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Silver tops $120; Gold flies to safety for $5,600
Silver soared above $120 and gold remained just below $5,600 per ounce. Investors rushed to safe havens due to geopolitical unrest. Gold spot shot up?2.7% at $5,546.29 per ounce as of 0752 GMT after reaching a record high earlier in the day. Metal has been at record highs in nine consecutive sessions. U.S. Gold Futures for February Delivery jumped 4.5%, to $5,539.20, after reaching a record high of $5.626.80. The strange geopolitical environment and the current political climate in the U.S. (which are not good) have led to a rise in gold prices. Concerns are raised about the independence of the Fed. Investor trust in the financial systems is shaken when this happens, according to ANZ analyst Soni Kumi. Investors worry about the independence of the Federal Reserve in the United States, given the criminal investigation launched by the Trump Administration into Jerome Powell as Chair, the efforts to remove Fed Governor Lisa Cook and the impending nomination of Powell's successor. Edward Meir, a Marex analyst, said that "growing U.S. Debt and the uncertainty created by signs of a global trade system splintering in regional blocs instead of focusing on a U.S. centric model are leading investors to pile up into gold". Yellow metal prices have risen by?more? than 10% this week, thanks to a stronger dollar and strong demand for safe-havens. After a 64% increase in 2025, gold has gained over 27% already this year. On Wednesday, U.S. president Donald Trump called on Iran to sit down and negotiate a nuclear deal. He warned that a future U.S. strike would be much more severe than last year's attack on Iranian nuclear sites. Tehran has responded by threatening to "strike back" against the U.S. and Israel as well as those who support these countries. As expected, the Fed kept rates at their current levels on Wednesday. Powell stated that inflation in December likely remained well above the central banks' 2% target. Gold prices are on the rise and customers are flocking to Hong Kong and Shanghai precious metal dealers. Some even bet that they will go higher. Silver spot was also up 1.4%, at $118.25 per ounce. It had earlier reached a record-high of $120.45. The white metal has risen more than 60% in 2026 due to a combination of investors seeking cheaper alternatives to gold and a shortage of supply. "People are trying to take advantage of the rally and, as a consequence, (silver), could end up with an abrupt reversal when the frenzy ends. It is important to remember that the fundamentals of the silver market are solid, according to Kyle Rodda. After hitting a record-high of $2,918.80 an ounce on Monday, spot platinum rose 2.8% to $2770.49, while palladium climbed 1.6% to 2107.37.
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Sources say that the Indian central bank has deferred its plan to require banks to disclose climate risks.
Three sources familiar with the discussions said that India's central banks has put off plans to require domestic lenders to disclose climate risk and manage it. Financial institutions are required to disclose climate-related risks, and make green investments as part of the global effort to transition to a low carbon economy. This is true in countries such as Japan, but also in the UK. Since the reelection of U.S. president Donald Trump, however, the global focus on climate risks has diminished. Banks and financial institutions were expected to be required to disclose regularly climate-related risk in their loan portfolios as well as mitigation targets and strategies under the proposed RBI norms. According to a draft rule published in 2022, the rules were to be implemented on a voluntary base starting with fiscal year 2027 which starts on April 1. The final guidelines are ready. "But RBI felt it was not a priority for the moment," said one source, who declined to be named as they were not authorized to speak to media. The source added that "these guidelines may also be burdensome and expensive for corporations if they are implemented, as many do not have to disclose climate-related risks on their business and supply chain." A request for comment sent to the central bank by email was not answered. The 'decision of the RBI to delay issuing final climate disclosure norms to Indian banks was not previously reported. However, the central bank has proposed a set guidelines for banks and other entities regulated to implement resolution plans in natural disasters. MISMATCH REGULATORY In order to comply with the proposed standards, banks had to calculate and report gross emissions by borrowers. This information was then broken down into asset classes and industries. Lenders were also required to analyze the impact of adverse weather events on the ability of borrowers to repay loans. This could have led to an increase in the price of loans for borrowers from climate-sensitive areas and sectors with high emission levels. Deferring these rules would likely allow banks to maintain their credit policies without affecting climate-sensitive borrowers. A second source said that a mismatch was emerging between the RBI and India's Securities and Exchange Board of India, which had pushed back disclosures about climate risks of major suppliers. The source stated that "RBI wants to see banks disclose climate-related risk in their portfolios but SEBI guidelines don't require detailed disclosures about how climate risks impact?businesses and supply chains". The source stated that alignment is essential to ensure banks and businesses are "on the same page" when it comes to climate risk assessments. According to the Germanwatch Global Climate Risk Index, 2026, which tracked extreme climate events between 1995 and 2020, India ranks ninth in terms of climate vulnerability. The report states that India suffered 430 extreme weather conditions during this time period. These events resulted in more than 80,000 deaths, and an economic loss of $170 billion. This exposed its lenders to risk. Reporting by Gopika Gopakumar in Mumbai and Ashwin Upadhyay, with additional reporting by Jayshree p Upadhyay. Editing by Raju Gopalakrishnan.
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China will see the most extreme temperatures on record in 2025
The Meteorological Department of China announced on Thursday that the average temperature in China for the year was 10.9 degrees Celsius (51,6 degrees Fahrenheit). This is the highest ever recorded high-temperature day. At a press event, the administration announced its climate bulletin for 2025. The World?Meteorological Organisation stated in January that last year was?amongst the three warmest years on record. The administration stated that China's annual average temperature has risen in recent decades. 2025 will be the hottest year since 1961 when the first nationwide records began. The intensity of heavy rainfall and extreme heat has increased, increasing the risk of flooding and other natural disasters. According to the administration, China's temperature in 2025 of 10.9 C is tied with the 2024 record for highest ever recorded. China describes high-temperature days as days at or above 35 C. It said that from?late June until early September, there was a sustained period of high temperatures in central and eastern China. The average rainfall was also 4.5% higher than normal. The administration reported that the amount and duration of rain in northern China was also the highest ever recorded, while autumn rains in Western China were the heaviest ever recorded. Reporting by Farah Masters and the Shanghai Newsroom; Editing done by Christian Schmollinger
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Expectations of a hot metal production increase in China have led to a rise in iron ore.
Iron ore futures rose Thursday, after a?two-session slide. This was boosted by expectations of a resurgence in China's hot metal production as more steel mills reopen after maintenance. The May contract for the most traded iron ore on China's Dalian Commodity Exchange rose 1.78%, to 798.5 Yuan ($114.96), per metric ton. As of 0704 GMT, the benchmark March iron ore on the Singapore Exchange had risen by 1.62% to $104.75 per ton. China's hot-metal output fell by 7,000 tons from week to week?as a number of blast furnaces were undergoing maintenance and postponing the planned production resume until next week. SMM stated in a separate report that hot metal production is expected to increase, as low temperatures in China require mills to continue producing in order to avoid frozen drainage system if ore supplies are sufficient. SMM reported that traders were also concerned about the Chinese government implementing environmental protection measures and carrying out safety inspections before the Lunar New Year holiday. This would hinder steel production and dampen demand for feedstocks. Hangda Steel & Chengshi Steel announced maintenance plans for February and will be suspending production. Coking coal and coke both gained 3.93% and 3.2% respectively. The benchmark steel prices on the Shanghai Futures Exchange increased. Rebar grew by 1.12%, while hot-rolled steel coils, wire rod, and stainless steel all increased. ($1 = 6.9458 yuan) (Reporting by Ruth Chai; Editing by Subhranshu Sahu)
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Silver tops $120; Gold flies to safety for $5,600
Investors rushed to safe havens in the face of geopolitical unrest and economic uncertainty, pushing gold prices up. Silver also soared past $120. Spot gold jumped 3%, to $5,560.07 per ounce, by 0557 GMT. It had earlier reached a record of $5,594.82 an ounce. Metal has been at record highs for nine consecutive sessions. The strange geopolitical environment and the current political climate in the U.S. (which are not good) have led to a rise in gold prices. Concerns are raised about the independence of the Fed. Investors' trust in the financial system is shaken when this happens, according to ANZ analyst Soni Kumari. Investors worry about the independence of the U.S. Federal Reserve amid the criminal investigation by the Trump administration into Chair Jerome Powell and efforts to fire Fed governor Lisa Cook. They are also concerned with the nomination in May for Powell's successor. Edward Meir, a Marex analyst, said that "growing U.S. Debt and the?uncertainty caused by signs of a global trade system splintering in regional blocs instead of a U.S. centric model are leading investors to piling into gold". Yellow metal prices have risen by?more? than 10% this week, thanks to a stronger dollar and strong demand for safe-havens. After a 64% increase in 2025, gold has gained over 27% already this year. Tony Sycamore, IG's market analyst, said that despite the fact that the rally has been parabolic, fundamentals will remain strong through 2026. This means any dips in the market are likely to be good opportunities for investors. Donald Trump, the U.S. president, urged Iran on Wednesday to sit down and negotiate a nuclear deal. He warned that future U.S. attacks would be much more severe than last year's attack on Iranian nuclear sites. Tehran's response was a threat of retaliation against the U.S. and Israel as well as those who support these countries. As expected, the Fed kept rates at their current levels on Wednesday. Powell stated that inflation was likely to be well above the 2% central bank target in December. Customers have been flocking in droves to Shanghai and Hong Kong precious metal dealers due to the?higher gold prices. Some are betting that it will rise even higher. Silver spot was also up 1.4%, at $118.25 per ounce. It had previously reached a record-high of $120.45. Investors looking for cheaper alternatives to gold as well as supply shortages and momentum purchasing helped boost the white metal. It has already risen more than 60% in 2026. After hitting a record-high of $2,918.80 an ounce on Monday, spot platinum rose 2.8% to $2770.49, while palladium climbed 1.6% to 2107.37.
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Russell: The Trump-China metals rally goes beyond gold and silver
Gold and silver have been making headlines in recent months, but industrial metals are also performing well. Copper, nickel, and aluminium have all seen strong gains. They reached?record or multi-year peaks, even though fundamentals do not appear to be sufficient to justify the rallies. Base metals are showing strength for a number of reasons, the majority being related to Chinese import demand and easing exports. Metals may also be benefiting from the same speculative dynamics that drive gold and silver. This is a desire for real assets in the face of investor uncertainty about the policies of U.S. president Donald Trump. Prices in other major currencies are also surging. Spot gold reached a new record high of $5400.91?an ounce, on Wednesday. It has increased by 39% from its previous low of $3886.02?on October 28. Silver has seen a more dramatic rise, with a 158% gain from its low point of $45.51 per ounce on October 28 to soaring as high as $117.41 an ounce on Wednesday. This is just short of the record-breaking $117.69 set on January 26. Silver also has benefited from concerns that China's licensing?rules on exports could lead to a decrease in shipments. Only 44 companies are allowed to export this metal next year. China shipped 5,100 metric tonnes of silver last year, its highest level since 2008. Silver is used in solar panels, and there are concerns that China may prioritise its domestic use over exports. ALUMINIUM SUPPLY China's reduced aluminium exports also has an impact on the global market. Customs data shows that exports of aluminium products and unwrought aluminum fell 8% from 2025 to 6,13 million tonnes. Aluminium prices have been rising since April due to the loss of supply from the largest producer in the world. Aluminium has increased 16.1% since the lowest price of $2,805 per ton in November. On Wednesday, aluminium closed at $3,257, its highest closing level since April 2022. London futures have seen a 24% increase from the low of $10 580 per ton that was reached on November 5, to the close of $13,086.50 which is slightly below the record high of 13 407 on January 14. China is importing more copper in recent years, particularly during the second half 2025. Arrivals of 437,000 tonnes in December were up by 2.3% compared to the previous month. Copper's rally in 2017 was largely based on the fear that Trump would introduce import tariffs. However, this concern eased after the duties were only imposed on certain copper products. Nickel, another industrial metal, has also seen impressive gains over the past few months. It rose 27.5%, from a low price of $14,330 per ton in November to a high of $18,270 in Wednesday. This is close to the 21-month peak of $19160 in January. Markets are now asking themselves if the recent gains in copper and aluminium can be justified by fundamentals of supply and demand and the outlook through 2026 or if they're driven by speculative forces. In 2026, most analysts believe that copper and aluminium will be fairly balanced markets in terms of supply and demand. Nickel is expected to remain oversupplied. The recent rally in industrial metals is likely to be a result of precious metals riding on the coattails. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X. These are the views of a columnist, who is also an author.
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India's demand for gold will fall by 2026 due to a jewellery slump, which will offset the investment growth
The World Gold Council (WGC), which announced the news on Thursday, said that India's demand for gold is likely to drop in 2026 after a 11% decline last year. A surge in prices will dampen jewellery sales, and offset an increase in investment purchases. Sachin Jain is the chief executive officer of the WGC Indian operations. He said that the demand for gold could be between 600 and 700 tons compared to the 710.9 tonnes last year. This was the lowest level in five years. Jain, the jeweller, said that jewellery buyers prefer stable gold prices. However, recent price increases have exceeded consumer budgets. He said that "inflows into exchange-traded funds (ETFs), will continue to increase." Investors are turning to gold because the stock market hasn’t done well in 2025. Inflows to gold ETFs increased 283% from a year ago, reaching a record of 429.6 billion Rupees ($4.67billion). In 2025, domestic gold prices have risen by 76.5%. India's benchmark Nifty 50 index has also risen by 10.5%. The WGC published a report on Thursday that showed the demand for jewellery in 2025 had fallen by 24% compared to a year ago, reaching 430.5 metric tonnes. This is the lowest level in almost three decades, except for the COVID-19 epidemic in 2020 which distorted the figures. WGC reported that investment demand rose by 17% to 280.4 tonnes in 2025, the highest level since 2013. Investment demand was a record 40% of India's gold consumption by 2025. This is up from the usual quarter. The WGC stated that "equities could remain subdued, less attractive, due to high valuations and tariffs and the foreign outflows." The WGC said that a gradual shift away from jewellery and towards pure investment demand should continue to support bar and coin prices. Indians have traditionally sold jewellery and coins in a category known as scrap supplies, due to higher gold prices. The WGC reported that in 2025, scrap metal supplies would have fallen 19%, to 92.7 tonnes. This was because the WGC continued to expect further price increases, despite bullion reaching new record highs almost every week. (Reporting and editing by Clarence Fernandez; Reporting by Rajendra J. Jadhav)
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MORNING BID EUROPE: Building AI is expensive, but I hope it will be worth it
Wayne Cole gives us a look at what the future holds for European and global markets. Who would have thought that building AI could cost so much? Microsoft and Meta both reported a staggering amount of money spent on capex. Microsoft spent almost $38 billion during the first quarter, a two-thirds increase over the previous year. Meta increased its capital expenditure plans by 73% for this year, to a range of between $115 billion and 135 billion. Investors reacted to these plans very differently, knocking $240 Billion off Microsoft's value and lifting Meta $140 Billion. Microsoft's drop in value was greater than Citigroup's capitalisation, but banks are so 20th century. Meta's upgraded earnings outlook has really impressed investors. However, the Redmond-based company is still struggling to calm down concerns that cost growth will ultimately exceed profit growth. Samsung Electronics has tripled its operating profit, despite the fact that one company's cost is another's revenue. Memory chips were once a dull part of the market. The Federal Reserve meeting on Wednesday was also called boring. However, Chair Jerome Powell seemed pretty upbeat in his presser. He said that the economy was "on solid footing", with "clearly improved outlook" several times. The?committee was overwhelmingly in favor of keeping rates the same, except for two members who voted to cut them. He said that the Fed has "already" done a great deal of "normalising", and now policy is only "somewhat restricting", or "loosely neutre". The markets interpreted this as confirmation that an April rate cut is off the table. June will remain at 61%, in part because investors believe President Trump has found a more dovish chair by then. Powell would not say whether he will step down in May or remain as Fed governor until 2028. Powell smiled when a reporter asked him why he'd want to leave the Fed at all, given the threats against its independence. The dollar was still vulnerable in the currency market despite Treasury Sec. Bessent's assurance that the U.S.?still maintains a "strong" dollar policy, regardless of what Trump may say. The murmurs of EU and ECB officials that the euro's increase against the dollar is harmful for exports and a risk to inflation could be more meaningful. The ECB is unlikely to intervene, but the 'Swiss central banks has more experience and the flight of the dollar is pushing up the franc, even against the euro. The Swiss must be worried that the franc is now trading below a huge chart support. The SNB's intervention can cause a mess for the markets, as it sells francs to euros and then distributes some of these euros among dollars, pounds, etc., causing cross currents in various currencies. The following are key developments that may influence the markets on Thursday. Consumer confidence and business sentiment in the Eurozone for January ECB member Piero Cilpollone addresses the Riksbank's policy meeting Weekly jobless claims and November U.S. trade data
Vietnam and EU strengthen diplomatic ties amid "threat to international order"
Vietnam and the European Union announced on Thursday that they have elevated their diplomatic?relations as both sides look to expand international partnerships in light of?global disruptions.
The move is largely diplomatic and does not imply any?commitments? but it does carry political weight, at a moment when both the EU (European Union) and Vietnam (Vietnam) are looking to strengthen their international ties in light of the higher tariffs they will be facing on their exports going to the United States.
Vietnam's president Luong Cuong, at the start of the meeting with the European Council President Antonio Costa in Hanoi, said that the upgrade was "a historic milestone underlining the great achievements made by both sides."
In 2020, a free-trade agreement between Vietnam (Vietnam) and the EU27 countries will come into effect.
Costa, who arrived at Hanoi on Tuesday?after the EU signed a major deal with India, said that the upgraded partnership "highlights our importance to the region, and Vietnam's increasing role".
Costa said: "At a time when the international order based on rules is threatened from many sides, we must start standing side-by-side as reliable and predictable partner."
As with the United States of America, China, and Russia, more frequent meetings at high levels are usually required to elevate ties.
According to a joint statement adopted on Thursday, it is expected that the partnership will also grow stronger. The two sides plan to explore and enhance their cooperation in a number of sectors, such as?defence?, critical minerals?, semiconductors?, transport?, and "trusted communication infrastructure"?, confirming an earlier report? According to a joint?statement adopted on Thursday, the two sides will explore and deepen cooperation in multiple sectors including?defence, critical minerals, semiconductors & transport as well as "trusted communications infrastructure", confirming a????????????????????????????????????????????????????????????????????????????????????????????
Costa acknowledged that Vietnam, a Russian partner of many years, had different views on the conflict in Ukraine and human right issues.
He added that both countries support multilateralism, as well as "the principles" of sovereignty, territorial integrity and independence.
(source: Reuters)