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Gold prices rise as US tariffs and shutdown uncertainty boost demand
Gold prices rose on Thursday due to a weaker US dollar, a renewed demand for safe-haven assets and concerns about a long U.S. shutdown as well as uncertainty regarding tariffs. By 1:40 pm, spot gold had risen 0.2% to $3,989.91 an ounce. ET (1840 GMT). U.S. Gold Futures for December Delivery settled at $3.991 with little change. Dollar fell by 0.5%, after reaching a four-month peak in the previous session. This made gold more affordable for foreign buyers. Peter Grant, senior metals analyst at Zaner Metals and vice president, said that the U.S. shutdown of government and the doubts of U.S. Supreme Court Justices about the legality President Donald Trump's sweeping Tariffs are causing a "revival of the haven bid". "Gold is on track to have a decent end to the year. I would say that a target of $4,300-$4,400/oz seems reasonable." Markets expect another rate cut in December, after the U.S. Federal Reserve lowered interest rates last week for the second consecutive time this year. Beth Hammack, President of the Fed Bank of Cleveland, said that on Thursday high inflation rates continue to be a concern. The following are some examples of the use of The U.S. Central Bank has cut interest rates once again. Gold is a good hedge in times of uncertainty. Gold is a non-yielding investment that also performs well in environments with low interest rates. Traders are cautious and watching out for the fallout of U.S. president Donald Trump's policies on trade as well as risks associated with a prolonged U.S. shutdown. SP Angel wrote in a report that it would be surprising if gold remained rangebound at $4,000/oz, as speculative money exits the market. Central bank purchases will remain the main positive tailwind for gold going forward. Other than that, silver spot rose 0.3%, to $48.22 an ounce. Platinum was down 1.8%, at $1,533.93, while palladium dropped 2.7%, to $1,381.18. (Reporting from Noel John in Bengaluru and Pablo Sinha, with additional reporting by Kavya Baliaraman. Editing by Sahal Muhammad and Tasimzahid.
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Norway invests about $3 billion into forest conservation fund
The Norwegian government announced on Thursday that it would contribute around $3 billion to the Tropical Forests Forever Facility. This multilateral fund is intended to support the global conservation of endangered forest. The largest donation announced to date for the new fund proposed in Brazil by the summit's host is this first-reported gift. In a statement, the Norwegian government confirmed that it will contribute up to 30 billion crowns (2.99 billion dollars) to the fund by 2035. The fund aims to use contributions from government to raise more private funding. Brazil and Indonesia each contributed $1 billion to the fund. Fernando Haddad, the Brazilian Finance Minister, said that he believes $10 billion in public money is an ambitious but achievable target for the first year of the fund. The TFFF is envisioned by policymakers as a $125 billion fund that combines contributions from the private and sovereign sectors. It would be administered like an endowment. Countries would receive annual stipends based upon how much of their rainforests remain standing.
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What are the world leaders saying in Brazil at the climate summit?
Brazil will host world leaders at a summit in Belem, a rainforest city, on Thursday before the COP30 Climate Conference. What the leaders have to say U.N. SECRETAIRE-GENERAL ANTONIO GUTERRES We can either choose to lead or we can be led into ruin. "Too many companies are making record profits by destroying the climate, while spending billions on lobbying and deceiving public opinion and obstructing advancement. And too many leaders continue to be captives of these entrenched interest." BRAZILIAN PRESIDENT LUIZ INACIO LULA DA SILVA We need a road map to plan an equitable way to undo the deforestation and overcome fossil fuels, as well as mobilize resources to achieve these goals. "Extremists invent lies to gain electoral advantage and imprison the future generation in an old model that perpetuates economic and social disparities, and environmental degradation." CHINA VICE-PRESIDENT DING XUEXIANG VIA TRANSLATOR "It's imperative that all parties uphold true multilateralism and strengthen coordination and solidarity in order to make sustainable progress on global climate governance. We need to improve international collaboration in green technology and the industry. Remove trade barriers, and allow the free flow quality green products. BRITAIN'S PRINCE WILLIAM "We are gathered here, in the Amazon, at a pivotal time in human history. A moment that requires courage, cooperation, and an unwavering commitment for the future of our planet, one that does not belong to us but to our grandchildren and children. We all know that we are dangerously close to Earth's tipping points. Beyond these thresholds, the natural systems on which we depend may start to unravel. TRANSLATOR: CHILE'S President GABRIEL BORIC "These are the times when voices are rising to deny or ignore the scientific evidence about the climate crisis. "The President said that the climate crisis does not exist at the U.N. "The President of the United States at the last U.N. ESWATINI PRIME MINISTER DLAMINI RUSSELL Collaboration is vital. We must actually go beyond just collaboration and increase our ambition, aligning ourselves with scientifically-determined emission reduction targets. "For Africa, this struggle isn't about environmental policy. It's about justice and survival. Africa is responsible for less than 4% global greenhouse gas emissions. "Yet we suffer the most severe consequences." IRISH PRIME MINISTER MICHEAL MARTIN Belem has fewer people. "At a moment when leadership in politics is more important than ever, we are fewer. Fewer leaders willing to say it like it is. Climate change is irrefutable. Science is unquestionable. The clock is ticking, temperatures are rising. We are failing our citizens and the planet in a profound way if we don't tell them the truth. (Reporting and editing by Nia Williams; William James)
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Sudan's RSF accepts US proposal for humanitarian cessation of fire
The Sudanese paramilitary Rapid Support Forces have agreed to the United States' and Arab countries' proposal for a humanitarian truce and are open to discussions on a cessation in hostilities. Both the RSF and the Sudanese army have agreed to various ceasefire proposals during their two-and-a-half-year-old war, though none have succeeded. The administration of U.S. president Donald Trump has stated that it is working to end fighting in Sudan. The Sudanese Army did not respond immediately to the announcement. It comes less than two week after the RSF had taken over the famine-stricken town of al-Fashir and consolidated its control of the vast western region of Darfur. The Rapid Support Forces (RSF) also look forward to implementing this agreement and starting discussions immediately on arrangements for the cessation and the basic principles that guide the political process in Sudan." An RSF statement stated. The army-led Security and Defense Council held a meeting earlier this week but failed to give a definitive response to the proposal. However, influential leaders and allies in the army expressed their disapproval. A spokesperson for the U.S. State Department said on Thursday that the United States continue to work directly with all parties to facilitate an humanitarian truce. The spokesperson stated that "we urge both sides to respond to the U.S. led effort to conclude an humanitarian truce given the urgency to de-escalate the violence and end the suffering of Sudanese citizens." In September, Saudi Arabia and the United Arab Emirates, as well as Egypt, called for a three month humanitarian truce to be followed up by a permanent ceasefire in Sudan. Witnesses claim that the RSF abducted and killed civilians both during and after their capture of al-Fashir. This includes summary executions. The leader of the group called for all fighters to protect civilians, and warned that any violations will be prosecuted. In April 2023, the war between the Sudanese Army and the RSF broke out when the forces clashed about plans to integrate forces. The conflict in Sudan has caused a devastation that has killed tens and thousands of people. Hunger has spread throughout the country, and millions have been displaced. Reporting by Khalid Abdelaziz, Nafisa eltahir and Daphne Psaledakis; Additional reporting in Washington by Enas alashray; Editing and writing by Alex Richardson; Aidan Lewis; and Diane Craft
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Report: Power supply issues slow EMEA data center rollout
A Savills report found that data centre capacity growth in Europe, the Middle East, and Africa has slowed since 2025 compared to last year's same period, despite a surge in demand. This is due to a lack available power, which delays project timelines. Since ChatGPT's release in late 2022 the global data centre demand has risen and projects are being planned. Investors and governments have bet that generative artificial intelligent will revolutionise how we all work and live. The demand for electricity to power these centres has increased. Savills, a global provider of real estate services, reported that since January, new data centres have added 850 megawatts of power, which is 11% less than the same period in 2024. Megawatts are the main metric for sizing a data centre. This is the maximum power that a data center can provide to its servers, cooling systems and other infrastructure. Savills reported that overall data centre capacity has increased by 12% to 11,400 MW, from 10,140MW a year ago. The report stated that the decline in power delivered year-to date is largely due to persistent energy supply constraints which have delayed projects, and not because of a decrease in demand for data centers. Savills stated that the demand for these centres continues to surge, resulting in an imbalance and a restricted supply of power. The actual amount of new capacity that was occupied fell to just 845 megawatts. This is only half the power capacity leased by 2024. The figures include also pre-lets, which are leases for future data centers. The total contracted power capacity, which includes both the live and future contracted capacity, grew by 12% on an annual basis to 14,500MW. This shows a strong under-demand. In the third quarter 2025, 91% all data center capacity was leased. This is up from 87% during the same quarter in 2022. This also reflects a strong demand. (Reporting and editing by Amanda Cooper, Emelia Sithole Matarise and Lucy Raitano)
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Sterling rises as BoE rates remain unchanged, but stocks drop due to tech shares
The major stock indexes dropped sharply Thursday. Consumer discretionary and technology shares led the losses in the S&P 500. Meanwhile, the British pound strengthened after the Bank of England decided against a rate cut. The shares of U.S.-based chipmaker Qualcomm fell more than 4% following Warning Samsung's future gadgets may not have as many chips as they used to. Shares Legrand's stock dropped after the French data center equipment company reported sales growth in the first nine month of the year of 11.9%, which was slightly below expectations and hit by U.S. Tariffs. The last change in the sterling was 0.37%, at $1.3097. The BoE Monetary Policy Committee, in anticipation of possible tax increases in UK Chancellor Rachel Reeves budget due later this month (later this month), voted by 5 to 4 to maintain the Bank Rate benchmark at 4.0%. The vote was close, but expectations of a reduction before the end of the year were not affected. Investors on Wall Street continue to focus their attention on the U.S. shutdown, the trade tariff rulings and the slew corporate earnings. This earnings season will not be defined by the past. "The market is looking for guidance, and with tariffs, shutdown, and possible peak AI (artificial Intelligence), the future may be bleak," stated Jake Dollarhide. He is the chief executive officer at Longbow Asset Management, located in Tulsa. Some U.S. Bank Chief Executives spoke out against the proposed tax on financial services. You can also read about the warnings below. What to expect from a possible market decline. Investors digested a Challenger, Gray & Christmas report that revealed employers in the United States cut more than 150.000 jobs in October, marking this month's largest reduction in over 20 years. Investors have been attracted to private economic data in the absence of official statistics during the longest government shutdown ever experienced by the United States. The Dow Jones Industrial Average dropped 373.08 or 0.79% to 46,937.92. The S&P 500 fell 63.56 or 0.94% to 6,732.73, and the Nasdaq Composite declined 363.84 or 1.56% to 23,135.95. The MSCI index of global stocks fell by 4.87 points or 0.49% to 903.02. The STOXX 600 Index fell by 0.73%. Overnight, Japan's Nikkei rebounded 1.4% after sliding 2.5% on Wednesday. Shanghai's benchmark index, which is a psychologically significant level of 4,000, regained the level after optimism about tech self-sufficiency drove its semiconductor and AI related shares. The dollar dropped after weak U.S. employment data raised market expectations that the Federal Reserve would cut rates again this year. The dollar index (which measures the greenback in relation to a basket of currencies, including the yen, the euro and others) fell by 0.28%, while the euro rose 0.36%, reaching $1.1532. The dollar fell 0.64% against the yen to 153.12. After the BoE's decision, yields on euro zone benchmark Bunds fell from their previous four-week high. Germany's 10-year bond yields are down by 2 basis points at 2.65%, after reaching 2.676% in the early session. This is the highest level seen since October 10. Investors are concerned about the U.S. labor market, and the uncertainty caused by the government shutdown. The yield on the benchmark 10-year U.S. note fell by 6.4 basis points, to 4.093% from 4.157% at late Wednesday. U.S. crude fell 0.69% to $59.18 per barrel while Brent dropped to $63.19 a barrel, down by 0.52% for the day.
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ArcelorMittal CFO: ArcelorMittal is ready to capture EU Market Share from Lower Steel Imports
ArcelorMittal can capture a part of the market void caused by lower imports, once the EU steel quotas are implemented. This was the Chief Financial Officer GenuinoChristino's statement on Thursday. Christino told analysts that he did not see any problem in capturing that portion of the market. In October, the European Commission proposed a reduction of almost half in tariff-free import quotas for steel and a 50% tax on excess shipments. This was done to maintain viable steelmaking within the European Union. However, it is not yet clear when these new measures will be implemented. Christino stated that the current measures will expire on June 20, 2026. ArcelorMittal, however, expects that the European Parliament and Council recognize the "urgency of the issue" and assist in implementing it as quickly as possible. The second-largest steelmaker in the world reported an improved third-quarter profit on Thursday, helped by a solid performance in Europe. It also gave a positive outlook to 2026.
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What are the world leaders saying in Brazil at the climate summit?
Brazil will host world leaders at a summit in Belem, a rainforest city, on Thursday before the COP30 Climate Conference. What the leaders have to say U.N. SECRETAIRE-GENERAL ANTONIO GUTERRES We can either choose to lead or we can be led into ruin. "Too many companies are making record profits by destroying the climate, while spending billions on lobbying and deceiving public opinion and obstructing advancement. And too many leaders continue to be captive to these entrenched interest." BRAZILIAN PRESIDENT LUIZ INACIO LULA DA SILVA We need a road map to plan an equitable way to undo the deforestation and overcome fossil fuels, as well as mobilize resources to achieve these goals. "Extremists invent lies to gain electoral advantage and imprison the future generation in a model that is outdated and perpetuates social and economical disparities, environmental degradation and other forms of injustice." CHINA VICE-PRESIDENT DING XUEXIANG VIA TRANSLATOR "It's imperative that all parties uphold true multilateralism and strengthen coordination and solidarity in order to make sustainable progress on global climate governance. We need to improve international collaboration in green technology and the industry. Remove trade barriers, and allow the free flow quality green products. BRITAIN'S PRINCE WILLIAM "We are gathered here, in the Amazon, at a pivotal time in human history. A moment that requires courage, cooperation, and an unwavering commitment for the future of our planet, one that does not belong to us but to our grandchildren and children. We all know that we are dangerously close to Earth's tipping points. Beyond these thresholds, the natural systems on which we depend may start to unravel. TRANSLATOR: CHILE'S President GABRIEL BORIC "Now is the time when voices are raising that decide to ignore or deny scientific evidence about the climate crisis. "The President said that the climate crisis does not exist at the U.N. "The President of the United States at the last U.N.
Northern Hemisphere's record winter season warmth slashes gas intake: Kemp
The northern hemisphere has experienced the hottest winter on record, with the unusual heat focused around the Atlantic Basin, which has produced an enormous surplus of gas and depression in costs since October.
Surface area temperature levels on land were +2.65 ° C above the 20th century average in between December and February, according to information compiled by the U.S. National Oceanic and Atmospheric Administration (NOAA).
Chartbook: Northern hemisphere winter 2023/24
Tape warmth in the winter of 2023/24 beat previous highs of +2.44 ° C in 2019/2020 and +2.61 ° C in 2015/16 - likewise winters characterised by surplus stocks and depression in gas rates.
Worldwide warming, strong El Nino conditions in the Pacific, a. strongly favorable North Atlantic Oscillation, and the solar. activity cycle moving towards its 11-year peak, all contributed. to exceptional warmth this winter.
NORTH AMERICA
Europe has actually received most attention since of the local. gas market's disruption following Russia's intrusion of Ukraine,. however the most unusual weather occurred in North America.
Temperature Levels across The United States And Canada were +3.43 ° C above the. long-run average in between December and February ( Climate at a. glimpse, National Centers for Environmental Info, March. 2024).
The United States and Canada experienced record warm anomalies in both. December (+4.66 ° C )and February (+3.59 ° C )slashing heating. need for both gas and gas-fired electrical power.
U.S. gas stocks started the heating season simply 64. billion cubic feet (bcf) (+2% or +0.24 standard deviations). above the previous 10-year seasonal average on Oct. 1.
Inventories were still just 129 bcf (+4% or +0.46 requirement. deviations) above the 10-year seasonal average at the end of. November.
But the surplus had swelled to 307 bcf (+10% or +1.15. standard variances) by the end of December following a run of. abnormally warm weather condition.
Colder temperatures triggered the surplus to narrow temporarily. in January, particularly throughout the really cold spell between. Jan. 13 and Jan. 22.
However the surplus ballooned once again to 519 bcf (+29% or +1.31. basic variances) by the end of February as temperatures. reverted to well above regular.
With mild weather continuing into March the surplus had. puffed up to an enormous 606 bcf (+35 or +1.35 standard. variances) by March 8.
U.S. front-month futures prices balanced almost $3.19 per. million British thermal systems in October, putting them in the. 13th percentile for all months because 1993 when inflation is. considered.
By February typical inflation-adjusted prices had fallen to. a record low of $1.80 as consistent warmth and the ruthless. develop of surplus stocks sent out the marketplace into a tailspin.
EUROPE AND ASIA
Europe also experienced a very warm winter, with. temperatures +2.73 ° C above the long-run average, making the. winter season the second warmest on record after 2019/20 (+3.32 ° C)
. A strongly positive North Atlantic Oscillation directed. strong westerly winds into Northwest Europe bringing great deals of. warm and moisture-laden air from the Atlantic.
The temperature level abnormality might not have actually been as extreme as. North America, however paired with costs well above the. pre-invasion average, it sufficed to leave the region with. record seasonal stocks by the end of February.
Stocks across the European Union and the UK. started the heating season 167 terawatt-hours (TWh) (+18% or. +1.70 basic variances) above the 10-year average on Oct. 1.
By Feb. 29, the surplus had inflamed to 269 TWh (+60% or. +2.08 basic variances), according to data from Gas. Infrastructure Europe.
Europe's front-month futures balanced nearly 46 euros per. megawatt-hour (88th percentile for all months because 2010 in real. terms) in October, however had plunged to approximately simply 26. euros (48th percentile) in February.
By contrast to North America and Europe, winter season temperatures. throughout Asia were closer to regular, at least for the last 2. decades.
Asia's temperatures averaged +1.80 ° C above the long-term. average, however that made it only the 10th hottest winter on. record.
THOUSANDSES OF GAS
North America, Europe and Asia integrated represented almost. two-thirds of global gas usage in 2022 ( Statistical. review of world energy, Energy Institute, 2023).
North America and Europe alone represented 40% of. worldwide usage, with a heavy weighting towards the winter. months due to the fact that of heating need.
Exceptional warmth around the Atlantic Basin in winter. 2023/24 for that reason took place in precisely the location to maximise the. impact on gas intake, stocks and costs.
When historians ask why Russia's invasion of Ukraine and. sanctions enforced in response did not trigger scarcities and a more. severe and extended spike in costs, they are likely to cite. extraordinarily warm winters in both 2022/23 and 2023/24 rather. than policy actions as the primary reason.
Europe's gas consumers got extremely lucky in the winter of. 2023/24 and have actually seen costs normalise. For the same reason,. Asia's importers are now gaining from enhanced availability. and much lower prices.
On The Other Hand, North America's manufacturers have actually been pressed into. a deep slump as they struggle to sell in a market awash with too. much gas.
Next winter is highly likely to be chillier in The United States and Canada and. Europe.
In the meantime, lower rates will result in slower or no. production development in the United States, which should trigger the. market to tighten slowly over the next 12 months.
Associated columns:
- Europe gets lucky with a moderate, windy winter season (March 13,. 2024)
- Europe's mild winter leaves gas stocks at record high. ( March 7, 2024)
- El Niño presses real U.S. gas costs to multi-decade low. ( February 16, 2024)
- Europe's inflamed gas stocks drive rates lower (February. 13, 2024)
John Kemp is a market expert. The views expressed. are his own. Follow his commentary on X https://twitter.com/JKempEnergy.
(source: Reuters)