has surged in recent years as Russian companies have heavily invested in large-scale lithium battery and EV production. The ministry further added that Russia has historically relied on lithium imports and now urgently needs to rapidly establish facilities to increase economic extraction and processing of this strategic resource. The department revealed that exploration licenses have already been issued for three major lithium ore deposits: Kholmovskoye and Polmostundrovskoye in the Murmansk region of north-west China, and Tastygskoye in the Tuva region bordering Mongolia. It is expected that these three deposits and their associated production facilities will be operational by 2030. Source: Reuteres Recently, KBR (headquartered in Houston, Texas, USA) and ISU Specialty Chemicals Co., Ltd. (headquartered in Seoul, South Korea) have advanced the PureLi2S(SM) lithium sulfide technology to commercial scale following successful operations at a pilot plant in Wonsan, Ulsan, South Korea. Under a joint development agreement signed in 2023, the two companies established a pilot plant and successfully produced lithium sulfide that met specifications and gained market recognition. This experience, combined with KBR's expertise in scaling up process technologies, will be key to designing commercial facilities and bringing the technology to the global market. KBR's PureLi2S technology aims to produce battery-grade lithium sulfide for all-solid-state batteries (ASSBs). Compared to traditional liquid electrolytes, ASSBs offer higher energy density, enhanced safety, and superior efficiency. The technology can produce high-purity lithium sulfide while minimizing off-spec material, a significant advantage given the complexity and inherent chemical properties. Transitioning to larger-scale continuous production from existing batch processes will also improve cost-effectiveness and scalability. Hari Ravindran, Senior Vice President of KBR Technology Solutions, said, "We are excited to deepen our collaboration with ISU Specialty Chemicals, leveraging two years of joint R&D to scale up lithium sulfide production. With PureLi2S technology, we not only support improved EV performance and driving range but also drive the affordability needed for mass electrification." Seung-Ho Lyu, CEO of ISU Specialty Chemicals, stated, "Our Wonsan plant has exceeded expectations, consistently producing specification-compliant lithium sulfide. We are thrilled to partner with KBR to bring this breakthrough technology to market." Source: Chemical Engineering On March 17, the UK's first commercial geothermal lithium production plant was approved, with Cornish Lithium planning to demonstrate its ability to extract valuable battery materials and thermal energy from rocks beneath Cornwall. Cornish Lithium has received planning permission to build production facilities at the Cross Lanes site near Chacewater. The first phase of the project will include drilling two wells to a depth of 2,000 meters: one for extracting lithium-rich water from underground and the other for reinjecting the water after lithium is removed using direct lithium extraction technology. Since 2021, Cornish Lithium has been testing various direct lithium extraction technologies at a nearby site, including membrane separation technology provided by GeoLith and Evove. However, the company declined to disclose which companies it will collaborate with in the new containerized process plant, stating only that it is "still exploring which direct lithium extraction technology will be used." Traditional lithium production methods involve heating mined rock or using large evaporation ponds for a slow evaporation process. Emerging direct lithium extraction methods are expected to increase recovery rates by up to 90%, although they may be more capital-intensive. Cornish Lithium also noted that the project will assess the potential to use the thermal energy from the hot water to heat local homes and businesses. The second phase will include building a demonstration plant to produce lithium samples for battery and EV manufacturers. If successful, Cornish Lithium plans to construct a commercial lithium production plant on the site. Jeremy Wrathall, CEO of Cornish Lithium, said the approval is a "key milestone in our efforts to produce domestic lithium from geothermal waters first discovered in Cornwall in 1864. It marks another step in the UK's journey from complete reliance on imported lithium to maximizing the potential of what lies beneath Cornwall." Source: Public Information Compilation Zijin Mining, one of the world's fastest-growing mining companies, is accelerating its global expansion, planning to significantly boost copper, gold, and lithium production over the next five years. The China-based mining company, with a market value of around $60 billion, aims to achieve 1.5 million mt of copper and 3.2 million ounces of gold by 2028. In an interview at the 2025 PDAC conference, Zijin Mining Vice President Shaoyang Shen attributed the company's success to an aggressive M&A strategy, technological advancements, and a commitment to sustainability. "Our clear goal is to become a green, high-tech, and globally leading mining company," Shaoyang Shen told Kitco Mining, adding that by 2030, over 30% of its energy will come from renewable sources. Zijin Mining has been actively investing in mining assets in Africa, the Americas, and Europe. As part of a broader strategy to increase gold production, the company recently spent $1 billion to acquire Newmont's Akyem gold mine in Ghana. "Our target is to produce 3.2 million ounces of gold by 2028, with an annual growth rate of 7% to 8%," Shaoyang Shen said. He noted that while the company's gold output is increasing, Zijin Mining's copper business currently generates more revenue, reflecting changes in market dynamics. Meanwhile, Zijin Mining is also expanding in the lithium sector, a key metal for the EV revolution. Shaoyang Shen confirmed that Zijin Mining will begin producing 40,000 mt of LCE in 2025, positioning itself as a significant player in the battery metals sector. Operating in multiple jurisdictions, Zijin Mining has strategically diversified its portfolio to mitigate market volatility. "When it comes to industrial metals like copper and zinc, they are influenced by macroeconomic trends," Shaoyang Shen explained, "while gold serves as a safe-haven asset during times of economic uncertainty." Zijin Mining's dual focus on industrial and precious metals allows the company to remain resilient amid global economic fluctuations. "Our metal portfolio is relatively balanced and sustainable," Shaoyang Shen stated. Zijin Mining's global ambitions come at a time of heightened geopolitical tensions. Despite the challenges, Shaoyang Shen emphasized the importance of international mining cooperation. "The mining industry really needs international cooperation," he said, "some countries are rich in resources but lack financial or technical capabilities... Canada plays a significant role in setting mining standards and facilitating global transactions." While Zijin Mining is currently listed on the Shanghai and Hong Kong stock exchanges, Shaoyang Shen did not rule out the possibility of listing on international markets such as Canada, the US, or London in the future. Source: Kitco News Recently, the lithium processing plant being constructed by Zheli Mining Investments in Zvishavane, Zimbabwe, is nearing completion, with the final stages of work almost finished. The $1.5 million plant, capable of processing 500 mt of ore per day, is expected to commence operations next month. Owen Ncube, Minister of Provincial Affairs and Devolution for the Midlands Province, highlighted the strategic importance of the project. During a recent inspection, Ncube said, "We gather here not only to witness the significant progress in lithium mining but also to reflect on the broader potential of our province's rich mineral resources, including gold in various regions. These resources are crucial for the social and economic development of our country and are an integral part of our 'Vision 2030'." Kudakwashe Zimhondi, General Manager of Zheli Mining Investments, expressed confidence in the project's progress. He said, "We have completed the installation phase and conducted trial runs to test its efficiency. So far, we are very excited about the results. The government's support for the lithium industry has been key to our success, and we appreciate their efforts in creating a favorable investment environment." Once fully operational, the lithium processing plant is expected to create jobs and promote economic empowerment and skill development in Zvishavane. Additionally, Zimbabwe continues to play a significant role in the global lithium market, attracting many investments in the sector. With the surging demand for lithium resources in EV batteries and renewable energy storage, the project will further enhance Zimbabwe's competitiveness among lithium-producing countries. Source: African Mining Market