LONDON, March 7, 2025 – This week, gold prices have experienced a notable increase, approaching the record highs established in February amidst ongoing geopolitical uncertainties. On Friday, at around 4:05 PM, the price of an ounce of gold was trading at $2,929.25, up from $2,857.83 just a week earlier at market close.
Copper prices also saw a significant rise this week on the London Metal Exchange (LME), as the market rushed to acquire copper in anticipation of tariffs promised by U.S. President Donald Trump during his congressional address. On the LME, a ton of copper was priced at $9,682 on Friday, an increase from $9,559 at the previous week’s close. With expectations of import taxes looming, American buyers are amassing copper reserves, which is bolstering prices, particularly on the Comex in New York where prices have surged over 5% for the week, compared to approximately 3% on the LME.
In contrast, cocoa prices have fallen this week following the International Cocoa Organization’s (ICCO) forecast of increased supply for the 2024/2025 season. A ton of cocoa for May delivery was valued at £6,634 in London on Friday, down from £7,342 the previous week at market close. In New York, the same month’s contract traded at $8,461, compared to $9,124 last Friday at the close. Both prices have reached their lowest levels since November of last year.
