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Gold falls 3% amid inflation and rate hike concerns as the Middle East escalates
Gold prices fell more than 3% Wednesday as investors focused on U.S. key data to get clues about the direction of monetary policy. By 11:40 am EDT (1540 GMT), spot gold had fallen 3.3% to $4,123.89 an ounce. This was its lowest price since March 23. U.S. Gold futures for August deliveries fell 3.3% to $4147.10. Tai Wong, a metals trader and independent, said that the markets are desperate for some good news following Friday's strong payrolls as well as President Donald Trump's warning earlier today morning that Iran would 'pay the price' for not having negotiated a deal. Trump said that Iran took too long to negotiate a peace deal, and now would "have to pay a price." Trump said that Iran had taken too long to negotiate a deal and would now "pay the price." Iran launched drone and missile attacks against U.S. bases located in Jordan, Kuwait, and Bahrain as a retaliation to American strikes around the Strait of Hormuz on Iranian targets. Since the beginning of the war, in late February 2008, the price of gold has been under pressure due to the rising oil prices that fuel inflation fears and higher interest rates. Gold is often seen as an inflation hedge, but higher interest rates can be detrimental to the metal. According to the FedWatch tool of CME Group, traders are presently?pricing about a 66% probability that U.S. rates will be raised in December. According to the U.S. Labor Department, on Wednesday, the Consumer Price Index (excluding food and fuel) rose?0.2% monthly after increasing 0.4% in April. Investors will have more information to assess the Federal Reserve's monetary policies after the release of the U.S. Producer Price Index on Thursday. In a recent note, Paul Wong, market strategist at Sprott Asset Management said that inflation, central bank buying, and currency debasement fears continue to "support" gold. Spot silver dropped 1% per ounce to $64.70, platinum fell 2% to 1,692.92, while palladium rose by 1.3% to $1,000.73. (Reporting by Anushree Mukherjee in Bengaluru; Editing by Paul Simao)
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Trump on Iran: We will be very aggressive with them
U.S. president Donald Trump announced on Wednesday the United States will?attack?Iran'very hard' if a peace deal cannot be reached. He also said that the United States had been taking oil from Iran. Trump told reporters in the White House that he would be "attacking them very hard" after Iran shot down an Apache helicopter on the Strait of Hormuz. The president has re-iterated the fact that Iran would be attacked on Wednesday. Trump revealed that?the United States is taking oil out of Iran. Trump revealed that the United States has been removing millions of barrels per night of oil from Iran. Trump said that "millions of barrels" of oil had been extracted, which is why the price of a barrel of oil was $85-90 instead of $250. He did not provide any other details. Trump said that the United States was still trying to reach a deal. Trump said that he wanted a "deal that is meaningful and that works" in the Iran negotiations. Trump said that Iran had 'already agreed' to refrain from acquiring a nuclear weapon. However, the agreement has yet to be signed. (Reporting and editing by Bo Erickson, Doina Chiacu, and Michelle Nichols)
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Cepeda, a Colombian leftist, says he will accept the election results but does not rule out protests
Ivan Cepeda, the leftist candidate for president in Colombia, said that he will accept the results of this month's runoff vote - even if it does not favor him. He also called on his supporters to 'protest peacefully' if their rights were not respected. Cepeda is a 63 year old senator who has been an ally to President Gustavo Petro for many years. He will be facing right-wing lawyer Abelardo De La Espriella on June 21, in what should be a difficult runoff. Cepeda, a 63-year-old senator and ally of President Gustavo Petro, will face right-wing lawyer Abelardo De La Espriella in what is expected to be a challenging June 21 runoff. Cepeda has pledged to deepen Petro’s social and economy reforms and pursue talks with armed group, while De La Espriella campaigned for a security crackdown as well as more business friendly policies. De La Espriella defeated Cepeda in the first round by 670,000 votes. Although he didn't get the necessary majority to avoid a second-round, he will likely draw support from other right-wing candidates who are now out of contention. "I am a democrat. Cepeda stated in an interview Tuesday night that he was a democrat, but that did not excuse him from his responsibility to ensure that the results were transparent. Cepeda acknowledged the results of the first round a week after the election, initially citing an error in the electoral list and unusual voting at certain polling stations. De La Espriella claimed this week, without providing any evidence, that he knew of a alleged plan to start violent protests by the left if he won. Cepeda stated that he would only 'call for protests' if the rights of people were violated. Cepeda, who rejects violence, said: "I call upon the people to defend themselves through constitutional and legal methods." Cepeda said that while the exercise is important for institutions to function, it is equally important that citizens are engaged. If Cepeda is elected, he will seek to implement deeper reforms in healthcare, education, and pensions. He also plans to distribute land to farmers to help make Colombia a global agricultural power. He said that he would rather reach an agreement with business leaders in order to reduce tax fraud and provide resources to his government than pursue tax reforms through congress. He said that a fiscal agreement, or tax pact would be better than a reform which could not be popular with all sectors of the economy. Cepeda stated that it would be hard to revive oil exploration under his possible government because Petro's prohibition on new exploration has shifted focus in the economy and the environmental policy must recognize an "intense" crisis. He said that he was open to the possibility of gas exploration and mining. Cepeda stated that the relationship with the United States - Colombia's largest trading partner - whose government had repeatedly clashed with Petro - will be "managed with sovereignty and respect" to "build innovative bilateral?solutions". Cepeda stated that he would seek to promote peace talks with illegal armed groups, in order to bring an end to six decades of conflict, and he would also work to pass legislation to allow criminal groups to receive legal benefits when they disarm. Petro's attempts to demobilize over 20,000 combatants has shown little tangible results, and armed group membership has increased by thousands during his tenure. Reporting by Luis Jaime Acosta, Nelson Bocanegra and Julia Symmes Cobb. Editing by Sanjeev MIglani and Julia Symmes Cobb.
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Abu Dhabi's wealth fund L'IMAD acquires stake in utility TAQA
Abu Dhabi's newest sovereign fund, L'IMAD 'Holding', led by the emirate’s 'crown prince', has increased its share in state-owned 'power and water utility TAQA' by a further '8.09%', TAQA announced on Wednesday. Abu Dhabi Power Corporation (a subsidiary of the fund) has completed the purchase of 9.1 billion TAQA share, bringing the total of its shares in the company to 98.12%. TAQA announced this in a bourse statement. In a separate filing, Two Point 'Zero Group stated that it sold TAQA's entire stake to AD Power in order to continue its "ongoing strategic aims and portfolio optimization." The company did not disclose financial details. According to calculations based upon TAQA's close share price of the same day, the?stake purchased by AD Power would be valued at around 21,56 billion dirhams (5.87 billion dollars). Abu Dhabi is the home of sovereign funds that collectively manage assets worth more than $1.8 trillion. L'IMAD gained a global reputation last year when it was one of the Gulf's backers in Paramount Skydance Corp's bid to buy Warner Bros Discovery. After acquiring control of ADQ, it has become a?major investment player with assets estimated at $300 billion. The?Crown Princess Sheikh Khaled Bin Mohamed bin Zayed Al Nahyan of Abu Dhabi chairs the board.
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UK consults on steel tariff plan following warnings from users
The government is seeking input from the industry regarding a new steel tariff regime. This comes after the users of metals warned that the scheme would be very costly for their businesses. As other countries in the European Union and Britain, they are concerned about the "dumping" high subsidised steel from countries like China. In March, Britain proposed a reduction in its tariff-free allowance for imported steel, and a doubling of the tariff on imports that exceeded this allowance. This new trade measure, which is due to take effect on July 1, was warmly welcomed by British steel producers. The British Chambers of Commerce warned that "real financial and logistical problems" would be faced by steel-consuming industries, including construction, engineering, and manufacturing. A spokesperson for Business and Trade stated that the trade measure aims to "strike the right balance between domestic production and maintaining a reliable supply". The spokesperson said: "We have always stated that we would review the measures after a year to make sure they remain effective. We are doing exactly what we promised." Sky News reported on possible changes to the plans. It said that a greater number steel products could be "exempted" from the restrictions. UK Steel, an industry group, said that it would support specific amendments and didn't believe accepting them would be a reversal. It also added that it itself had proposed changes to assist other sectors in obtaining the steel they needed. The group has worked with manufacturers to identify areas that need to be amended to "ensure the measure offers the protection steelmakers require while causing as little disruption to the wider manufacturing sector", according to Gareth Stace. The UK and the EU are currently in discussions over their respective steel measures. UK Trade Minister Chris Bryant had previously indicated that both sides would be able come to an agreement on mutually beneficial exceptions. Reporting by Alistair Smout and Muvija M, writing by Alistair Smout and editing by William James & Jan Harvey
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Report: Indonesian floods killed at least 7% orangutans, a rare species.
A 'new report' released on Wednesday shows that deadly floods and landslides in Indonesia last year wiped out at least 7% of Tapanuli orangutans, which are critically endangered. Floods and landslides caused by a cyclone in Sumatra last year killed at least 1,200 and destroyed around 300,000. Environmental groups blamed the deforestation on Sumatra for the severity of the damage. The report cited a'survey of the western block in the forest which is home to the majority of the 800 primates. The report was a joint study of Borneo Futures in Brunei, World Weather Attribution, and Liverpool John Moores University. It did not cover the rest of the forest. This means that the death toll may have been even higher. Satellite images of damage to Batang Toru's West Block and historical records about the orangutan populations there were used to derive the findings. The study found that climate change caused by humans has increased extreme rainfall in the Malacca Strait area, which puts the habitat of the Tapanuli Orangutan at greater risk. Erik Meijaard, the lead author, from Borneo Futures said that the heavy rains soaked up the soil to the point where large areas of hillsides in the primary forest collapsed into fast-moving landslides. He said: "If you are caught as an orangutan... If anything falls at high speeds, your chances of survival will be minimal. This is a very real concern." This level of?loss is?substantial' for a species that has such a low total population. Meijaard said that when combined with other pressures, such as habitat destruction and conflict between humans and wildlife, it makes it even more urgent to implement and properly resource a coordinated species action plan. Panut Hadisiswoyo is another researcher who urged the Indonesian Government to work with researchers and NGOs to prevent the further decline in orangutan populations. "We can minimise poaching and hunting, then we'll probably be able to stabilise the population," he said. He added that all parties should pay attention to poor land use, which contributes to the decline in the population. (Reporting and editing by Gibran Pshimam, David Stanway and Ananda Teresia)
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Lebanese reports say that 13 people were killed by Israeli airstrikes in the south of Lebanon
Lebanese sources of security said that Israeli airstrikes killed at least 13 people in southern Lebanon on Wednesday. Israel continued its campaign against Hezbollah, and the Iran-backed group claimed to have launched 'fresh attacks' against Israeli forces. National News Agency, the official state news agency, reported that nine people were killed in Dayr Debba village, located 8 km (5miles) east of Tyre. After an Israeli airstrike, footage showed cars on fire in the southern city of Sidon. Lebanon is still a major frontline of the Middle -East conflict more than 'three months after the U.S. and Israeli attack on Iran sparked the conflict. The Lebanon war sparked escalation in the ?wider conflict earlier this week, when Israel struck Beirut's ?Hezbollah-controlled southern suburbs, prompting Iran ?to retaliate with a missile attack on Israel, which in turn struck Iran, before Israel and Iran halted attacks. According to the Lebanon's Health Ministry, Israeli attacks have killed almost 3,700 people in Lebanon since March 2. 730 were women, children, or doctors. Authorities also claim that 1.2 million people in Lebanon have been forced from their homes. Hezbollah entered the war on 2 March, claiming it was in retaliation for the killing of Iran's supreme leader at the beginning of the conflict. According to a list of Israeli military announcements compiled since then, 28 Israeli soldiers have died in combat in Lebanon. Meanwhile, four civilians were killed by Hezbollah in attacks. The Lebanese army reported that a Lebanese man died on Wednesday, March 18, from injuries caused by an Israeli airstrike. Reporting by Alexander Cornwell, Jerusalem; Writing by Tom Perry and Editing by Alexandra Hudson
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The gold output of Ivory Coast is expected to increase in 2026, as the mines expand
Director?general of mines for Ivory Coast, the West African country, said that gold production is expected to increase from 59.33 tonnes in 2025 to 62 metric tonnes in '2026 as existing?mines expand their operations. Seydoucoulibaly predicted that production would increase to 63 tonnes in 2027, and to around 69 tonnes in 2028. There are currently 14 gold mines operating in the world's leading cocoa producer. He said that the number of gold mines in operation will increase to 15 within two years, with the Kone mine coming online, and 17 in three, when the Doropo mine and the?Tanda Mine come online. Ghana is the largest gold producer in Africa, with a?output? of 187 tons last year. This data was provided by the World Gold Council. Ivory Coast authorities are trying to reduce the gap in their efforts to diversify their economy. Coulibaly stated that "in recent years, Ivory Coast became increasingly attractive for gold exploration. The growing interest of domestic and international investors?is a testament to this attraction." He stated that the government had granted 151 permits out of the 189 applications in 2023, 160 of the 203 in 2020, and 171 of the 225 in 2025. This reflects the growing interest of investors in this sector. Coulibaly stated that the Ministry of Mines and Petroleum, Energy and Planning plans to use SIREXE (an international exhibition on extractive resources and renewable energy) in Abidjan, from November 18-22, to "showcase" new mining projects, and to attract foreign investors. Mining companies operating in Ivory Coast are Roxgold, Perseus Mining and Resolute Mining from Australia and Endeavour Mining of the UK. Reporting by Loucoumane Colibaly, Editing by Clement Bonnerot & Joe Bavier
Huge river flooding expected in China's Guangdong, threatening millions
Major rivers, waterways and reservoirs in China's Guangdong province are threatening to release unsafe floods, forcing the federal government on Sunday to enact emergency situation response plans to secure more than 127 million people.
Calling the situation grim, local weather authorities said areas of rivers and tributaries at the Xijiang and Beijiang river basins are striking water levels in a rare spike that just has a one-in-50 opportunity of taking place in any given year, state broadcaster CCTV news stated on Sunday.
China's water resource ministry issued an emergency advisory, CCTV reported.
Guangdong officials urged departments in all localities and municipalities to start emergency planning to prevent natural disasters and quickly disperse disaster relief funds and materials to guarantee affected people have food, clothes, water and somewhere to remain.
The province, a major exporter and one of China's primary industrial and trading centres, has actually seen significant rainstorms and strong winds for several days, in a weather condition pattern which has likewise impacted other parts of China.
A 12-hour spell of heavy rain, beginning with 8 p.m. (1200. GMT) Saturday, damaged the central and northern parts of the. province including the cities of Zhaoqing, Shaoguan, Qingyuan. and Jiangmen where rescue workers have actually been dispatched.
More than 45,000 individuals have actually been left in Qingyuan,. according to state media, and some power facilities in Zhaoqing. were harmed, cutting power to some places.
Overall in Guangdong, 1.16 million households lost power due. to the heavy rains, according to state-backed media.
About 1,103 schools in Zhaoqing, Shaoguan and Qingyuan will. suspend classes on Monday, Chinese state radio stated.
WATER TOWN
Please take a look at Zhaoqing's Huaiji county, which has actually become a. water town. The elderly and children at the countryside don't. know what to do with power blackouts and no signal, stated one user. on the popular social networks website Weibo.
Raging flood waters swept one vehicle down a narrow street. in Zhaoqing, a video launched by Hongxing News revealed.
It drizzled like a waterfall for an hour and a half on the. highway driving home last night, stated another Weibo user. I. could not see the road at all.
Authorities in Qingyuan and Shaoguan also suspended ships. from taking a trip through numerous rivers, with maritime departments. dispatching forces to be on duty and coordinate emergency situation. tugboats and emergency rescue vessels.
Many hydrological stations in the province are exceeding. water levels, weather officials alerted, and in the provincial. capital Guangzhou, a city of 18 million, tanks have reached. flood limits, city authorities announced on Sunday.
Information showed 2,609 hydrological stations with day-to-day rains. higher than 50 mm (1.97 inches), accounting for about 59% of. all observation stations. At 8 a.m. Sunday, 27 hydrological. stations in Guangdong were on alert.
In neighboring Guangxi, west of Guangdong, violent. hurricane-like winds whipped the region, ruining structures. state media video footage showed. Some places have likewise. knowledgeable hailstones and major flooding, CCTV stated.
In another video, rescuers could be seen trying to conserve an. senior clinging to a tree half-submerged in flood. waters.
As of 10:00 a.m. (0200 GMT), 65 landslides were recorded in. the city of Hezhou situated in Guangxi, state media reported.
Weather condition forecasters are anticipating heavy rain through Monday. in Guangxi area, Guangdong, Fujian and Zhejiang provinces.
(source: Reuters)