Latest News
-
Iran talks and lower bond yields set gold on course for its largest daily increase since February
The gold price rose to its highest level in nearly seven weeks on Wednesday and was on track to post the largest daily increase since February due?to lower Treasury rates and hopes of progress regarding opening the Strait of Hormuz. By 11:04 am, spot gold had risen 4.4% per ounce to $4256.85. The spot gold price rose 4.4% to $4,256.85 per ounce at 11:04 a.m. ET (1504 GMT), after reaching $4,258.99 - its highest level since June 18 - and breaking above the 50 day moving average. It now stands at $4,160. U.S. Gold Futures for December Delivery rose by 4% to $4317.40. The early adopters have returned to precious metals, as the probability of rate increases has decreased since last week. The dollar is down sharply, which helps. "The Iran pause also helps," said Tai Wong an independent metals dealer. The dollar fell to six-week-lows against other major currencies and the yield on U.S. 10 year notes was at one-week-lows. President Donald Trump had said that his administration held "very good talks" with Iran in a full-day of negotiations. This fueled hopes that?the five month conflict might be approaching. Gold is down by 24% from its record high of $5 595 in January, and 19% since the beginning of the Iran War, which fueled concerns about energy inflation, and reinforced bets for interest rate hikes. According to the World Gold Council, the demand for gold by central banks in the first half of 2026 will be the lowest it has been since 2022. The World Gold Council reported that the outflows of gold-backed exchange traded funds totalled 45 tonnes in the second quarter. This was when bullion experienced its steepest quarterly decline since 2013. J.P.Morgan stated in a recent note that with central bank purchases?muted?, retail interest elsewhere focused and subdued demand for physical gold in Asia, the rates-sensitive ETF is now the main driver of gold prices. Wong stated that "for the metals industry to really gain steam, rate cuts must be priced in, but for now, this is a story of 2027 at the very earliest." Silver spot rose 4.9%, to $62.44 an ounce after reaching its highest level since the 6th of July. Palladium rose 1.6% to $1.374.75, while platinum remained at $1.735.28. The prices are the highest they have been since June 17th and June 2nd, respectively. Standard Chartered's Suki Cooper said that "Platinum & palladium has priced in many headwinds" since the beginning of the conflict. These include concerns?over a slowing in auto production, a growing market share EVs & the potential for recycling growth. She believes that platinum will be in short supply this year, and palladium will become a surplus by 2026. (Reporting from Sukanya Mittra and Noel John, in Bengaluru; and Polina Devitt, in London. Additional reporting by Anjana Anil. Editing by Shailesh Kumar and Joyjeet Das.
-
Gold jumps over 3% due to weaker dollar. Eyes on Mideast developments
Gold prices jumped by over 3% in?Wednesday's trading, mainly due to a weaker dollar. The?dollar fell and Treasury yields dropped, as markets watched developments in the Middle East to get fresh signals about inflation and interest rates outlook. By 09:44 am EDT (1344 GMT), spot gold had risen 3%, to $4199.78 an ounce. Bullion reached its highest level since the 22nd of June earlier in the session. U.S. gold futures increased 2.6% to $4260.80. Tai Wong is an independent metals dealer. He said, "Two consecutive days of lower yields combined with a week of softer dollars seem to have cleared the way for gold and silver." The U.S. Dollar was at its lowest level against the Japanese currency since?three months. This made dollar-priced gold more affordable to overseas buyers. Meanwhile, yields on U.S. 10 year notes were hovering?near a one-week-low. The ADP National Employment Report showed that the growth of private payrolls in the United States slowed down in July. Payrolls increased by 44,000, which was below what economists expected, who had predicted a gain of 70,000. In an interview with CNBC, Minneapolis Fed President Neel Kahkari said that he believed now was the right time to begin slowly increasing interest rates. According to the CME FedWatch Tool, traders?are pricing in about a 57% probability of a rate increase at the central bank's meeting on September. Due to its non-yielding characteristics, higher interest rates may reduce the appeal of bullion. Donald Trump, the U.S. President, said that his administration has had "very positive discussions" with Iran. This fuels expectations for a quick end to this five-month conflict. Spot'silver' rose by 4.2%, to $62.05 an ounce. Platinum gained 0.5%, to $1.725.58, reaching its highest price since June 17. Palladium also climbed 0.5%, to $1.359.80 and reached its highest price since early June. (Reporting by Sukanya Mitra in Bengaluru; Editing by Shailesh Kuber)
-
The Russian central bank claims that higher fuel prices in Russia have accelerated the consumer price increase
The Russian central bank published the minutes of its July 24 meeting on Wednesday. They stated that higher fuel prices in Russia accelerated the consumer price growth in June by 0.3% and by 0.2% in the first half. After Ukrainian drone attacks on oil refining facilities disrupted the supply, Russians experienced a 'fuel shortage across all 11 time zones of the country. This led to long queues, higher gas prices, and rationing in some regions. Authorities say that the?situation? has stabilised?in many areas. Central bank officials said that the total direct and indirect impact on inflation of the fuel price increase will not exceed 1.5% for the entire year. The benchmark interest rate was cut to 14% from 14.25% on July 24, despite an 'inflation spike linked to Ukrainian drone strikes on major oil refineries and ecommerce warehouses. The regulator stated that most?board members thought there was room for more rate cuts in this?year, although the scope had shrunk. Reporting by Elena Fabrichnaya, Writing by Anastasia Teterevleva, Editing by Andrew Osborn
-
TAE, a developer of fusion energy, signs an agreement for future fuel supply options with helium-3
TAE Technologies, a developer of fusion energy, announced on Wednesday that it had signed a deal with Black Moon Energy, whose private company could 'provide helium-3 as a fuel option in the future for its planned power plant. Nuclear fusion is still a long way from commercial power plants. Developers are still trying to prove the performance of reactors, attract capital, and ensure long-term supply. TAE has raised over $1 billion from Alphabet, Google, and Chevron. It is planning to build its first fusion plant, Da Vinci. The power plant will be able to generate 50 megawatts of electricity. Site selection is planned for later this year and operations are expected to start in 2031. The company stated that future power plants will be designed to produce between 350 and 500 megawatts. According to the companies, this agreement also includes collaboration in commercial development. Michl Binderbauer, TAE's chief executive officer, said that the agreement could offer a "alternative fuel supply option" as the company transitions to commercial power generation. Trump Media announced in December that it would acquire TAE through an all-stock transaction valued at more than $6 billion. This deal would create a publicly-traded fusion-energy firm. In 'June, the companies had planned to spin-off Trump Media's legacy business in social media, including Truth Social, and other assets into a separate listed entity. The Foothill Ranch, California-based firm expects to file merger-related documents to U.S. regulators, and complete the transaction by the end of 2026. This is subject to regulatory approvals, and other closing conditions.
-
India eyes Venezuela blocks operatorship; regains Russia's Sakhalin-1 stake
India's Oil and Natural Gas 'Corp (ONGC) hopes to sign agreements soon with Venezuela 'to operate two oil 'blocks under the South 'American nation's 'new petroleum 'law', its finance chief'said 'on Wednesday. ONGC Videsh (ONGC Videsh is the overseas investment arm of the state-run ONGC) holds a stake of 40% in the San Cristobal oil field, and along with other Indian firms, a stake 18% in the Carabobo-1 Project. "Now, we are able to work freely on Venezuelan projects." We had restricted our operations in Venezuela because of sanctions-related risks," said finance director Anupam agarwal on a?analyst's call following the company's earnings for the June quarter. He said Venezuela offered additional incentives under its 'petroleum laws' and that ONGC was experienced in 'operating fields of similar geology? in India. He said, "We are taking over operatorship of some projects from PDVSA, we believe we will soon see positive developments." RUSSIAN SKHALIN-1 ASSET Agarwal stated that ONGC regained their 20% stake in Russia's Sakhalin-1 project for oil and gas after a four-year gap. He said that the restored stake increased the group's revenue contribution to the project from 5 billion to 6 billion rupees. After the West imposed broad?sanctions against Moscow in response to its invasion of Ukraine, Sakhalin-1 was transferred by Russia to a new domestic operator. ONGC has agreed to pay?payments to the Sakhalin-1 Abandonment Fund?in roubles, using dividends that have been frozen in Russia. This will allow it to keep its 20% stake, as was reported last year.
-
India eyes Venezuela blocks operatorship; regains Russia's Sakhalin-1 stake
India's Oil and Natural Gas 'Corp (ONGC) hopes to sign agreements soon with Venezuela 'to operate two oil 'blocks under the South 'American nation's 'new petroleum 'law', its finance chief'said 'on Wednesday. ONGC Videsh (ONGC Videsh is the overseas investment arm of the state-run ONGC) holds a stake of 40% in the San Cristobal oil field, and along with other Indian firms, an 18% share in the Carabobo-1 Project. "Now, we are able to work freely on Venezuelan projects." We had restricted our operations in Venezuela because of sanctions-related risks," said finance director Anupam agarwal on a?analyst's call following the company's earnings for the June quarter. He said Venezuela offered additional incentives under its 'petroleum laws' and that ONGC was experienced in?operating similar geology - fields?in India. He said, "We are taking over operatorship of some projects from PDVSA." We believe that we will soon see positive developments. The new agreements have been signed. RUSSIAN SKHALIN-1 ASSET Agarwal stated that ONGC regained their 20% stake in Russia's Sakhalin-1 project for oil and gas after a four-year gap. He said that the restored stake increased the group's revenue contribution to the project from 5 billion-6 billion rupees per quarter, up to a total of?10 billion Indian?rupees (about 105.13 millions dollars). After the West imposed broad?sanctions against Moscow in response to its invasion of Ukraine, Sakhalin-1 was transferred by Russia to a new domestic operator. ONGC has agreed to pay?payments to the Sakhalin-1 Abandonment Fund?in roubles, using dividends that have been frozen in Russia. This will allow it to keep its 20% stake, as was reported last year.
-
Reliance's luxury unit brings Kim Kardashian SKIMS to India
Reliance Brands is the luxury retail arm of Reliance Retail. They have partnered with Kim Kardashian's SKIMS in order to bring this shapewear brand into India. This comes as global companies race to enter India's growing fashion and beauty market. The company, which is a subsidiary of Mukesh-Ambani's Reliance Industries, said that it would launch the SKIMS name across both physical and digital channels?starting in Delhi and Mumbai. Indian beauty retailers are racing to introduce international brands into the country as Gen Z and younger consumers gravitate towards global trends in beauty and brands backed by celebrities, thanks to social media. This year, Indian beauty and fashion retailer Nykaa teamed up both with Selena Gomez’s Rare Beauty as well as Shiseido Group’s NARS Cosmetics. SKIMS is a new partnership that will add to Reliance Retail’s growing portfolio of foreign brands, including Rihanna’s Fenty Beauty, Fenty Skin and designer brands like Stella McCartney and Valentino. The entry of SKIMS comes at a time when India's shapewear industry is booming, with a mix?of?homegrown direct to consumer brands, such as Underneat, competing for customers. SKIMS, founded in 2019, has recently opened'stores in London and Dubai after raising $225m in funding which valued the company at 5 billion dollars.
-
Phillips 66 surpasses its quarterly expectations as the Iran War boosts US refining profits
Phillips 66'reported a nearly 4-fold increase in'second-quarter profits on Wednesday, crushing Wall Street expectations, as the Middle East conflic? squeezed global fuel suppli?es and sent U.S. refinery margins soaring. The Iran War has been a boon to U.S. refiners, as buyers from around the world have scrambled for alternative fuels amid fears of disruptions in Middle Eastern exports. Fuel exports from the United States have reached record levels, especially for diesel and other refined fuels. Phillips' refining segment reported a record jump in earnings adjusted to $3.09 Billion from $392 MILLION a year ago. The?realized profit margin? in the second quarter?more than?doubled from a year ago to $24.08 a barrel. The company's quarterly net profit was $3.85 billion. This is its highest quarterly profit since the 2022 Russian invasion of Ukraine, which disrupted global supply chain and increased refinery earnings. In premarket trading, shares of the company increased 1.4% to $208,67. Phillips 66’s renewable fuel segment reported a quarterly adjusted profit of $544 million compared to a loss of $133 millions a year ago. After years of margin pressures, U.S. refiners have begun to see better returns on renewable fuels. This is due to a recent rise in the blending of biofuels mandates as well as a rise in diesel prices related to the Middle East conflict. According to data compiled and published by LSEG, Houston-based Phillips 66 posted an adjusted profit of $9.41 for the three months ended June 30 compared to analysts' average estimates of $7.44.
Venezuela's Socialist Party is under threat from distrust, desertions and declining bonuses
In the weeks following the capture of President Nicolas Maduro by U.S. troops, local members of the ruling socialist Party went door to door in Maracaibo's oil-rich city, asking the residents if they supported the party which has ruled the country for almost 20 years. About half of the members responded that they did not.
"The response was very poor," said someone who led the effort. "There is division among us."
Although I was unable to independently verify the results of the canvassing, the reported decline in support was consistent with the information collected from three other areas of the country.
The news agency interviewed 13 party members and local leaders from four states who spoke of fractures within the United Socialist Party. They all expressed a sense of deep uncertainty, and many were concerned about their future economic prospects.
Five sources said that some contributions have stopped since Maduro was captured.
Six people spoke of distrust and suspicion amongst party members, especially towards interim president Delcy Rodriquez. Eight people said that they'd seen a decline in support and participation at their local branch of the party, and two estimated a 70% drop in attendance at local events such as marches and meetings. All the people interviewed requested anonymity out of fear of retaliation. Several said local leaders encouraged party members to spy on those who were losing faith in their cause. This is a common strategy used in Venezuela to eliminate popular discontent. The names of those interviewed have been withheld to protect them.
The news agency was unable to determine the current situation in all 24 states of the country, despite talking with people who observed a decline in participation in four geographically separated states. The majority of foreign media in Venezuela do not employ permanent staff and Venezuelans generally are reluctant to speak freely with reporters for fear of reprisals. The Venezuelan government and PSUV did not respond to requests for comments on the erosion of support for the PSUV party, or the fraying patronage system.
Rodriguez has made repeated calls for Venezuelan unity to face threats. She has also praised the country's resilience and promised economic development for everyone. Rodriguez has met with the Director of the Central Intelligence Agency in order to discuss the cooperation against drug trafficking, despite her decrying Maduro’s detention as kidnapping. Rodriguez would have a difficult time if the party's support was eroded at the grassroots. She has been reported to be putting her allies into positions of power in order to protect herself from the threat of Interior Minister Diosdado Cabello, who is also the head of the PSUV. Cabello has strong connections with the security services as well as the colectivos (the hardline motorcycle riding enforcement arm of the PSUV).
Cabello was not available for comment. The Communications Ministry in Venezuela is responsible for handling all media requests from government officials. It did not reply to questions about this story.
Cabello has publicly emphasized unity. Cabello used his weekly press conference, as leader of the party, on Jan. 12 to stress that Rodriguez had "all the backing of the United Socialist Party of Venezuela."
According to party members, Maduro’s departure has not done much to improve the PSUV’s popularity.
A local leader of a party in Aragua, a state in northern Venezuela, said that the party would not be able to grow and win elections "even if Che Guevara was running."
"You're dealing with a situation in which the apparatus of repression has fragmented and, on top of it, the grassroots are demobilizing." This is a major challenge to governability," said Ricardo Rios of Caracas based consultancy Poder & Estrategia.
Local support for the party could still revive. Venezuela has already received 500 million dollars from crude sales, and any significant improvement in the economy could help boost funding for the party. Membership perks that have historically been used to strengthen support may also be restored. A senior White House official responded to questions regarding the Socialist Party's problems by saying: "The country has stabilized, illegal migration and drug flows have stopped and the new oil agreement will bring economic prosperity to both the Venezuelan and American public."
MEANS OF CONTROL
The PSUV is the party that Venezuela's top officials have been a part of for a long time. The PSUV was formed in 2007 when the disparate political forces and social groups that brought socialist President Hugo Chavez into power in 1999 were merged. The movement that he founded was called 'Chavismo'.
In 2009, when Chavez invested oil money into social projects the party had over 7 million members. The party was founded to design policy from the ground up, but it became more of a tool for the president to exercise his power and suppress popular discontent, especially after Chavez's death and Maduro's takeover in 2013. The party has a super-majority in the National Assembly, which is led by Rodriguez's younger brother Jorge. They also control all but one out of Venezuela's 24 governorships.
The reasons for the decline in local support were varied. Some people said they were afraid to be associated with the party if the opposition won power for fear of some sort of retribution. Some said that uncertainty caused internal fighting within the party. Nearly everyone spoke of their disillusionment, and questioned whether the new Chavista leadership was loyal to the cause.
Five sources said that local branches have been affected by problems in delivering party handouts - both financial and food - which has added to the hardship of people. Five sources said that members from three states, Zulia Aragua Falcon were leaving the party due to the government's refusal to pay bonuses and distribute welfare. The information it collected about the stalling of handouts could not be independently verified. The government payments that can amount to more than $100 per month for some people, through various benefits, are an important source of income in Venezuela where poverty is rampant and the minimum wage is only $1. Analysts estimate that inflation will reach 400% by 2025.
Some people interviewed said that certain bonuses had yet to arrive, while others did not.
A source in Zulia said that 600 people in their district had not received a "family bonus", which is a direct welfare payout of up to $65, given to help cover living expenses. Three sources reported that CLAP food parcels have not been delivered. Some added that the problems with these deliveries date back to before Maduro's capture, but that they have continued ever since. One party member in the Mara municipality, near the Colombian border, said that there are still old-school Socialist Party supporters who "clap like seals," but they're "turning away because they haven’t received their bonuses."
The person claimed that about 70% of party members in Mara and local public employees ignored the calls to take part in two recent pro Maduro marches. This led bosses in Mara to threaten firings. It was not possible to determine the number of marchers or whether there were firings in response. Four people who were interviewed reported that the motorbike riding 'colectivos,' had attended fewer events. They also said they hadn't been mobilized in order to get people to publicly support the government. According to reports from Human Rights Watch, their members are responsible for the deaths of opposition figures and antigovernment protesters.
A person in Mara told the reporter that many members of colectivos are now motorbike taxi drivers. They have not shown up at marches, despite local authorities threatening to revoke mototaxi permits. "They hide and fake an illness, and some have gone to Colombia." (Editing by Stephen Eisenhammer & Claudia Parsons).
(source: Reuters)