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Gold set for fourth-week loss due to Fed's hawkish bets
Gold prices were on track to fall for the fourth week in a row, Friday. A resilient dollar and expectations that U.S. rates will be raised faster to combat inflation kept bullion under pressure near the $4,000 per ounce key level. As of 0610 GMT, spot gold was down 0.5% to $4,007.95 an ounce. U.S. Gold Futures for August Delivery fell 0.6% to $4 024.10. On Wednesday, the bullion market was set to lose?3.6% for the week after falling below the $4,000 mark for the first since November 2025. The rapid repricing by the hawkish Fed led to a bullish momentum for the U.S. Dollar, which ultimately led?to the significant downward drift of gold prices, said Kelvin Wong. The U.S. dollar index is on track for a second weekly gain. This makes gold more expensive for those who hold other currencies. Wong believes that the gold price has been in a multi-month decline since late January's record high. He sees this correction continuing in the future towards $3,400. Gold prices are down 29% since the January 29 record high, when they reached $5,594.82 as inflation fueled by the U.S./Iran war pushed up rates-hike betting. Data released on Thursday revealed that U.S. Inflation increased in May, surpassing 4.0% for the very first time in 3 years. This was predicted by economists who were surveyed. Gold is often viewed as an inflation hedge, but it loses its appeal as a non yielding asset when interest rates are high. According to CME FedWatch Tool, traders expect three Fed rate increases this year. They are pricing about a 64% probability of an increase in September. Silver spot fell 2.5% per ounce to $56.42, platinum dropped 1.5% to 1,577.15 and palladium was down 0.4% at $1179.26. All metals are headed to a weekly decline. (Reporting from Pablo Sinha, Bengaluru. Additional reporting by Swati verma. Editing by Subhranshu Sahu, Sherry Jacob Phillips.
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Palm oil prices rise in Indonesia, confirming the B50 timeline and strong Malysian exports
The price of Malaysian palm oi?futures rose Friday after Indonesia confirmed its 'B50' biodiesel program will be implemented next month as planned. This move is?likely? to boost the country?s palm oil consumption. Meanwhile, stronger?export?data for this month also boosted sentiment. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for September delivery was up 40 Ringgit or 0.88% at 4,597 Ringgit ($1,121.77 per metric ton). The price is down by 1.05% this week. Anilkumar bagani, research director of Mumbai-based vegetable oil broker Sunvin Group, said: "The 'bullish momentum' in palm oil can be attributed to confirmation of the B50 timetable and relatively stronger Malaysian palm exports so far this month." He said that the futures opened higher today after gains in Chicago Soyoil Futures overnight on Thursday, and a bullish rebound in?Dalian palm olein Futures during Asian hours. Indonesia issued a regulation to implement the?B50 mandate for biodiesel starting July 1. Retailers have a 3-month transition period to get rid of their current stocks. AmSpec Agri Malaysia reports that exports of Malaysian products containing palm oil rose by 11.1% from June 1 to 25, while Intertek Testing Services reported an increase of 10.6%. Dalian's palm oil contract has gained 1.22%, while the most active soyoil contract in Dalian rose by 0.81%. Prices of soyoil on the Chicago Board of Trade dropped by 0.73%. Palm oil follows the price movement of other edible oils as it competes for a market share in the global vegetable oil industry. The price of crude oil fell 2% on the Friday, and was headed for steep weekly losses due to easing concerns about supply. More stranded 'oil tankers' left the Strait of Hormuz despite a cargo ship being hit in Oman. Palm oil is less attractive as a biodiesel feedstock due to weaker crude?oil prices. Technical analyst Wang Tao stated that palm oil?FCPOc3 could revisit its high of 4,710 Ringgit per metric tonne on June 23 and fall towards 4,542 ringgit.
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Gold set for a fourth-week loss due to Fed's hawkish bets
Gold fell on Friday for a fourth consecutive week, due to the resilient dollar and expectations that U.S. interest rates will be raised faster in order to curb inflation. By 0441 GMT, spot gold had fallen 0.6% to $4.002.77 an ounce. U.S. Gold Futures for August Delivery fell 0.7% to $4017.30. Bullion is on course for a 3.8% loss this week after slipping below $4,000 on Wednesday, the lowest level since November 2025. The rapid repricing by the hawkish Fed created a strong bullish movement in the U.S. Dollar, which led to the significant decline in gold prices, said Kelvin Wong. The U.S. Dollar Index?held close to its strongest level since May 2025?and was heading for a second consecutive weekly gain. This made gold more expensive for those who hold other currencies. Wong believes that the gold price has been in a multi-month decline since late January's record high. He sees this correction continuing in the future towards $3,400. Gold prices fell by about 29% compared to the record high of $5,594.82 set on January 29 as inflation fueled by the U.S. - Iran war pushed up rate-hike betting. According to economists polled by the. Gold is often viewed as an inflation hedge, but it can lose its appeal in high interest rate environments. According to the CME FedWatch Tool, traders expect three Fed rate increases this year. They are pricing in a 64% probability of an increase in September. Silver spot fell 2.6% per ounce to $56.39, platinum dropped 2% to 1,568.55, while palladium lost 0.6% to 1,177.12. All metals were heading for a loss. (Reporting from Bengaluru by Pablo Sinha; Additional reporting by Swati verma; Editing and proofreading by Subhranshu Sahu).
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Soccer-Turkey defeated US 3-2 in LA with a last-gasp goal
Turkey defeated a second-string United States team 3-2 on Thursday with a "last-gasp" goal by Kaan Ayhan. This was their first win of the tournament, as the co-hosts had already won Group D and qualified for the knockout round. Auston Trusty, who scored in the third-minute, delighted a sold out crowd at Los Angeles Stadium. Sebastian Berhalter's long-range shot, shortly after the halftime break, brought the U.S. to parity. Ayhan, the substitute, had the final laugh as he found an empty goal at the far-post to win the match. The U.S. will now focus on Wednesday's meeting in Santa Clara with Bosnia and Herzegovina, in the round 32. Turkey returns home at least having salvaged some pride. SUBSTITUTE PULISIC GETS AN OVATION The atmosphere was loud, even though there wasn't anything at stake. U.S. supporters were elated by their team’s strong run. Christian Pulisic, the forward who was taken off the field at halftime of the first match against Paraguay due to a calf problem, received one of the loudest applauses in the 58th-minute. Pulisic was sharp and displayed a lot of spirit. He exchanged words with several Turkish players following a late challenge in the second half. Reporters were told by U.S. attacking?Brenden?Aaronson that "just having him in the game makes such a big difference." "A lot attention is paid to him, so that other players have opportunities and moments." Near the end of the match, the U.S. was concerned when Trusty?was carried away on a stretcher with a hamstring injury. Turkey, which?made seven?changes to?their?lineup, leave the tournament with some consolations after responding to an early deficit and finding multiple gaps in the U.S. defense. Ayhan, a late substitute, scored the final goal of the evening with his last kick. It was a stunning finish to an attacking match. Coach Vincenzo 'Montella, Turkey, said: "I am super happy with the way they played tonight. They showed all their skills, abilities and character." If they hadn't been strong, they wouldn't?have made it tonight. "We can go home with our chins up." Leonardo DiCaprio was in attendance, as were Paris Hilton, Owen Wilson and Will Ferrell. (Reporting and editing by Ken Ferris, Peter Rutherford and Rory Carroll)
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Bankers claim Vedanta has accepted bids of $1.75 billion to settle a three-tranche debt.
Three merchant bankers reported on Friday that a subsidiary of UK-based Vedanta Resources had accepted bids totaling $1.75 billion for a three tranche issuance of dollars bonds. The company is seeking to refinance high yielding debt. Vedanta Resource Finance II raised $500m through bonds with a coupon rate of 7.00%. It also raised $700m through bonds with a coupon rate of 7.3750%. And $550?million via bonds for 11 years at a discount of 7.75%. They added that the pricing was 25 basis point below their initial guidance of 7.25% 7.6250% and 8.0%. The bankers asked for anonymity because they are not authorized to speak with the media. Meanwhile, the company didn't respond to an email asking for comment. The bonds are guaranteed by Vedanta Holdings II, Vedanta Holdings Mauritius and Twin Star Holdings. The notes are expected to have a rating of Ba3/BB+/BB in accordance with the issuer. The proceeds will primarily be used to refinance debt with higher yields worth more than $2 billion. The company aims to purchase back $550,000,000 of outstanding 9.475% 2030 bonds, $500,000,000 of outstanding?11.25% paper in 2031, $500,000,000 of outstanding 9.125% '2032 bonds, and $550,000,000 of outstanding 9.85% 2033 notes. The unit sold seven-year bonds in October at a coupon of 9.1250%. This is one of the documents that it plans to repurchase. (Reporting and editing by Sonia Cheema. Dharamraj Dhutia.
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Turkey wins 3-2 in LA with a last-gasp goal
Turkey's first victory of the tournament came on Thursday when?Kaan yhan? scored a 3-2 win over a United States side that was second string at the?Los Angeles Stadium. The co-hosts had already won their group and qualified for the knockout rounds. Auston Trusty scored in the third-minute to the delight of a sold out crowd. Sebastian Berhalter's long-range shot, shortly after the halftime break, brought the U.S. level. Ayhan, the substitute, had the last laugh when he found the empty net at far post to score the winning goal. The U.S.?now turns their attention to Wednesday's knockout round match with?Bosnia and Herzegovina at?Santa Clara while?Turkey returns home, having at least salvaged a little pride. (Reporting and editing by Ken Ferris, Rory Carroll)
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MORNING BID EUROPE - Chipflation
Ankur Banerjee gives us a look at what the future holds for European and global markets Apple revealed that a bill must be paid by someone, just as investors were settling in to the idea that AI was still on the rise. Apple has said that it cannot absorb the rising memory and storage costs due to the AI data center boom. Micron's astronomical results this week highlighted the shift. Customers locked in $22 billion worth of Micron memory chips as a sign that markets are tightening and pricing power is increasing. What does it say when Apple, with its supply chain relationships envied by the entire industry, isn't immune to the memory price spike? What's next? Xbox to increase prices? Oh. Asian markets fell on Friday, as news that OpenAI may delay its public debut to next year also soured sentiment. South Korea's KOSPI - a bellwether for the AI industry - fell 8% in one day and 9% over the course of a week, its steepest fall since early March, when the Iran War first broke out. The oil market is still a major player, but it has slowed down. Oil tankers continue to leave the Strait of Hormuz despite a cargo ship being hit near Oman. Brent and WTI crude oil have lost almost all of the gains made by the hostilities that erupted in late February in the Middle East. But a gradual normalisation and a return to demand could tighten the markets next year. This easing was a relief but not enough. In May, U.S. inflation surpassed 4% for the first time in 3 years. This kept an interest rate hike from the Federal Reserve on the table. The U.S. Dollar is now in a strong position, while the Japanese yen struggles to reach a low of 40 years, amid growing intervention fears. The dollar index will rise by?2.6% this month. This is its biggest monthly gain in over a year. We'll end our report with the early summer heatwave which has ravaged?Western Europe. This predicament is leading to a boom in air conditioner sales from Asian manufacturers. Health risks of extreme heat are explained as temperatures in Britain, Switzerland and other countries reach record highs. The following are the key developments that may influence Friday's markets: Economic events: French unemployment in May (by Ankur Banerjee Editing done by Shri Navaranam)
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Oil prices down 2% despite resumption in Hormuz shippings, even after vessel hits near Oman
Crude prices fell?2% Friday, and are headed for steep weekly losses amid eased supply concerns. More oil tankers have left the Strait of Hormuz as more stranded vessels leave. Brent crude futures dropped $1.47 or 1.95% to $73.79 per barrel at 0421 GMT. U.S. West Texas Intermediate was down $1.44 or 2% to $70.48 per barrel. Shipping data from LSEG revealed that Saudi Aramco, the world's largest refiner, resumed oil loading at its Ras-Tanura terminal in?Gulf on Friday after a nearly four-month halt. The data revealed that two Very Large Crude Carrier were loading crude at the terminal, while another was waiting nearby. Each VLCC can load 2 million barrels. According to June Goh of Sparta Commodities, senior oil analyst, "there is a general selling off as the market reacts?to the increased flows leaving the Strait of Hormuz. China has not yet picked up on crude demand." Both benchmark contracts rose more than 2% Thursday, after an unidentified projectile hit a cargo ship near Oman. This prompted the U.N. shipping agency to suspend their voluntary evacuation scheme. Two U.S. officials said that Iran shot at the cargo ship when it tried to pass through strait. Iranian authorities have said that the safety of vessels traveling outside of designated Hormuz routes cannot be guaranteed. Brent crude and WTI oil are both expected to lose around 8% in the coming week. The data showed that the crude oil shipments through the Strait of Hormuz reached their highest level this week since the U.S./Israeli conflict began with Iran in February. A ceasefire agreement reopened the waterway and concerns over how long it would remain open also increased?trade. Overall, however, the traffic is still a fraction of what it was before the conflict began on February 28, when 125 ships passed through the strait every day. "A large part of the increase is due to previously stranded ships leaving the Persian Gulf. The vessel flows into the Gulf are much lower. This suggests that after stranded ships have been removed, we may see a reduction in the flow of vessels," ING analysts wrote a note. The earthquakes that occurred in Venezuela on Thursday have also caused supply concerns. Workers have conducted preliminary assessments of Venezuela's oil, gas, and refining infrastructure. They found that the damage was limited, since the country's largest output regions, refineries and pipelines, and terminals were 'far away' from the worst-hit areas. Sources said that despite the lack of electricity, it is doubtful whether oil production can be maintained at its pre-quake level, which was close to 1.2m barrels a day. Reporting by Mohi Nairayan in New Delhi; Sam Li and Lewis Jackson, in Beijing; editing by Kevin Buckland
Indian slums receive 'cool roofs" to combat extreme heat
Over the past two months, hundreds of roofs have been coated with a white reflective coating in informal settlements in western Gujarat. This is to keep the inhabitants cool as the hot season approaches.
This effort involves 400 Ahmedabad households as part of a scientific study to determine how indoor heat affects people's health, and their economic outcome in developing countries.
Aditi Bunker is an epidemiologist from the University of Heidelberg, Switzerland, who leads the project. The Wellcome Trust, based in the UK, is funding the project.
The thing that should have protected them actually increases their exposure to heat.
Ahmedabad, which has experienced temperatures exceeding 46 C (115 F), in recent years, has been affected by climate change.
Residents who are involved in the project such as Nehal Bhil have noticed an improvement. The slum has over 2,000 homes, the majority of which are one-room, airless dwellings.
"My fridge doesn't heat any more, and my house feels cooler." My electricity bill has gone down and I'm sleeping better," said Bhil after his roof was painted.
According to a study published in 2022 in the journal Environmental Research Letters, the likelihood of heatwaves occurring around the globe has increased by nearly threefold.
Bunker's team can prevent the sun's rays from being absorbed by painting the roofs white with highly reflective pigments like titanium dioxide.
Bunker stated that "in many of these homes with low socioeconomic status, there is nothing to stop heat transfer from coming down. There's no barrier insulation on the roof."
Arti Chunara, who was to join Bunker's experimental group, said that she would cover the roof of her house with plastic sheets before joining Bunker.
She and her family would sit outside most days of the day. They would only go inside for a couple of hours if the heat was too much.
Scientists will collect data on health and indoor environments from both residents who live under a cool roofing system and those who don't.
The study also includes Burkina Faso and Mexico, as well as the island of Niue, in the South Pacific. These sites cover a wide range of climates and building materials.
Bunker stated that early results of the Burkina Faso study show that cool roofing reduced indoor temperatures by 1.2 C for tin and mud roofed homes and 1.7 C for tin roofed homes over a period of two years. This, in turn, lowered heart rates in residents. Reporting by Gloria Dickie, Amit Dave, and Shilpa jamkhandikar, in Mumbai, with editing by Barbara Lewis.
(source: Reuters)