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Gold prices reach record highs above $3,300/oz
The gold price broke the record of $3,300 per ounce as investors sought refuge from the turmoil surrounding the trade tensions between China and the United States. On Wednesday, spot gold reached a record price of $3,317.90 an ounce, continuing a rally that was fueled by President Donald Trump's policies on tariffs, central bank purchases and the prospect of Federal Reserve interest rate reductions. "Gold is recalibrating itself to reflect current world events... "If the price is saying something, it's a clear warning bell," said Ross Norman, an independent analyst. "High conviction buys that began about a year back - likely unreported by central banks - are being compounded with buying on price strength." Bullion prices have risen by around 26% this year. This is comparable to the 1980 rally that took place during the Iranian Revolution when they soared 118% from November 1979 to January 1980. Trump announced his latest tariff policy on Tuesday, ordering an investigation of potential new levies against all U.S. imports of critical minerals and other goods. Gold has been used for centuries to protect against political turmoil. BullionVault's director of research, Adrian Ash, said that some gold investors are profiting from these new record highs. However, there are also strong inflows. In the first quarter 2025, gold ETFs received 226.5 metric tonnes, or $21.1 billion. This was the highest amount since 2022 when the markets were still dealing with the aftermath of Russia's invasion. Norman added, "ETF demand has been the missing component and is definitely fueling the increase." The lower dollar has made gold a more appealing investment. The next gold milestone is $3,500. Norman said, "Expect that to happen soon." Gold prices have been boosted by central bank purchases, as China's central banks added to their reserves for the fifth consecutive month in March. This year gold reached 25 new highs, including 13 above $3,000 per ounce.
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Ukraine accuses Russia 30 times of attacking Ukraine's energy infrastructure since March
Ukraine accused Russia of carrying out over 30 attacks on its infrastructure energy since both sides agreed to pause such strikes in March. Heorhii Tikhyi said that Russia has attacked energy plants in Kherson, Mykolaiv, and Poltava, in the middle of the country, over the last 24 hours. He said: "We believe that the energy truce began on 25 March." "Unfortunately, it is clear that Russia violates this agreement on a nearly daily basis. Russia has violated the agreement 30 times in less than a month. Both Kyiv & Moscow accuse one another of violating the 30-day limited ceasefire for energy infrastructure strikes, brokered by the U.S. The Russian state news agency RIA reported that the Russian defence ministry confirmed on Wednesday that Ukraine had carried out six attacks against Russian energy infrastructure in the last day. Tykhyi stated that Ukraine provided details about the alleged violations of its Western allies. The limited energy ceasefire was supposed to be the first step towards a complete ceasefire and pave the way for an agreement that would bring an end to more than three years war with Russia. Ukraine agreed to an expanded U.S. ceasefire offer, but Russia effectively blocked it because of additional conditions. The frontline is still raging along more than 600 miles (1,000 km) of its length. Russian forces continue to press on in eastern Ukraine. Ukraine's daily military update said that the fiercest fighting was around Pokrovsk Toretsk and Lyman directions. Volodymyr Zelenskiy, the president of Ukraine, has stated that Moscow is also planning a new offensive in the north-east towards Kharkiv region and Sumy region.
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Italian police claim that a mafia hit a Chinese couple in Rome, killing them.
Police suspect that the execution of a senior member of China's underworld, along with his companion, was a result from a turf war between Italian criminal networks and Chinese criminals. Zhang Dayong, 53 (also known as "Asheng"), and his partner Gong Xiaoqing 38 were found dead outside their home on Monday in the eastern Roman suburb of Pigneto. Investigators found that Zhang was a member of the Naizhong Zhang team, which is currently on trial in Florence after an investigation into allegations that he coordinated illegal activities across Italy, France and Germany. Prosecutors said that Zhang was able to gain a near monopoly on the distribution of goods in much of Europe by using violence and threats against Chinese owners of companies. Dayong, according to prosecutors was involved in managing underground gambling operations, loan-sharking, and enforcement in the capital. Police officials said that the murders could be connected to the "Coat Hanger Wars", a violent conflict between Chinese criminal groups originally centered near Florence in the northern city Prato.
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Nvidia shares fall as US chip sales curbs hurt the company. Gold hits record levels
Asian and European stocks fell along with U.S. futures on Wednesday as AI darling Nvidia was hit by U.S. restrictions against chip sales to China, as the global war on trade intensified. Gold rose to a new record while the dollar fell. Treasury yields moved slightly higher in anticipation of the Federal Reserve chair Jerome Powell's speech later that day. The traders are wondering if Powell will echo the tone of his Fed Governor Christopher Waller. Washington has issued new export licensing for Nvidia’s H20 artificial intelligence chip and AMD’s MI308 artificial intelligent chip sales to China. Nvidia estimated that the move would cost $5.5 billion and its shares fell 6% after-hours. Daniel Ives is an analyst at Wedbush. He said: "This disclosure shows that Nvidia has huge restrictions and obstacles in selling to China." The Street will react to this news with a lot of nervousness. They are worried that these are the opening shots in the battle for tech between the U.S.A. and China. Beijing/Xi won't just take the news and ignore it. Donald Trump also ordered an investigation into the possibility of new tariffs for all U.S. imports of critical minerals, in addition to reviews on pharmaceuticals and chips imports. Beijing continues to be aggressive, and has reportedly told airlines to stop delivering Boeing aircraft. The STOXX 600 index fell by 0.8% in Europe. U.S. S&P futures also fell by 0.8%, while Nasdaq Futures dropped 1.5%. In the afternoon, Asian stocks began to decline. MSCI's broadest Asia-Pacific share index outside Japan dropped 1% and ended a four-day streak of gains. The Hang Seng index in Hong Kong fell 1.9%, but Chinese blue chips rose by 0.3% as investors digested solid GDP data which predated April's tariff increases. Aneeka Gupta is an economist and strategist with WisdomTree. Gupta stated that the Chinese restrictions have raised concerns about access to global technology hardware. This is also leading to a "risk-off" sentiment in the market. The White House stated that Trump is willing to make a deal with China, but Beijing must be the first one to move. GOLD SHINES Gold bullion reached a new record of $3,318 an ounce last week, up 2.2%. The Australian bank ANZ updated its forecast on Wednesday for gold to reach $3,600 per ounce by year's end. They argued that the demand for safe haven assets would increase. The U.S. Dollar Index, which tracks currency against six peers fell 0.5%, to its lowest level since April 2022, as investors continued to be cautious with U.S. assets. The Japanese yen, and Swiss francs, which are seen as safe assets in times of market turmoil, have rallied by around 0.4% and respectively. The yen has reached its highest levels since September, while the franc has reached its highest level in 10 years. Bank of Japan Governor Kazuo Ueda said to the Sankei daily that if U.S. Tariffs hurt the Japanese Economy, the central bank might need to take action. This could mean a halt to the rate-hike cycle. Investors shifted into European government bonds when stocks dropped, but avoided Treasuries. After a spike in yields last week, which was attributed to concerns over the stability of the U.S. economic system, the benchmark 10-year Treasury Yield is now up by 1 basis point. Germany's 10-year Bond yield is now at 2,505%. This is the lowest it has been since early March. Prices and yields are inversely related.
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Sources say that India is looking to end import taxes on US LPG and ethane in trade negotiations.
Three sources with knowledge of the situation said that India intends to eliminate taxes on U.S. imports of ethane, liquefied petrol gas (LPG), and other petroleum products. The move is part a broader negotiation with Washington to reduce India's trade surplus and lower its tariff burden. India is considering scrapping the import tax on U.S. LNG and increasing purchases of fuel from the United States. As President Donald Trump’s sweeping tariffs rattle markets and economies, several Asian nations with trade surpluses in Washington are importing more U.S. Energy to avoid heavier tariffs. India levies an import tax of 2.5% on propane, butane and ethane. These are used to produce LPG, which is primarily used for cooking fuel. According to Indian government statistics, India imported 18.5 millions metric tons LPG valued at $10.4 billion in the fiscal year 2023-24, mainly from the Middle East. According to the U.S. Energy Information Administration (EIA), it was the second largest buyer of U.S. Ethane, after China. It imported 65,000 barrels a day in the past year, while China imported 227,000. The U.S. - China trade war has pushed tariffs sky high and will likely curtail China's exports. India's biggest buyer of ethane is Reliance Industries. It operates the largest petrochemicals facility in the world. New Delhi and Washington agreed to begin work in February on the first phase for a trade agreement to be completed late this year. The goal is to increase bilateral trade from $457 billion to $500 billion before 2030, and reduce India's trade surplus of $45.7 billion. Sources in the Indian government said that officials from the commerce and finance ministries will make a final decision regarding duty reductions. The three men spoke under condition of anonymity because the discussions were sensitive. The Indian Finance and Commerce Ministry did not reply to email seeking comment. Analysts believe that India has limited options to increase its imports of U.S. liquid gas due to the lack of storage tanks, ships and crackers to process it. It will be difficult for the US increase ethane imports to India as India has already maximized its use as a fuel due to current margins," Cheryl Liu said, an analyst at Energy Aspects. She said that India's steam-cracker capacity is approximately 9.5 million metric tonnes of ethylene production. This can accommodate up 2 million tons (92,000 Bpd) ethane feedstock. Prashant Vashisth said that it is easier logistically to import more LPG. India imports around 60% of its LPG requirements.
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Sources say that dozens of US EIA employees are leaving, putting vital energy data in danger.
Five sources said that the U.S. Department of Energy's statistics division is likely to lose dozens after the Trump Administration's latest round resignation offers. This will put at risk some the most closely followed energy reports in the world, they added. Energy Information Administration (EIA) publishes data on a weekly, monthly, and annual basis. This includes crude and fuel inventory, price forecasts, and figures for oil and gas production. These are all used by energy companies and traders as indicators of future demand and supply, which can affect prices. According to one source, up to a third of EIA’s 300-350 employees have left the agency or accepted buyouts. This has happened since the beginning of the year. Three EIA employees, among others, claimed that the number of departures was in the dozens. It's difficult to predict whether the weekly energy data will continue. One source said, "I can't imagine how they'll continue over time." Three sources, without mentioning the projects, said that the EIA has put new project development on hold or delayed. The EIA has not responded to a comment request. More than 2,600 U.S. Department of Energy employees have accepted resignation offers. The hardest hit offices were those dealing with power grid stability, and those that deal with loans for high-tech projects. A DOE spokesperson responded to an article's request for comments by saying that the DOE was conducting a review of its entire organizational structure. The spokesperson stated that "no final decisions have yet been made, and many plans are still under consideration." Market participants are closely following the EIA's publications in order to make trading decisions. The EIA also publishes smaller articles for the public to help explain jargon and describe trends in the energy industry. EIA data is used by industry analysts to create their own models or to confirm their models. According to the website of the agency, its data, analyses and forecasts do not require approval from any officer or employee of U.S. Government, thereby ensuring that it is free of bias. The EIA data was a great help in determining prices and leveling the playing field. John Kilduff of Again Capital, who has used the data as input in every model for more than 20 year said that it would be damaging not to have this data. Kilduff continued, "This information will be held closely by companies and I don't believe that it would be shared with the industry." Reporting by Arathy S. Somasekhar, Stephanie Kelly, in New York and Valerie Volcovici, in Washington D.C.
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Indonesia Nickel group demands a reevaluation of the new mineral royalty rules
Secretary general Meidy Kathrin, of the Indonesia Nickel Miners Association, said that on Wednesday they called on the government to reevaluate a recent regulation imposing higher royalty rates on nickel ore. Meidy says that the new royalties will burden miners already facing rising costs. She said that she understood that the policy had been officially enacted but hoped that the government would still allow for dialogue. Meidy stated that under the new rules Indonesia will impose a royalty rate of 14% to 19.0% on nickel ore. This is an increase from the existing single tariff of 10.0%. Semi-refined nickel pig iron, however, will be subject to a royalty of 5% to 7.0%. She said that the new regulation will take effect 15 days following its signing date on April 11. The rates are the same as those announced following a consultation held last month. Officials from the Energy and Mineral Resources Ministry did not respond when asked for comments on the new regulation. (Reporting and editing by John Mair; Fransiska Nanangoy)
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Putin and Qatari emir discuss Ukraine and Middle East
The Kremlin announced on Wednesday that Russian President Vladimir Putin and Qatar's Emir, Sheikh Tamim Bin Hamad al-Thani, will meet in Moscow to discuss Ukraine and Middle East. Dmitry Peskov, Kremlin's spokesman, told reporters that there would be a "definitely" an exchange of views on Ukrainian issues between Putin and Emir of Qatar. There will be an exchange on regional issues as well. "The conflict potential in the region is enormous." Qatar is a major player in the efforts to resolve many problems," Peskov stated. The emir will arrive in Moscow on Tuesday and meet Putin on Thursday. Qatar has tried to mediate a number of disputes between Russia and Ukraine and helped arrange for the return of separated children from both countries. We highly value the current and potential level Peskov stated that Qatar was "a great partner for our economic and trade cooperation". And, of course our confidential dialogue, which covers many sensitive topics. (Reporting and writing by Anastasia Lyrchikova, editing by Guy Faulconbridge; Lucy Papachristou is the writer; Guy Faulconbridge is the editor).
Prices of oil rise due to potential US exemptions from tariffs on automobiles, and a pickup in crude imports from China
The oil prices rose in the early hours of trading on Tuesday. This was due to new tariff exemptions proposed by President Donald Trump, and an increase in crude oil imports from China in anticipation that Iranian supply would be tighter.
Brent crude futures rose 27 cents or 0.42% to $65.15 a barrel at 0046 GMT. U.S. West Texas Intermediate crude also gained 26 cents (0.42%) to $61.79.
Trump said that he is considering a change to the 25% tariffs on imports of foreign autos and auto parts from Mexico, Canada, and other countries.
The vacillating U.S. policies on trade have created uncertainty in global oil markets, and OPEC reduced its demand forecast for the first time since Dec.
On Friday, the Trump administration announced that it would exempt some electronic goods from tariffs, including smartphones, computers, and other electronic products, which are mostly imported from China. This led to both oil benchmarks settling up slightly higher on Sunday.
Trump announced on Sunday that he would announce tariff rates on imported semiconductors in the coming week. A Federal Register filing on Monday showed that the administration began an investigation on imports of semiconductors as early as April 1.
Data released on Monday showed that China's crude imports were up nearly 5% in March compared to a year ago, with arrivals of Iranian crude oil surging in anticipation of stricter U.S. sanction enforcement.
Kazakhstan confirmed on Monday its oil production fell 3% from March to the average in the first two week of April, although it still remains above its OPEC+ quota. (Reporting Colleen Waye; Editing Sonali Paul).
(source: Reuters)