Latest News
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Gold falls 1% as traders focus on the payroll data and tariff risk
The gold price fell 1% on Friday, as investors digested the latest tariffs from U.S. president Donald Trump. Investors then turned their attention to the U.S. Non-farm Payrolls Report for clarification on the Federal Reserve’s monetary policies. As of 0901 GMT, spot gold was down by 0.9%, at $3,086.32 per ounce. However, it was still on course for its fifth consecutive weekly gain. U.S. Gold Futures declined 0.4% to $3,107.70. Gold hit a new record at $3167.57 in the previous session before falling more than 2% shortly after. This was due to a wider sell-off caused by Trump's tariffs on imports. It appears that a combination of profit-taking, and the markets are partially responsible for the tariffs announced. Zain Vawda is a market analyst for MarketPulse. He said that a growing consensus amongst analysts in the industry suggests that some countries may be willing to negotiate lower tariffs. This could also be holding back gold's current momentum. Trump announced that he would impose an initial 10% tariff on all imports into the U.S., and increased duties on some of America's largest trading partners. Nitesh Sha, the head of macroeconomic and commodities research for Europe at Wisdom Tree, said that gold could be closer to $3.600 in the first quarter 2026. The non-farm payrolls report for the United States is due at 12:30 GMT. Fed Chair Jerome Powell will also be speaking later that day. The NFP jobs report and Fed Chair Jerome Powell’s speech could determine a potential gold recovery. Market analysts are increasingly speculating Powell could strike a more dovish tonality, which would provide support for the markets. Fed Governor Lisa Cook stated that the Fed could take its time to evaluate a highly unsettling environment before moving rates. Gold is a good hedge against inflation and geopolitical unrest, but higher interest rates may dampen its appeal. Spot silver fell 1.6% to $31.38 per ounce, and is headed for its worst weekly performance since December 2023. Palladium fell 0.2% and platinum 1.4%, both headed towards a weekly loss.
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Russian rouble barely changed amid forex turmoil
The Russian rouble was not much changed on Friday against the U.S. Dollar and China's Yuan, amid turmoil in global forex markets due to U.S. president Donald Trump's tariffs that triggered a crash in global financial markets. The rouble had remained flat on the OTC market at 84.20 USD by 0910 GMT. The Russian currency has gained about 25% this year against the dollar, mainly on expectations that geopolitical tensions will ease. Following the announcement of tariffs, the dollar index, which measures the currency in relation to a basket of six other major currencies, fell by 1.9% on 2 April, its worst day since 2022. Analysts at BCS Express said that the rouble is immune to global currency fluctuations. "Barriers to cross-border capital flow limit international speculators, while sanctions have cut Russia-U.S. Trade to its lowest level since 1992." The exchange rate of the rouble is therefore not sensitive," they said. The rouble didn't react to the 2% drop in oil prices Friday, as Russia's primary export commodity was set for its worst week in many months due to concerns about the global trade conflict. The rouble also remained flat on the Moscow Stock Exchange at 11,58 against the Chinese Yuan, which is the most commonly traded foreign currency in Russia. (Reporting and editing by Gareth Jones.)
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Gazprom is looking for workers to work on the vast Ust-Luga Gas Complex
RusKhimAlyans is a subsidiary owned by Gazprom. It has announced job openings for its new complex of gas processing in the Baltic Sea Port of Ust-Luga. This was a signal of confidence that the plant would start operating despite the sanctions. Gazprom has a strategy of shifting its focus from production to processing. The complex will include a gas chemical and processing complex. The plant is designed to be able to process 45 billion cubic meters of natural gas per year, as well as 13 million metric tonnes of liquefied gas. It can also produce 3.6 million tones of ethane, and up to 180,000 tons of liquid petroleum gas. This would make it the largest gas processing facility in Russia and among the largest in terms production volume. After the beginning of the Ukrainian war in 2022, Western partners such as Linde, a company that specializes in industrial gases and engineering, abandoned the project, the start of operations was delayed. RusKhimAlyans is embroiled in a legal battle with these companies. They claim billions of dollars as damages. A website for staff recruitment states that the company currently has 170 vacancies. These include a LNG contract manager as well as a logistics specialist and a paperwork expert. Construction of the complex began in 2021. According to Russian government documents the first line for the gas processing plant is scheduled to begin operations in 2026. Russia wants to increase its share in the global LNG market from around a fifth to around a quarter by 2030-2035. However, Western sanctions imposed as a result of the war in Ukraine have complicated this ambition. The United States has imposed sanctions on certain companies that are involved in the development of Ust Luga Liquified Natural Gas Terminal. The United States has included RusKhimAlyans on the list of "Specially Designated Nationals", which blocks the assets and prevents U.S. citizen from dealing with them. (Reporting and editing by Barbara Lewis; Vladimir Soldatkin)
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After a dry spell, conditions for French crops improve slightly
The conditions of French soft wheat have improved in the week ending March 31. According to FranceAgriMer, the farm office said that the recent dry weather has helped the crops in many areas of the country. Heavy rains in France have delayed planting and stunted early growth. This has raised fears that the harvest will be smaller than last year, when heavy rains caused the crop to be hit by the worst rains since the 1980s. The ratings of soft wheat showed that by March 31 in France, which is the largest producer of soft grain in the European Union (76% were in excellent or good condition, up from 74% one week earlier, and higher than the four-year low of 65% at the same point last year. FranceAgriMer said that 71% of the winter barley was in excellent or good condition. This is up from 70% one week ago, but down from 66% during the same week in 2024. Durum wheat was in very good to good condition 81%, up from 80% one week ago. FranceAgriMer's first estimate of spring barley showed 86% in excellent or good condition, compared to 61% the year before. Reporting by Anna Peverieri in Gdansk, and Alban Kach in Paris. Editing by Jan Harvey & David Goodman.
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Vietnam will impose temporary antidumping tariffs on steel imported from China and South Korea
A statement from the trade ministry dated April 1 revealed that Vietnam would impose a temporary antidumping levy up to 37,13 % on certain galvanised products from China and up to 15,67 % for some South Korean products. Statement: The tariffs are effective from 16 April and will be in effect for 120 days. The rate of 37.13% will apply to all Chinese steel producers, including the industry leader Baoshan Iron & Steel. According to a statement, however, Yieh Phui and Boxing Hengrui New Material will be exempted. The statement stated that South Korea's Hyundai Steel would face a tariff of 13.7%. Other South Korean steel producers will be charged a 15.67% tax, except for POSCO, KG Dongbu Steel and Dongkuk Coated Metal. This follows the late-February push for tariffs by Vietnam's Steel Association, which cited pressure on domestic steel industries from imports of galvanised steel from China and South Korea. Vietnam imposed temporary anti-dumping duties ranging between 19,38% and 27,83% in February on certain hot-rolled steel from China. These duties are effective as of March 7. The U.S. announced on Wednesday a tariff of 46% on imports coming from Vietnam. The U.S. decision is unclear as to how it will affect Vietnam's iron and steel industry. The U.S. has imposed 25% tariffs since March 4, and previously, it imposed antidumping duties of up to 25% on many Vietnamese steel products and producers. (Reporting and editing by John Mair, Christopher Cushing and Phuong Nguyen)
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Asia Gold demand rises in China due to trade war fears driving safe-haven purchases
The demand for gold increased in China this week, as the trade war fears prompted safe-haven purchases. However, customers in India resisted making any purchases because they expected a drop in price. Dealers in the top consumer China charged premiums between $6 and $13 per ounce above global benchmark spot price, compared to a discount of 4 dollars and a premium 1 dollar last week. Independent analyst Ross Norman stated, "I believe this reflects the fact that we're in a two-way market. On the one hand, pervasive uncertainties are attracting new investors and on the other are others who are heading for the exit in order to capture record prices." We hear that freshly-minted bars are doing brisk business. Central banks are expected continue to buy gold in 2018 due to the risks posed by Donald Trump's policies. Trump announced his long-awaited plan for tariffs on Wednesday. The plan included a minimum 10% tariff on the majority of goods imported to the United States as well as significantly higher duties on products from dozens countries. This week, Indian dealers offered a discount Up to $20 per ounce discount over official domestic prices. This includes 6% import taxes and 3% sales tax. Last week, the discount was up to $33. The constant price fluctuations are putting buyers off. "They're holding back and waiting for things settle down," said an Indian bullion dealer working with a private banking. On Friday, the domestic gold price was trading at around 89.700 rupees for 10 grams, after reaching a record high 91.696 rupees in the previous session. Prices have risen by nearly 15% in 2025. "Discounts have been shrinking in recent months due to lower imports." "On Friday, the discounts were just $2 after a dramatic overnight price correction," stated another Mumbai-based gold dealer. In Hong Kong, gold In Singapore, the price was $2 higher than par. Dealers charged a premium that ranged from $2 to par. In Japan, bullion The price was flat at a premium of $0.5 A Tokyo-based trader said: "We saw some sellers selling to make profits, but when prices dropped, some buyers came in."
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London copper suffers its biggest weekly loss for nearly five months due to US tariff issues
After U.S. president Donald Trump announced an extensive set of tariffs that dampened the outlook for global metal demand, copper prices in London dropped on Friday. The London Metal Exchange's three-month copper contract fell 1.57%, to $9.219 per ton at 0708 GMT. The contract has seen its largest weekly decline since early November. It is down 5.93%. ANZ analysts wrote in a report that the prospect of a trade war around the world and a weaker economy should continue to put downward pressure on commodities markets. ANZ warned that these concerns would worsen if the countries impacted retaliated with their own tariffs, resulting in a global war of trade. Trump announced a set of tariffs which were particularly harsh on China and other major trading partners. Beijing announced on Thursday that it would take countermeasures against the new tariff of 34%. This will bring the total to 54%. The White House did not include copper. For this metal, the U.S. Administration is conducting a separate investigation into possible new tariffs. The reciprocal tariffs will not apply to certain minerals not available in the U.S. The exclusions included zinc and tin. ING analysts said that despite the fact that base metals are exempt from the new tariffs, the concern about how the latest levies will affect the demand for raw materials has weighed on the sentiment. Other metals include LME aluminium, which fell 0.8%, to $2,428.5 per ton. Lead was down by 0.74%, to $1,941, while zinc fell 1.33% to $2,677.5. Tin was down 0.63% to $37,100, and nickel was up 0.24% to $15,695 per ton. China's financial market is closed for the public holiday on Friday. Trading will resume Monday, April 7. Click or to see the top news stories about metals, and other topics (Reporting and editing by Eileen Soreng & Christopher Cushing).
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Japan's ruling coalition agrees to reduce gasoline prices starting in June
A DPP legislator said that the ruling coalition in Japan and the opposition Democratic Party for the People have agreed to lower gasoline prices. This will help consumers avoid the wider economic impact of U.S. Tariffs. After a meeting, Kazuya Shiimba, DPP, told reporters that the secretary-generals from Prime Minister Shigeru Shiba's Liberal Democratic Party, junior coalition partner Komeito and DPP had agreed to implement these measures by June. Shimba didn't specify what steps the government would be taking. According to Japanese media, Hiroshi Muriyama, the secretary-general of LDP, said separately that these steps would be implemented until March next year. They could also be funded without a supplementary funding budget. Shigeru Shiba, the Japanese prime minister, has pledged to assist domestic industry in dealing with the fallout of President Donald Trump's new tariffs. These include a 25% tax on auto imports as well as a 24% reciprocal tariff on Japanese goods. Ishiba, who spoke to the parliament on Friday, said: "This situation could be described as a national emergency." "I think it's important to respond and consider it non-partisanly, not just the government, but the ruling parties and the opposition as well."
Germany's election in polls, parties and policy arguments
Germany will hold snap elections on Feb. 23 following
the collapse
of Chancellor Olaf Scholz's three-way coalition.
Here are the main parties competing, their survey standings, and the crucial policy problems:
PARTIES
Germany has two centrist, big camping tent celebrations: Scholz's. centre-left Social Democrats (SPD) and the opposition. conservatives, an alliance of the Christian Democrats (CDU) and. their Bavarian sis party the Christian Social Union (CSU).
However, they have both lost assistance in the last few years, with. smaller sized celebrations such as the environmental Greens and far-right. Option for Germany (AfD) gaining ground.
The SPD, conservatives, Greens and AfD are all fielding. prospects for chancellor.
Also running are the pro-market Free Democrats (FDP), the. far-left Linke and the leftist Sahra Wagenknecht Alliance (BSW),. who are all at risk of missing the 5% limit to make it into. parliament, according to opinion surveys.
SURVEYS
The conservatives have been leading across the country polls for. more than two years and are at 30%, according to the current. survey released by INSA, followed by the AfD at 22%.
Scholz's SPD, with 16%, has actually dropped to 3rd from the first. location it achieved in the 2021 election. It is followed by the. Greens on 13% and the BSW on 6%. The FDP and Left party are. ballot at 4% and 3% respectively.
However, experts state surveys can shift rapidly, with voters. less loyal to parties than they when were, recalling the 2021. election project when the conservatives went from frontrunner. to runner-up within a few months.
The conservatives' leader Friedrich Merz, in particular, is. thought about to be susceptible to gaffes and fast to anger.
POLICY DEBATES
- Ukraine
Germany's mainstream celebrations are all in favour of assisting. Ukraine ward off Russia's major intrusion, while the AfD and. BSW want an end to weapons shipments to Kyiv and a resumption. of good relations with Moscow. Nevertheless, Scholz and his SPD have actually recently struck a more careful. tone - stressing the requirement for diplomacy and prudence - than. the conservatives, Greens and FDP, who are for instance all in. favour of Germany delivering long-range Taurus rockets to. Ukraine.
- Restoring the economy. Scholz has actually proposed incentivising private financial investment and. modernising facilities with an off-budget 100 billion euro. fund. His SPD likewise plans a direct tax refund of 10% on devices. financial investments by organizations.
The Green's Robert Habeck has, like Scholz, called for. reform of the constitutionally enshrined financial obligation brake to allow for. higher public costs. Merz had actually also signified some openness to a moderate reform of. the debt brake however his celebration's manifesto has promised to retain. it. The AfD and the FDP are strong defenders of the limit on. public loaning.
The CDU/CSU manifesto has actually likewise proposed substantial financial. relief for business and residents, including income and. corporate tax cuts, and lower electricity charges. They have not. said how these would be funded. The AfD desires the country to ditch the euro, reintroduce the. Deutsche Mark and potentially leave the EU.
- Migration. The anti-Islam, anti-migration AfD has required borders to be. closed and asylum candidates to no longer can household. reunification. Some senior members have gone further in their. remarks and were present at conversations amongst reactionary. activists on deporting millions of individuals of foreign origin,. including German people.
The conservatives have actually embraced a much more stringent stance on. immigration over the last few years, promoting for pressing back asylum. seekers at the borders, while requiring limits on household. reunifications and naturalization for refugees.
They likewise desire everyone making an application for asylum in Europe to be. transferred to a safe 3rd nation for processing their claims.
The SPD has likewise strengthened its position by implementing. more stringent border controls and accelerating deportations, although. it likewise wants to bring in more foreign knowledgeable workers.
In contrast, the Greens preserve a more open asylum policy,. promoting state-backed sea rescue efforts and streamlining. family reunification procedures and improving combination.
- Energy
High energy costs remain a significant challenge for homes. and services in Germany and an important election campaign. subject.
The CDU, SPD and Greens agree on broadening renewable energy. to lower expenses but vary on funding methods: the CDU. recommends utilizing greater CO2 certificate profits to lower network. charges, while the SPD and Greens support debt-financed state. subsidies. The CDU and AfD also propose assessing a return to. nuclear power, a concept rejected by the SPD and Greens.
The AfD opposes renewable resource subsidies entirely,. promoting for unlimited coal-fired power plant operations. and abolishing CO2 pricing to lower consumer costs and boost. energy security.
- Relations with the Trump administration
The concern of how to tackle the inbound administration. of U.S. President-elect Donald Trump, which has actually already flagged. the possibility of increased tariffs and lower military assistance. for Europe, is especially delicate for Germany. The United. States stays the top location for German exports and its. main security ally.
The SPD's Scholz greatly
countered
Trump's comments on Greenland and Canada, while frontrunner. Merz alerted against lecturing him, emphasizing rather locations of. possible cooperation, like a prospective EU-U.S. trade deal or. joint China technique.
The Greens' Habeck warned that the EU needs to stand united and. look for talks with the U.S. because a trade war will eventually. harm all sides.
All of the mainstream parties have expressed scepticism. about Trump's need for European nations to increase spending. on defense to 5% of financial output offered Germany will currently. struggle to keep to 2% after its special fund for the military. goes out. Habeck, nevertheless, has already proposed a boost to. 3.5%.
The party that has most welcomed the incoming U.S. administration among the German parties is the AfD, which. received numerous recommendations from Trump's ally Elon Musk,. leading to his
conversation
on X with the party's chancellor candidate Alice Weidel.
(source: Reuters)