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US rate cuts bets continue to drive gold's record-breaking run.
The gold price reached another record on Thursday as investors sought out the safe haven due to U.S. China trade tensions, the U.S. Government shutdown and prospects of rate cuts. As of 1208 GMT, spot gold was up by 0.8% to $4,242.38 an ounce. Bullion touched a new record high at $4,247.49 earlier, rising for the fifth consecutive session. U.S. Gold Futures for December Delivery were up 1.4% to $4,258.50. Gold prices, which are traditionally seen as a safe haven during periods of uncertainty, have risen by 60% in the past year. This week, investors have been focused on the trade dispute between the two world's largest economies. On Wednesday, U.S. officials criticized China's expansion of export controls on rare earths as a danger to global supply chains. Investors are turning more to gold because of renewed trade frictions, said Nitesh Sha, commodities strategist with WisdomTree. He added that the gold breakout is also indicative of investor uncertainty over U.S. policies. Shah said that there is a high probability the metal will remain above $4,200. The gold rally is driven by several factors including the expectation of interest rate reductions, political and economic uncertainties, central bank purchases, and inflows to gold exchange-traded fund. A Treasury official stated on Wednesday that the shutdown of the federal government, which has lasted for two weeks, could cost the U.S. economic system as much as 15 billion dollars a week due to lost production. On the monetary front, traders have priced in a 25-basis-point cut from the U.S. Federal Reserve for October, with another one in December. These are viewed as 98% and 85% chances, respectively. Gold that does not yield is usually more profitable in an environment with low interest rates. Aakash Doshi is the head of State Street Investment Management's gold metals strategy. Gold smuggling has also increased in India, the second largest buyer of precious metals in the world. This is because of record-high prices and shortages. Silver spot fell by 0.1%, to $53.00 an ounce. It had hit a record high $53.60 per ounce on Tuesday. The rally in gold was mirrored and the tightness of the spot market supported this decline. Palladium rose 1.7%, to $1,562.23, while platinum climbed 1.1%, to $1673.12. (Reporting and editing by Elaine Hardcastle, Ed Osmond and Anushree Mukerjee from Bengaluru)
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CEO Daniel Klier leaves role at South Pole carbon consultancy
Two people with knowledge of the situation said that on Thursday, the head of South Pole, an carbon finance consultancy and project development company, left his position and was replaced with immediate effect by Nadia Kaddouri, current chief financial officer. Daniel Klier was appointed CEO of South Pole in May 2024. He had to lead a turnaround as a response to concerns regarding the Kariba Forestation Project in Zimbabwe, in which South Pole was involved. Klier did not respond to an immediate request for comment. It is unclear why he left the Swiss firm. Klier is expected to join the advisory board of the company, according to a source who spoke on the condition of anonymity. These sources are not authorized to comment publicly on this matter. 'COMPREHENSIVE TRANSFORMATION' South Pole stated in a September statement that the company had focused its efforts over the past two years on "a comprehensive transformation" of their carbon finance consultancy. A new advisory board was appointed and a review of the company's quality, compliance and risk protocols were conducted. The company is also backed by Lightrock, an impact investor. South Pole's involvement in the Kariba project REDD+, part of United Nations efforts for curbing carbon emissions by protecting forest, was criticised 2023. The media questioned if the project preserved as much of the forest as promised, and claimed that the communities had not benefited as much as expected. South Pole, the developer of carbon assets for the project, and the company responsible for the sale of credits generated on the market, terminated its relationship with Kariba in 2023. In a press release at the time, it stated that it only sold carbon credit from the project which were verified and fully valid by Verra. In November 2023, South Pole's Board appointed a new leadership team to improve governance and selection of projects. The board said that it was "determined" to learn from its experience working with the Kariba project in Zimbabwe. Verra said last month that a review found that more than 15 millions excess credits had been issued. The actual deforestation in the Kariba Project... was much lower than the initial estimated deforestation," the report said. Klier's LinkedIn profile states that he was the global head of sustainable financing at HSBC from 2017 to 2021, following a five year stint as group director of strategy. Before joining South Pole, Klier was the CEO of sustainability data company ESG Book. (Reporting and editing by Virginia Furness)
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QUOTES - Putin speaks about oil, gas and coal at the Russian Energy Week
The Russian Energy Week 2025 keynote speech was delivered by President Vladimir Putin in Moscow. Here are the main points of his speech. His words were translated into English by. On the Future of Oil Market: According to estimates, the global oil demand for this year is expected to be 104,5 million barrels per a day, which is more than one million more than it was last year. The growth of the petrochemical sector is driving the consumption increase, and the transportation sector has seen many plans to phase-out internal combustion engines being delayed. "People will continue to use gasoline-powered vehicles." On the Russian Oil Sector: "Russia continues to be a major oil producer despite unfair competition used against us." "We are responsible for about 10% of the global oil production, and we expect to produce 510 millions tons by the end the year. This is about 1% less than last year. "However, I'd like to emphasize that this is in line with the OPEC+ deal, which means it is a voluntary cut." "The Russian oil industry is working reliably, and planning for the future. In addition to supplying the domestic oil market and refining it, our companies have shown flexibility in establishing new payment and supply channels. Our oil and petroleum products exports used to be primarily focused on the European Union. Now, our geography has expanded. OPEC+ : "Russia continues its cooperation within OPEC+. We and our partners fulfill our obligations in order to maintain a global market balance based on our mutual interests. This is not just for the producers, but also for the consumers. Our combined efforts are producing results. "I'm referring primarily to the supply volume on the market and pricing environment." These parameters are a win-win for oil producers and consumers. They allow the industry launch investment projects and, more importantly, they provide conditions that will lead to a more predictable global economy. Predictability on the oil markets is probably the most important aspect of this sector. On Gas Sector: "It seems that the refusal by some European countries of Russian gas, and the disruption to the well-known Nord Stream pipe have cut us off traditional markets and dealt a major blow to a vital sector of our energy and fuel complex. It is true that initially, our gas exports declined. However, they have since recovered and are now growing again. The growth hasn't been fully realized yet, but it is very clear. "The EU's decision has only accelerated our shift in supply to favour more promising and responsible buyers. Countries that understand their national interests and act rationally based on them." On the Coal Sector: "Despite the dire predictions of some experts about coal, it still represents a substantial share of global energy balance. There are however clear regional differences. While Western markets reduce demand for coal; Asian countries increase consumption. The coal market will remain large and significant for many decades. "Yes, coal prices are falling right now, just like in any other market. We are helping our employees and companies in these conditions, by restructuring loans, for example. On Nuclear Energy: Rosatom is also a leader in high-tech. Around 90% of nuclear power plants are built in the world. 110 units of Russian design were built around the globe. "Russia is the only country in the world that has expertise in all aspects of nuclear energy." "Building on that foundation, we are building nuclear power plants in Egypt and Bangladesh and Turkey. We also intend to deepen our cooperation with countries in the Global South via BRICS." Reporting by Felix Light, Edited by Andrew Osborn & Mark Trevelyan
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Guinea bauxite exports jump 23% in 3rd quarter despite rains, regulatory pressure
Official data revealed that Guinea's exports of bauxite grew by 23% in the third quarter compared to the same period last year, despite heavy rains and regulatory obstacles. According to the data reviewed on Wednesday by the Ministry of Mines and Geology, shipments of the critical aluminum feedstock increased to 39.41 millions metric tons, from 32 million metric tons in Q3 of 2024. The bulk of the shipment was sent to China. Guinea, which is the second largest bauxite exporter in the world, shipped an average of 13.14 million tonnes per month in Q3, a 19% drop from the first quarter. Heavy rains slowed down port operations and disrupted access to mines, highlighting the seasonal volatility within the country's supply chains. The recovery comes despite a crackdown from Guinea's military government which has revoked licenses and forced miners to construct alumina refining plants, creating operational uncertainties. Bernabe Sánchez, an independent mineral expert focused on Guinea, said that with these volumes, Guinea’s annual bauxite production is likely to be around 180 million tonnes, well below the pace of the first half but still over 20% above the record set last year. CHINA DEEPENS GRIP According to data from the Guinean Ministry, Chinese firms accounted for 54.6% (or 17.51m tonnes) of Guinea's exports in Q3. Guinea is a major supplier of bauxite to China, and this gives Beijing a growing influence over the global aluminum supply chain. China's aluminum output remained strong despite a drop in steel production. According to official Chinese data, the primary production increased by 2.6% on an annual basis in Q1 of 2025. This was driven by demand for electric vehicles and infrastructure. Guinea's bauxite production surge coincides with the first shipment of iron ore from the Simandou project, which has been delayed for years. The majority of high-grade ore is headed to China. Conakry is now a major supplier of industrial machinery to China. The data revealed that Guinea exported only 78,000 tonnes of aluminum in Q3 2025 despite government pressure to miners to build local alumina factories. LME aluminium, CMAL3, rose by 0.4% to $2.747.50 per tonne. Maxwell Akalaare Adombila reported; Chizu Nomiyama edited.
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Gemfields claims illegal miners killed 2 police guards in Mozambique
Gemfields Group announced on Thursday that a group illegal miners invaded the Montepuez ruby mining site in northern Mozambique and killed two guards. Gemfields released a statement saying that "a group of about 40 illegal miners" marched to the mine entrance at Montepuez Ruby Mining. The company said that "they proceeded to assault Mozambican officers at the gate and killed two of them, including a leader of the Natural Resources Protection Force of Mozambique." Gemfields said that no company employees or contractors have been injured and the site is now calm. Gemfields stated that the attack was linked to an earlier violent confrontation between district immigration officials and suspected illegal aliens in a village. It was also reported that one person had died in the clash. The company delayed commissioning its second processing facility at the mine because hordes illegal miners were sabotaging the plant supply infrastructure. Gemfields had to postpone its normal November/December ruby sale to January/February 2020. In October 2022, Gemfields' Montepuez Mine ceased operations after an insurgent attack on a ruby mine nearby. The latest attack has no connection to the Islamist insurgency that broke out in 2017, which has killed thousands and disrupted multi-billion dollar natural gas and mining project. In addition to the insurgency in Cabo Delgado, the authorities of Mozambique are fighting illegal immigrants who dig and smuggle gemstones out of the area.
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AEP receives $1.6 billion in federal loan guarantees to upgrade power lines
The utility announced on Thursday that its unit, American Electric Power, had secured a $1.6billion loan guarantee from the U.S. Department of Energy to upgrade transmission lines in five states. This comes as the demand for power from data centers is surging. AEP Transmission is upgrading power lines in Indiana and Michigan as well as Ohio, Oklahoma, and West Virginia. This will primarily support data centers, artificial intelligent, and manufacturing. According to the U.S. Energy Information Administration, power consumption will reach record levels in 2025 and in 2026. This is due to a surge of demand for data centers that run artificial intelligence technology. Bill Fehrman, CEO of AEP, said: "We are experiencing a growth in energy consumption that we haven't seen for a long time. The funds we save with this program will allow us to invest in other areas." The utility stated that customers have committed to expanding their businesses, which will require 24 additional gigawatts by the end the decade. The first loan guarantees will cover nearly 100 miles of transmission line in Ohio and Oklahoma. The company reported a January profit of $1.1 million. Receive a 10% discount A conditional loan commitment is part of the Investing in America program by former U.S. president Joe Biden. AEP announced earlier this year that it would be reducing its emissions. Consideration The company has added $10 billion to its five-year capital program of $54 billion in order to meet the increased demand. The utility has about 5.6 millions customers across 11 states and the largest transmission system of electricity in the U.S.
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Gold prices spike in India before festivals, causing a surge in gold smuggling
Government and industry officials said that gold smuggling in India had increased ahead of major festivals. This was due to the record high prices and supply shortages. Import taxes on gold have been reduced to 6%, down from 15% in the past year. Customs and Directorate of Revenue Intelligence officials (DRI), however, said that smuggling had increased in the last few weeks. Several attempts to smuggle were foiled at Indian airports. A bullion dealer in Chennai said that smugglers are now able to convert gold quickly and easily, thanks to the strong demand for festival gifts and the limited supply. This month, Indians will celebrate Dhanteras (Diwali) and Diwali (Dhanteras), festivals when purchasing gold is considered auspicious. These are also the busiest days to buy the precious metal. On Thursday, gold prices in India reached a record of 128,395 rupees for 10 grams. This marks a 67% increase so far this season. Smuggling gold at this price is lucrative for grey-market operators. They can make more money by avoiding the 6% import tax and 3% local sales taxes. "The payoff is super tempting for them," said an unnamed senior bullion trader in Mumbai. The margin for smugglers has fallen to 630,000 rupees a kilogram after the import duties were reduced in July. The bullion dealer stated that investors are now chasing after gold, causing a shortage of supply and driving up premiums. A jeweller in Kolkata said that banks were unable to satisfy the demand for the stock and charged very high prices. This week, Indian dealers quoted a premium. The price of gold can be up to 25 dollars per ounce more than the official domestic prices. This is the highest since at least a decade. The government agencies in 2024/25 fiscal years ended in March registered 3,005 gold smuggling cases and seized 2,6 metric tons. (Reporting and editing by Alexander Smith; Rajendra Jadhav)
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US rate cuts bets continue to drive gold's record-breaking run.
Gold reached a record high of $1,050 on Thursday as investors flocked to gold due to U.S. China trade tensions, the U.S. Government shutdown and prospects for interest rate reductions. As of 1012 GMT, spot gold was up by 0.7% to $4,235.41 an ounce. Bullion had earlier reached a new record of $4,243. This was the fifth straight session that bullion rose. U.S. Gold Futures for December Delivery were up 1.2% to $4,252.30. Gold prices, which are traditionally seen as a safe haven during periods of uncertainty, have risen by 61% in the past year. Focus on Trade Spat This week, investors have been focused on the trade dispute between the two world's largest economies. On Wednesday, U.S. officials criticized China's expansion of export controls on rare earths as a danger to global supply chains. Investors are turning more to gold because of renewed trade frictions, said Nitesh Sha, commodities strategist with WisdomTree. He added that the gold breakout is also indicative of investor uncertainty over U.S. policies. Shah said that there is a high probability the metal will remain above $4,200. The gold rally is driven by several factors including the expectation of interest rate reductions, political and economic uncertainties, central bank purchases, and inflows to gold exchange-traded fund. A Treasury official stated on Wednesday that the shutdown of the federal government, which has lasted for two weeks, could cost the U.S. economic system as much as 15 billion dollars a week due to lost production. On the monetary front, traders have priced in a 25-basis-point cut from the U.S. Fed for October, with a second one in December. These are viewed as 98% and 85% chances, respectively. Gold that does not yield is usually more profitable in an environment with low interest rates. Aakash Doshi is the head of State Street Investment Management's gold metals strategy. Silver spot fell by 0.4%, to $52.88 an ounce. It had hit a record high $53.60 per ounce on Tuesday. The rally in gold was mirrored and the tightness of the spot market supported this decline. Palladium rose by 0.3%, to $1,540.25, while platinum rose 0.9%, to $1669.60. (Reporting and editing by Elaine Hardcastle, Ed Osmond, and Anushree mukherjee from Bengaluru)
Stocks and the euro rise as France votes on confidence
The stock market retreated to all-time highs on Friday as strong corporate earnings offset the simmering U.S. China trade tensions. Meanwhile, the euro edged up as France's Prime Minister passed the first crucial vote of confidence.
Gold's appeal as a safe haven showed no sign of waning, as it continued its record-breaking run. The dollar fell for a third consecutive day and oil climbed from soaring lows of five months after U.S. president Donald Trump announced that India had promised to stop purchasing oil from Russia.
Europe's bond market cooled meanwhile after a rally lasting four days that drove regional borrowing costs down to their lowest levels in months.
Sebastien Lecornu, the now-reinstated French Prime Minister, was about to face his second of two confidence votes in France. A debt auction would follow.
Michael Metcalfe of State Street, the head of global macro-strategy, stated that he expected the situation to stabilize in France, with Lecornu passing the test after his promise to delay the increase in France's retirement.
Metcalfe added that the market is now examining whether the dollar starts to drop again.
"Have you seen a stabilisation in the dollar's sentiment or is it just a reflection of increased political uncertainty outside of the U.S.??" He said.
HOT CHIPS
In Asia, both politics and economy drove the overnight movements.
The Nikkei index of Japan rose 1.3%, while the yen dipped as Sanae Takaichi's chances to become Japan’s first female premier appeared brighter. This stoked bets that Japan would see a return to big spending and looser monetary policy.
As trading ended, shares of chip- and AI-related companies also saw a surge. Taiwanese chips maker TSMC reported record earnings. Its customers include Nvidia, Apple and Apple.
The CEO of the company said that it expected artificial intelligence demand to remain robust, raising its revenue guidance for 2025 to mid-30% in U.S. dollars from around 30%. It also maintained its commitment to spending up to $42 Billion this year.
CEO C.C. Wei said in an earnings call.
South Korea's KOSPI, dominated by the tech sector, jumped 2,2% to reach its record high after the chief adviser to the president of the country said that he is "optimistic about the ongoing negotiations to finalise an agreement with the United States."
Australian stocks gained nearly 1%, and reached a new record high. This was after the poor employment data increased the chances of further central bank rate cuts. This also led to a drop in the Australian dollar.
Kit Juckes, Societe Generale’s Kit Juckes, said that nobody had predicted the drop in unemployment. He added that the yen looked "stuck", because "a minority government will want fiscal stimulus but not rate hikes."
GOLD SURGE CONTINUES
Gold reached a record $4,241.77 an ounce after a 0.8% increase.
Dollar meanwhile fell for the third consecutive session, falling 0.2% against an index of major counterparts.
Investors are closely monitoring China's recent expansion of its rare earth export controls. Senior U.S. officials have strongly criticised this move on Wednesday and warned that it may disrupt global supply chains.
Chris Turner, Global Head of Markets at ING, said: "The question that financial markets must ask is whether China's export controls on rare Earths are merely a bargaining tactic to get greater concessions from America."
Scott Bessent, U.S. Treasury secretary, said that despite the titt-for-tat, Trump expects to still meet Chinese President Xi Jinping this month in South Korea.
Trump's trade maneuvers have also helped oil prices rise from five-month lows. Brent crude futures are up 0.4% to $62.13 per barrel, and U.S. West Texas Intermediate futures are up 0.7% at $58.69.
Trump announced on Wednesday that India would stop buying oil from Russia, its largest supplier, and Washington will then try to convince China to follow suit as Washington intensifies efforts in order to press Moscow to reach a peace agreement with Ukraine. (Editing by Joe Bavier).
(source: Reuters)