Gold

Gold prices have hit successive records this year on US rate-cut expectations and geopolitical tensions. Goldman Sachs Group Inc. is forecasting they will reach US$3,000 an ounce by the end of 2025.

Bullion has fallen six days in a row and is set for a weekly loss of more than 4%, the most since June 2021.

The expansion will be funded using internal resources and is expected to be completed by the first half of next year.

State Street says the three drivers of gold are central banks, Chinese consumers and geopolitical instability.

Lower borrowing costs tend to benefit the metal as it yields no interest.

Bullion held by the People’s Bank of China was unchanged at 72.8 million troy ounces at the end of last month.

The company will continue exploring its sites and is hopeful to uncover commercially viable opportunities.

Spot gold was up 0.9% to US$2,437.48 an ounce as of 9.12am in Singapore.

Although silver's rally has outpaced gold's, it is still relatively cheap

SAM will represent the first company listed in Singapore with rare earth elements exposure.