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Gold Rushes record high above $5/oz
On Monday, gold reached a new record of $5,000 per ounce as investors continued to pile into the asset that is considered a safe haven amid increasing geopolitical tensions. By 2321 GMT, spot gold had risen 0.94% to $5,029.62 an ounce, while U.S. futures for delivery in February rose 1.02%, reaching $5,029.70. Independent analyst Ross Norman stated that "our forecast for the coming year is gold will reach a maximum of $6,400 per ounce, with an average price of $5,375." Gold's recent gains have been fueled by the escalating tension between the United States, NATO and Greenland. This is due to increased financial and geopolitical uncertainties. The geopolitical front saw Ukraine and Russia end a second day in Abu Dhabi of talks mediated by the U.S. on Saturday, without a deal, but more talks are expected next weekend. Overnight,?Russian strikes knocked out power for over a milion Ukrainians, amid subzero temperatures. Donald Trump, the U.S. president, said that he would impose 100% tariffs on Canada if they follow through with a trade agreement with China. He also warned Canadian Prime Minister Mark Carney?that such a deal could endanger Canada. Gold soared 64% in 2025, underpinned by U.S. monetary policy easing, central bank demand - ?with China extending its gold-buying spree for a fourteenth month in December - and record ?inflows into exchange-traded-funds. Spot platinum fell 0.21% to $2,762.25 per ounce. Spot palladium increased 0.22%, to $2.014.50 an ounce. Silver spot prices rose?above 100 dollars an ounce on Friday for the first-time, adding to the 147% increase in the previous year. Retail investor and momentum-driven purchases added to the prolonged period of tightness on the physical markets for precious and industrial metals. (Reporting from Anjana Anil in Bengaluru, Pablo Sinha for additional reporting; Diane Craft, Himani Sahu and Subhranshu Sahu for editing)
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Gold Rushes record high above $5/oz
Gold reached a new record high of $5,000 per ounce on Monday as investors continued to pile into the safe haven asset amid increasing geopolitical tensions. Spot gold increased 0.75% at $5,019.85 an ounce as of 2304 GMT. U.S. gold futures for delivery in February gained 0.84%, to $5.020.60 per ounce. Gold's recent gains have been attributed to the escalating tension between the U.S., NATO and Greenland. This is due to expectations of increased financial and geopolitical uncertainties. Independent analyst Ross Norman stated, "Our forecast for the year is gold will reach a high price of $6,400 per ounce, with an average price of $5,375." Gold soared ?64% in 2025, underpinned by U.S. monetary policy easing, central bank demand - ?with China extending its gold-buying spree for a ?fourteenth month in December - and record inflows into exchange-traded-funds. Spot silver increased?2.52% per ounce to $105.54. Spot palladium increased 0.31%, while spot platinum rose 0.31%, to $2,016.25 an ounce. (Reporting from Anjana Anil in Bengaluru, Pablo Sinha for additional reporting; Diane Craft and Himani Skar for editing)
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BHP sends iron ore from Jimblebar to Malaysia and Vietnam after China ban stops sales
BHP Group shipped iron ore to Malaysia and Vietnam that was barred from sale in China. The company is seeking other buyers for its Jimblebar stocks, which are piling up at Chinese port amid a long-running contract dispute with Beijing. China Mineral Resources Group, set up in the year 2022 with the aim of centralising iron ore purchases and gaining better terms from miner, banned Chinese steel mills from purchasing BHP's Jimblebar Blend Fines, a medium-grade ore. This was done last September, during ongoing talks about a new contract. While talks continue, Lowlands Blue docked on Malaysia's shores on January 14 with 95,000 metric tonnes of BHP's Jimblebar Blend Fines (JMBF). This was the first time that a ship carrying this cargo had been discharged since Kpler began keeping records in 2019. Cape Yamabuki, meanwhile, shipped approximately 75,000 tons JMBF to Vietnam last December, according Kpler data, and two traders who are familiar with the situation. Kpler data revealed that this was the first cargo shipped to Vietnam in at least 2024. BHP DIVERSIFIES ORE BUYERS? The BHP mining company has been trying to diversify their buyers in order to offset its China problems. The world's no. The world's No. It refused to comment on reported shipments. Two traders claim that BHP's Jimblebar Fines were 360% higher than they were in late September, reaching 8.1 million tonnes as of January 13th. Sources say that Chinese steelmakers cannot take delivery of JMBF cargoes which are already in?ports. According to Kpler data, the daily global exports for JMBF have dropped 74% since January 2025. BHP has been offering greater discounts on its iron ore, including Jimblebar fines, to "try to facilitate" sales in China. Two traders said that the discounts on BHP's Newman Fines, a medium-grade type of iron ore, have widened from $2.48 to $4.73 per ton compared to the benchmark 61% indices of Argus & Mysteel. According to a trader who was familiar with the deal, the Vietnamese steel mill placed the order because of the deep discount. All sources requested anonymity due to the sensitive nature of the subject. Reporting by Staff; Editing by Kevin Liffey
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Mayor of Kyiv, Ukraine says that 1,330 buildings are still without heat after the Russian strike in Kyiv.
Vitalii Klitschko, the mayor of Kyiv said that more than 1,300 apartment blocks in the Ukrainian capital Kyiv are still without heat after a 'Russian missile attack and drone strike earlier this week. Since the invasion of Ukraine in 2022, Russia has intensified its bombardment of Ukraine's power system. Russia has launched an attack on Ukraine's power system, causing explosions in Kyiv overnight. 1.2 million homes across the country are now without electricity during winter temperatures below zero. The massive attack on Kyiv occurred as Ukrainian, Russian, and American negotiators discussed options for ending the war in Abu Dhabi. Volodymyr Zelenskiy, the President of Ukraine, said that Russia's current main targets are our energy sector, critical infrastructure, and residential building. In just one week, he claimed that Russia launched over 1,700 drones, 1,380 guided aerial weapons and 69 missiles against Ukraine. Zelenskiy said that every massive attack by Russia could have devastating effects. He was visiting Lithuania on Sunday. "We are working with all leaders to strengthen Ukraine." "Everyone must understand the threat that Russia poses," he said. Oleksiy Kuleba, Deputy Prime Minister of Ukraine, said that more than 3,200 buildings in Kyiv lacked heating by the evening. This was down from 6,000 early on. Klitschko stated?on Telegram' that utility workers and energy providers have restored heat to approximately 2,000 buildings since Saturday night, but 1,330 remain without heating. (Reporting and editing by Bernadettebaum and Susan Fenton.)
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After a collapse of pylons, power is cut in the main Russian naval base's home town
MOSCOW, January 25. The town that is home to Russia's largest naval base had to switch over?to an emergency generator after old power lines collapsed during bad weather. This cut off electricity and some heating. Severomorsk is the most important naval command in Russia. It's located on the Kola bay of the Barents Sea. The Russian Navy's most important command is located in the closed town of Severomorsk, which is home to Russia's largest fleet of ballistic missile submarines. It also controls a vast arsenal of nuclear warheads and missiles as well as repair yards. Andrei Chibis, governor of the Murmansk Region, announced on Friday that the collapsed pylons had cut off the electricity to the city of Murmansk as well as Severomorsk. On Sunday, local officials reported that some homes in Severomorsk were still without heat and electricity. Local media reported that five pylons collapsed on Jan. 23 about 7 km (4 miles) away from Murmansk. According to Severomorsk?online news, two dated back to 1966,?two dates back from 1982, and one date from 1988. Vladimir Evmenkov said that the ships of the Northern Fleet, docked at Severomorsk had been switched to autonomous power mode in order to "free up capacity". The so-called closed towns of Russia, which are usually located around major nuclear or defence installations, have stricter control than other places. Special permissions are required to enter and visit. (Reporting and editing by Andrew Heavens; Guy Faulconbridge)
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Source: EU to boost ties with Vietnam amid trade disturbances
An EU official stated that the European Union and Vietnam would strengthen their ties when Antonio Costa, President of the European Council, visited Hanoi on Thursday. Both sides are seeking to expand international partnership amid disruptions caused by U.S. Tariffs. Costa's visit coincides with To Lam's reappointment as Vietnam’s top official. This could make Costa the first major leader to meet Lam after the ruling Communist Party appointed him as general secretary on Friday. According to the official, who spoke on condition of anonymity, the elevation of ties from Vietnam's "lowest level" was planned for months, but it was delayed due to schedule issues. The EU would be placed on the same level as China, Russia, and the U.S., among others. This would further expand Vietnam's advanced partnership, in line with its strategy to balance big powers. The European Council refused to comment. The Vietnamese government has not responded to a comment request. These 'upgrades' are mostly symbolic. They involve more frequent meetings at high levels and rarely any binding agreements. Vietnam's relations with the United States deteriorated last year, after the Trump Administration imposed tariffs. This is despite the fact that former President Joe Biden upgraded bilateral ties during his visit to Hanoi at the end of 2023. A draft joint statement said that the upgrade will lead to more cooperation on technology and minerals. This includes research, technology, energy, and other critical minerals. The country has significant, but little-exploited,?deposits in rare earths and gallium. Southeast Asia is heavily reliant on trade and is a key link in global supply chain, particularly for electronic goods, clothing, and footwear. The country has signed a number of free trade agreements, including one with the European Union. Vietnam has been criticised by the EU for its implementation of the?free trade agreement. This has increased Vietnam's surplus in relation to the 27-nation group since 2020. In 2024, the EU deficit with Hanoi was?at $42.5 billion ($50.26billion). Hanoi is accused by EU officials of preventing EU imports with a number of non-tariff obstacles, but Brussels so far has taken only limited steps to remedy the situation. Faced with tariffs from the United States the EU prioritised "improving relations with economic partners" and "expanding trade agreements", including recent agreements with South American nations in the Mercosur group. Costa will travel to India before Vietnam. He and Ursula von der Leyen of the European Commission intend to have trade talks with Indian PM Narendra Modi. This is according to an EU Council schedule.
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US invests $1.6 billion in rare earth miner in exchange for 10% stake
Financial Times, Saturday, reported that the United States plans to invest $1.6 billion in 'Oklahoma based miner USA Rare Earth, and receives a 10% stake. Reports said that the government's investment, as well as a separate private financing agreement of $1 billion, would be announced Monday. The White House, USA Rare Earth and the White House did not respond immediately to our request for comment. Report said that the government would receive 16.1 million shares and warrants worth $17.17 each in the company. Washington In December of last year, it planned more "historic deals" with the U.S. Mining Sector to increase domestic production for lithium, rare Earths, and other minerals that are used in national defense. This would reduce reliance on China which had used its mineral prowess in trade negotiations. The administration bought equity stakes in MP Materials Lithium Americas, and Trilogy Metals last year. According to the FT, the deal with USA Rare Earth "focuses on onshoring strategic and critical minerals that are essential for the semiconductor supply chain as well as US national security", a U.S. Commerce Department official from the CHIPS office who provides incentives for investments and equipment in the U.S. said. The company also hired?Cantor, an investment bank and brokerage firm headed by Brandon Lutnick - the son of a?U.S. The FT reported that Secretary of Commerce Howard Lutnick will lead efforts to raise $1 billion in new equity. USA Rare Earth is a brand new product. Developing A mine in Sierra Blanca, Texas, and a neo-magnet manufacturing facility in Stillwater in Oklahoma are expected to be commercialized in the first half of 2026. The company has a $3.45 billion market capitalization and has become one of the largest neo-magnet manufacturers in the United States. Could not verify the report immediately. Reporting by Anusha in Bengaluru, Editing by Rod Nickel & Chizu Nomiyama
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Winter storm in the U.S. cancels thousands of flights
On Saturday, almost 4,000 flights in the U.S. were cancelled ahead of a monster storm that already has?cut off power to thousands utility customers as far as Texas? and threatens to paralyze east states with heavy snowfall. Forecasters predicted that a monster winter storm, which has already 'cut power to thousands of utility customers as far west as Texas,' and threatened to paralyze eastern states with heavy snowfall, will sweep across the eastern two thirds of the country on Sunday, and continue into next week. Donald Trump, who called the storms historic, approved federal disaster declarations on Saturday in South Carolina (South Carolina), Virginia, Tennessee, Georgia and North Carolina (Maryland), Arkansas, Kentucky, Louisiana Mississippi, Indiana and West Virginia. "We will monitor and keep in touch with every state in the path of this storm. Trump posted a message on Truth Social entitled "Stay Safe and Stay Warm". Weather emergencies have been declared in several?states, including the District of Columbia. U.S. National Weather Service has warned that a long-lasting and unusually large 'winter storm' will cause heavy ice to accumulate in the Southeast U.S., with "crippling or locally catastrophic" impacts. Forecasters from the Weather Service predicted that record-low temperatures and dangerously low wind chills would continue to descend on the Great Plains region in the U.S. as of Monday. FlightAware, a flight tracking website, reported that as of 5 pm EST on Saturday, over 3,900 U.S. scheduled flights had been cancelled. The website also indicated that more than 8,800 U.S. flight originally scheduled for Sunday have been cancelled. Major U.S. Airlines warn passengers to be alert for sudden flight cancellations and changes. Delta announced on its website that it was "continuing to make schedule changes due to Winter Storm fern" with additional cancellations for Atlanta, along the East Coast and Delta hubs at Boston and New York City. The airline announced that it would be relocating de-icing experts and baggage teams from its cold weather hubs to several southern airports. U.S. Electric Grid Operators on Saturday increased precautions to avoid rotating blackouts. Dominion Energy's Virginia operations, which include the largest data center collection in the world said that if the ice forecast is accurate, it could affect its operations more than any other winter event. (Reporting and editing by Sergio Non, David Gregorio and Lewis Krauskopf)
WSJ reports that Trump's plans include major U.S. investments in Russia and a restoration of oil flow to Europe.
Donald Trump's peace plan in Ukraine includes proposals to?restore Russian energy flows into Europe and major U.S. The Wall Street Journal reported that investment in Russian rare earths, energy, and frozen Russian sovereign assets was being considered.
The newspaper reported that the plans were included in annexes to peace proposals sent to European counterparts over recent weeks.
The plan includes a plan to use $200 billion in frozen Russian sovereign assets for projects in Ukraine. This would include a new major data center powered by the Zaporizhzhia Nuclear Power Plant, now under Russian control.
U.S. firms would invest in strategic Russian sectors, such as rare-earth mining and oil drilling in Arctic regions, and Russian energy flow to Western Europe and around the world?would be restored.
Unidentified European officials were quoted in the paper as comparing the proposed U.S. and Russian?energy deals with the 1945 Yalta conference.
The Soviet Union,?the United States, and Britain divided their interests in Europe at that meeting.
After eight years of fighting in the Donbas (formed by the Donetsk-Luhansk region), Russia invaded Ukraine on February 20, 2022. (Reporting and editing by Clarence Fernandez; Guy Faulconbridge)
(source: Reuters)