Bitcoin will take market share away from gold in 2022 as digital assets become more widely adopted, Goldman Sachs (GS) analyst Zach Pandl said in a research note to clients. Citing bitcoin's $700 billion market capitalization, compared to the around $2.6 trillion worth of gold owned as an investment, Goldman Sachs (GS) said that the cryptocurrency currently has a 20% share of the "store of value" market.
* It marks first quarterly decline in six. * Reflects lower overseas premiums, slow recovery in car output. By Yuka Obayashi. The premium for aluminium shipments to Japanese buyers for January to March was set at $177 per tonne, down 20% from the previous quarter, as local spot premiums and overseas prices eased, six sources involved in pricing talks said on Wednesday.
Aluminium prices rose on Wednesday to their highest in more than two months as expectations of large deficits were reinforced by high power prices, particularly in Europe, and sliding stocks.
* Worries around Omicron sparked safe-haven bid in gold- analysts. * U.S. benchmark 10-year yield rises. * Dollar hits five-year high versus yen. By Kavya Guduru. Gold prices rose on Tuesday, as demand for the safe-haven metal asset was lifted by a surge in COVID-19 cases of the Omicron variant that threatened global economic recovery.
Aluminium and zinc prices climbed on Tuesday, with buying spurred on by concerns over supply disruptions because of prolonged high power prices, while industrial metals in general were boosted by a weaker dollar. Benchmark aluminium on the London Metal Exchange was up 1% at $2,836 a tonne by 1624 GMT, having gained more than 40% last year.
Prices of copper, often viewed as a gauge of global economic health, fell on Tuesday pressured by a stronger dollar, while uncertainty over the impact of the rapid spread of the Omicron coronavirus variant also weighed on sentiment. Three-month copper on the London Metal Exchange was down 1% at $9,624.5 a tonne by 0515 GMT, having earlier hit its lowest level since Dec. 24.
Copper prices fell on Tuesday, pressured by a stronger dollar, while a rapid spread of the Omicron coronavirus cases worldwide also weighed on sentiment. Three-month copper on the London Metal Exchange was down 1% at $9,619 a tonne by 0240 GMT, its lowest level since Dec. 24.
* Benchmark 10-year U.S. Treasury yields touch 6-week peak. * Investors expect new coronavirus wave to be temporary- analyst. By Kavya Guduru. Gold prices fell more than 1% on Monday as a risk-on rally in equities pressured bullion, with investors shrugging off concerns around the impact of the Omicron coronavirus variant.
* Silver set for worst year since 2014. * For the year, platinum down about 11% so far, palladium 23% * Gold faces 'downhill battle' amid rate hikes in 2022- analyst. By Kavya Guduru.
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