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India limits duty-free imports of gold for jewellery exporters in order to curb demand
India tightened the rules on duty-free gold imports for jewelry exports, capping the imports at only 100 kilos per license, according to an order from the government. The country is the second largest consumer of precious metals in the world. This week, the South Asian nation raised its import tariffs for gold and silver from 6% to 15% as part of an effort to reduce foreign purchases of these metals. It also aims to ease pressure on reserves of foreign currency due to higher oil prices. India is one of the leading exporters in the world of gold jewellery. New Delhi allows manufacturers and jewellers, under the scheme of advance authorisation, to import gold for export without paying any duty. On Thursday, the?government changed import rules for jewellers by capping gold imports at 100 kilograms per license and tying future licences with fulfilling at least 50% earlier export obligations. According to the order, first-time applicants must also undergo a physical inspection of the manufacturing facility by regional authorities in order to verify its existence, production capability and operational status. The holders of licences are also required to submit fortnightly, independent, chartered accountant-certified reports detailing the gold imports or exports that were conducted under this scheme. The new rules have excessive compliance requirements. The government appears to be trying to discourage gold imports even though this could result in a decrease in jewellery exports. According to the data collected by the Gem and Jewellery Export Promotion Council, India's gold jewellery exports in 2025/26, which included both plain and studded segments, stood at $11.36 Billion in fiscal year 2025/26, which ended in March. "The government appears determined to reduce gold imports." "The government is increasing import barriers, one by one," said an Indian bullion dealer based in Kolkata. (Reporting and editing by Mark Potter, Ros Russell and Rajendra Jadhav)
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Gold prices steady as investors turn their attention to the Middle East and Trump-Xi summit
Gold 'prices remained steady on Thursday as investors focused on the latest developments of the U.S. and Israel war against Iran, and the signals from President Obama's meeting with Chinese president Xi Jinping. Dollars other than the greenback rose by 0.2%. This makes bullion priced in greenbacks more expensive. At 1043 a.m. (1443 GMT), spot gold was unchanged at $4,689.99 an ounce. U.S. Gold Futures for June Delivery fell by 0.2% to $4695.80. The price of oil dropped after Iran's?state media reported that 30 vessels had recently crossed the Strait of Hormuz. Attacks on vessels were also reported in the area. Bart Melek is the global head of commodity strategies at TD Securities. He said that if the Middle East conflict doesn't end, there is a risk of a major downturn in gold. He added that if the Middle East conflict is not resolved, there could be a significant downturn in gold prices. According to CME Group’s FedWatch tool the price of a U.S. rate cut has been priced in at any time this year. This is due to an energy-driven sharp rise in U.S. consumer and producer prices in April. Gold is considered a hedge against rising inflation but higher interest rates can weigh down on this non-yielding material. In a recent note, Nikos Tzabouras of Tradu.com said that gold is lacking a firm direction. Markets are weighing lingering geopolitical uncertainties,?the economic impact from the Middle East conflict, and the hope that the 'Trump-Xi' meeting will?help broker a solution. Xi also told Trump on Thursday that the trade talks were progressing but warned against a disagreement about Taiwan which could cause'relationships to fall apart, or even lead to conflict. Taiwan was not mentioned in the U.S. summary. The Indian government has announced a 100-kilogram limit on imports of gold under its advance authorization program, which allows Indian exporters to benefit from certain exemptions. Silver spot fell by 3.5%, to $84.88 an ounce. Platinum fell by 3.4%, to $2,065.05, while palladium fell by 3.7%, to $1,443.62. (Reporting and editing by Paul Simao, Nick Zieminski and Ishaan arora in Bengaluru)
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Iraq requested financial assistance from IMF in response to the Iran war, a source said
A source close to the IMF confirmed that Iraqi officials had approached the IMF about financial assistance due to the conflict in the Middle East. The source stated that initial discussions took place 'last month at the spring meetings of IMF and World Bank, in Washington. Discussions are still ongoing on how much funding Iraq will need, and how a loan will be structured. The massive U.S. and Israeli bombing campaign that began February 28 against Iran, which prompted Tehran to close the Strait o'Hormuz, has rocked Middle East and caused damage to infrastructure and economies. Iraq has been 'hard hit' by the war. The majority of its oil exports, which represents nearly all of government income, have been cut off due to the closure of a critical waterway that previously carried around?one fifth of the world?s crude oil. IMF spokeswoman Julie Kozack stated that the IMF worked with the World Bank, the International Energy Administration and other organizations to assess the effects of the war on its member countries. She added that the Fund is also actively engaged in discussions with its member countries, many of whom are seeking policy advice. She said that IMF Director Kristalina Georgeieva had stated the IMF had received requests for help from "at least 12" countries, but refused to give any details on which countries requested assistance. The Iraqi government and its embassy in Washington did not immediately comment. Iraq's economy is heavily dependent on oil exports. Iraq's latest financial deal with IMF was a $3.8 billion standby agreement that expired in July 2019. Of this amount, $1.49bn was drawn. Iraq is owed $2.39 billion by the global lender, which includes $891 million that was provided through a rapid funding instrument. (Reporting and editing by Louise Heavens, Chizu Nomiyama, and Andrea Shalal)
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US Wireless carriers launch joint venture to address rural "dead zones"
Verizon, AT&T, and?T-Mobile announced on Thursday they had agreed in principle to form a joint venture to address coverage gaps that have existed for years - especially in rural areas - by using satellite-based technology. The plan, according to the largest wireless companies in the United States, aims to eliminate nearly all dead zones that lack mobile service. The plan aims to improve network performance and ensure redundant connectivity in natural disasters using "direct-to-device" satellite technology. The Federal Communications Commission has approved EchoStar’s $40 billion sale to SpaceX and AT&T of wireless spectrum. EchoStar will sell?65 Megahertz to SpaceX at a cost of $17 billion in order to enhance SpaceX’s Starlink’s next-generation device-to device offering. The joint venture will invest in satellite-based direct-to device technologies to fill coverage gaps. Analysts also believe that the joint venture could be defensive, as some are concerned SpaceX will eventually compete directly with U.S. wireless providers. FCC Chairman Brendan Carr said in an interview that the sale of $40 billion worth of spectrum provides Starlink with a clear path to "enter direct into the cell market." Elon Musk, CEO of SpaceX, has stated that the company has deployed over 650 Starlink satellites to support a new direct-to device business. Musk said that the company's goal was to "deliver complete cellular coverage on Earth." Carr said Starlink would be able to deal with dead zones on its own, or in partnership traditional carriers. SpaceX will gain 'exclusive-use spectrum to develop a Starlink service that connects devices or directly to cell phones, among other services. The FCC stated that AT&T’s low-band spectrum would expand coverage throughout the United States, particularly in rural and underserved regions. Carr said, "We are fundamentally reshaping wireless industry with this approval." "As regulators, our job is to give the market a fair chance at settling itself." Direct to cell is not a "winner", but neither are we putting it aside and declaring it as a "loser". The FCC has also granted SpaceX waivers to address the convergence of satellite and wireless broadband. The FCC's announcement allows SpaceX to use their new spectrum in a flexible manner for hybrid, terrestrial and space-based network architectures. The FCC has ordered EchoStar to set up an escrow fund of $2.4 billion, which would cover any amount that EchoStar may owe as a result of disputes over the work done under licenses. (Reporting and editing by Sharon Singleton, Nick Zieminski and David Shepardson)
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Investors focus on Middle East and Trump-Xi Meeting as gold prices ease
?Gold prices dipped on Thursday as investors focused mainly?on a?recent development in the Middle East conflict and signals from U.S. president Donald Trump's recent meeting with Chinese president Xi Jinping. At 9:42 am EDT (1342 GMT), spot gold was down by 0.4% to $4,668.34 an ounce. U.S. Gold Futures for June Delivery fell by 0.7% to $4672.70. The dollar?U.S. The dollar rose 0.1% and made metals priced in greenbacks more expensive to holders of other currencies. Oil prices fell after Iran's official media reported that 30 vessels had recently crossed the Strait of?Hormuz. This report briefly boosted gold prices. Bart Melek is the global head of commodity strategy for TD Securities. He said that if this Middle East conflict doesn't end, there is a risk of a "significant downturn" in gold. He said that if inventories and supplies of energy products are reduced, prices could rise dramatically, resulting in an increase in inflation. According to CME Group’s FedWatch tool the U.S. rate cuts are largely priced in at this point in the year due to an 'energy-driven increase in U.S. consumer and producer prices in April. Gold is considered to be a hedge against rising inflation. However, as interest rates rise, the metal tends to lose its appeal. The data released on Thursday revealed that?U.S. Retail?sales increased in April but some of this increase was due to higher prices. Xi reassured Trump on Thursday that the trade talks are progressing, but warned that disagreements over Taiwan could lead to a 'dangerous path' and even conflict. Taiwan was not mentioned in the U.S. summary. Spot silver dropped 3.8% to $84.00 per ounce. Platinum fell 3.4% at $2,065.50 and palladium fell 3.7% to $1,443.74. (Reporting by Ishaan Arora in Bengaluru; editing by Paul Simao)
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Iraq requested financial assistance from IMF in response to the Iran war, a source said
A source close to the IMF confirmed on Thursday that Iraqi officials had approached the International Monetary Fund in order to?secure financial assistance due to the conflict in the Middle East. Sources said that initial discussions took place during the spring meetings in Washington of the IMF and World Bank, and are continuing about how much funding Iraq will need and the structure of any loan. The Middle East has been rocked by the war that began February 28 with a massive U.S. and Israeli bombing campaign on Iran. This led to the closure of the Strait of Hormuz. Iraq was hard-hit by the war. Its oil exports, which make up nearly all of its government revenue, were cut off due to the closing of the crucial waterway that?previously transported about one-fifth the world's crude oils. The?IMF and the Iraqi Embassy did not immediately comment. Iraq's economy is heavily dependent on oil exports. It has the?fifth-largest?petroleum reserve in the world. Iraq's latest financial?deal was a $3.8 billion standby agreement that expired in July 2019. Of this amount, $1.49billion was drawn according to the IMF website. Iraq is owed $2.39 billion by the global lender, according to the website. This includes $891 million that was provided through a rapid funding instrument. (Reporting and editing by Louise Heavens, Chizu Nomiyama, and Andrea Shalal)
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Venezuelan bonds rise after debt restructuring by government
Venezuela's bonds rose on Thursday, after the country began a restructuration exercise that is expected to be one of the largest and most complex sovereign debt restructuring exercises undertaken. Venezuelan government announced that it has appointed U.S. consulting firm Centerview Partners to rework what is estimated at hundreds of billions dollars in sovereign and state-owned debt. The dollar-denominated bonds of the country, which have been in default for years but still trade on financial markets, reached their highest level since more than a decade. Data from Tradeweb showed that the bonds of Petroleos de Venezuela, a state oil company, were at a decade high, at 40 to 50 cents. Jean-Charles 'Sambor is the head of EM Debt at TT International, London. He viewed it as a signal that a restructured debt was now a top priority for both Caracas, and the White House. He added that "the recovery rate will high" because we are dealing with a country whose oil production and debt sustainability has improved sharply. COMPREHENSIVE & ORDERLY Venezuela, the South American nation with the largest oil reserves in the world, and Petroleos de Venezuela (the state oil company) owe between $150 and $170 billion dollars of debt and interest. This burden must be reduced for the economy to remain viable. The government announced late Wednesday that it aimed for a "comprehensive" and "orderly" overhaul of the debt burdens, which would include both sovereign debt as well as that of PDVSA. Venezuela defaulted on its debts due to U.S. sanction pressure in 2017. However, its bonds have steadily increased since U.S. president Donald Trump returned the White House at the beginning of last year. Since the U.S. ousted President Maduro, in January, momentum has picked up and Washington's relations with acting Venezuelan president Delcy Rodrguez have become closer. In a client note, JPMorgan analyst Benjamin?Ramsey stated that the goal is to move "expeditiously" with financial advisers. "We remain MW (marketweight), Venezuela in our portfolio model, pending an?improved assessment of a framework for debt sustainability." Ramsey said that although the process was questioned, it is worth noting that it began before the International Monetary Fund provided its assessment of Venezuela's economic prospects or debt sustainability metrics.
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Markets focus on Trump-Xi Meeting
?Gold was largely stable?on Friday, as investors focused mainly on a meeting between U.S. president Donald Trump and his Chinese equivalent Xi Jinping. They also digested a rise in U.S. prices due to increased energy costs associated with the Iran War. As of 1112 GMT, spot gold was up 0.2% to $4,696.36 an ounce. U.S. Gold Futures for June Delivery fell 0.1% to $4,703.70. China's Xi said that the trade talks are?making good progress? at the beginning of a two day summit on Thursday, but that a disagreement over Taiwan might?damage relationships and even lead conflict? Gold is still hovering at $4,700 while markets digest the latest U.S. inflation figures. It is very evident that we are now in a phase of consolidation," said Swissquote analyst Carlo Alberto De Casa. Data on Wednesday revealed that U.S. Producer prices had posted their largest increase in four-years in April. This is the latest indication of an accelerating inflation. On Tuesday, data showed that the annual U.S. consumer inflation had posted its biggest gain in three year. According to CME Group’s FedWatch tool, traders have priced in a large amount of interest rate increases this year. This is due to the rising cost of energy. The?U.S. The Senate has approved Kevin Warsh to be the chair of the Federal reserve. Gold is considered to be a hedge against rising inflation. However, as interest rates rise, the metal becomes less attractive. HSBC has raised its forecasts for silver prices to $75 an ounce by '2026. The bank cited the weaker U.S. -dollar. However, the bank believes that there is only limited room 'to the upside as silver remains too overvalued. Silver spot fell by 1.3%, to $86.86 an ounce. Platinum fell by 1.3%, to $2,110.70. Palladium fell 2.2%, to $1,467.03. (Reporting and editing by Barbara Lewis in Bengaluru, Noel John)
The Hanukkah massacre in Australia: "It was dead everywhere"
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Some of the thousands who descended on Sydney's Bondi Beach Sunday evening were looking for relief from the hot weather, while others joined the local Jewish group to celebrate Hanukkah or the festival of lights. Advertisements advertised a face-painting, donuts, and petting farm. The goal was to "fill Bondi" with light and joy. The scene became a bloodbath hours later. Two gunmen fired between 10 and twenty minutes on Hanukkah attendees, killing men, women, and children, as terrified beachgoers fled. At least 40 people, including at least two police officers, were injured, with some of them critically. More than 12 people died and more than a dozen others wounded.
The video footage, interviews with witnesses and comments of police officials and other authorities, as well as media reports and videos from the incident, have helped to piece together when Hanukkah went from a time for celebration to one that was filled with fear.
The police have not released the names of the two suspects. One was shot dead and the other critically injured in a shootout with the police. State media ABC and others have identified the two suspects as Sajid and his son Naveed.
Police said that by Sunday the men had collected six firearms belonging to the father, as well as multiple improvised bomb devices. According to the police, the father owned a firearm and was a member of a gun club.
According to Australia's ABC public broadcaster, the two men lived in a "spartan" Airbnb apartment located in Campsie, a suburb southwest of Sydney. The son, a 24 year-old Sydney bricklayer who was unemployed, called his mom to inform her that his father, 50-year old shopowner, and he had taken a fishing trip over the weekend on the eastern coast of Australia, according to the Sydney Morning Herald, which cited his mother.
Anthony Albanese, Australian prime minister, said that in October 2019, Australia’s intelligence agency investigated the son to determine if he had any ties with a self-proclaimed Islamic State terror. Albanese stated that the agency determined there was "no evidence of an ongoing threat".
According to the police, on Sunday night, two men left improvised bombs in a car that was parked near Bondi Beachfront. They then drove towards the beach.
Two figures in black are then seen on video footage standing atop the concrete bridge that leads to Bondi's crowded waters and a nearby park. Bystanders recorded both men firing?large, powerful firearms' from the highpoint toward the Hanukkah celebration. A surf camera captured footage of dozens running across Bondi sand in an attempt to escape gunfire. Terry, a man who identified himself as such, said that his daughter of 15 years was "part of the stampede".
Terry said that she took refuge at the Iceberg Swimming?Pools, located at the southern end Bondi. She used the phone of a stranger to call him while he was at another Hanukkah celebration.
He said, "You think you are safe standing here." He had to reconsider his life as an Australian because of the growing antisemitic attacks, many of which are linked to the Gaza war. He said, "Maybe one day we should move to Israel." The irony is, that Israel looks like the only safe place we can be in the world as Jews.
In a third video, the older shooter is seen standing near the festival site. The older shooter fires directly at a festival attendee while others run. Local media identified the man as Sydney resident Ahmed al Ahmed. He is seen hiding behind a car. Ahmed, hiding behind a car, tackles the shooter from behind and tears the gun from his hands. He then points it at the man as he flees. Ahmed was treated in hospital for two gunshot wounds on Monday.
The drone video shows the older gunman lying prone on the concrete, while the younger man moves around before falling.
Sixth video: Three police officers sprint?towards the bridge, arms outstretched. One video shows the officers holding two men down on the floor, as a passerby runs up and kicks the men.
The video shows that at least nine officers are on the bridge. Several of them kneel over prone men and apply chest compressions. The police said that the older man at Bondi died from his injuries.
Hussain Rifi (18) said that he and a group were in a nearby shower block. Rifi said, "We were taking videos and flexing our muscles in the mirror when we heard it: bang bang bang." He soon realised that the sounds were gunshots.
He said that he and his friend hid near the showers for about 20 minutes until the shooting stopped. He saw dead bodies when he looked around.
Rifi said, "There were chunks of human flesh on the floor." It was everywhere dead people.
Hundreds of paramedics and police descended upon the scene. From there, dozens of injured victims and the shooter survived were transported to local hospitals. 16 people have died, including a 10-year old girl and a British born rabbi.
Police began to sweep the grass and sand using flashlights as darkness fell. They were apparently looking for evidence. ABC reported that police found an Islamic State Flag in the car of the gunmen suspected.
The men were arrested in Bonnyrigg, a suburb in Sydney. They also had their Airbnb at Campsie.
Rabbi Levi Wolff, of the Central Sydney Synagogue, stood in shock on Bondi's main street. After hearing the news, he had rushed over to a religious service.
He said that it was hard to believe that such a thing could be possible in Australia, a country that has been so welcoming for generations. Then he stepped away to answer a phone call from Israel's President.
He said that "the silent majority" of antisemitism opponents "must no longer remain silent." (Editing Praveen Menon & Lincoln Feast).
(source: Reuters)