Latest News
-
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.
-
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.
-
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)
-
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
-
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)
-
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.
-
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.
-
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.
Platinum metals deal with structural hit to demand from electric vehicle revolution
In the typical way of things, platinum and palladium ought to be turning higher after a slide from current peaks drove supply deficits, job cuts and looming my own closures in top manufacturer South Africa. That they're not demonstrate how difficult the electric car revolution has hit need forecasts.
Together with close relative rhodium, the two metals are mainly utilized in the catalytic converters utilized to tidy exhaust fumes by the vehicle sector, an area that represents some 40% of platinum demand, and 80% of palladium offtake.
Losing that need will be considerable for all 3 metals - and for palladium and rhodium, there is presently no other market that can realistically replace the volumes that will be lost as consumers transition to electric automobiles, which do not. need autocatalysts.
Analysts see a long tail for PGMs use in conventional. internal combustion engines, and a drop in supply as mining. becomes less economic has kept rates relatively well supported. But with fellow precious metal gold at all-time highs this year,. that's a frustrating performance.
The PGM sector is facing a shift in which palladium and. rhodium will see decreasing demand with no significant alternative. need sector on the projection horizon, Wilma Swarts, head of. PGMs at consultancy Metals Focus, told .
Estimates of when the erosion of PGM need from vehicle makers. will end up being substantial vary, and depend upon views of future. sales of pure internal combustion cars versus hybrid or. electric cars.
According to experts at Macquarie, demand for both platinum. and palladium from the automobile sector will start falling beyond. 2025.
Earlier this decade palladium was a standout performer amongst. precious metals, more than tripling in price in between late 2018. and early 2022 to more than $3,000 an ounce. At simply over $1,000. an ounce, it has now quit the price premium it had held to. platinum since 2018.
Both palladium, down 9% up until now this year after a 39%. slump in 2023, and rhodium, a small, illiquid market which has. clawed back a little ground this year after dropping almost. two-thirds in 2023, have even more to slide, according to analysts. whose estimates cover the next 5 years.
However platinum, down 9% up until now in 2024 after sliding. 8% in 2023, may fare much better. It is the just major metal in the. group that is anticipated to increase by 2028 from last year's level,. helped by demand in non-auto industries such as jewellery.
Producers and experts likewise hope the metal has possible to. take advantage of new demand from the hydrogen economy by means of fuel cell. automobiles, a slower-growing rival to battery electric. innovation in cars and trucks.
However wish for a velocity of need from fuel cell. vehicles appear to be built on shaky ground.
The present pace of deployment of fuel cell vehicles is. definitely disappointing, stated a single person at a business included. with the innovation.
In Macquarie's base case circumstance, overall annual. hydrogen-related need will struggle to increase materially above. 250,000 ounces of platinum by 2030. For comparison, the vehicle. sector presently takes in 3.3 million ounces of platinum a year.
Experts are more particular that the supply side will support. platinum in the future through decreasing output from mines.
The World Platinum Investment Council, whose members are. significant Western manufacturers, anticipates platinum to be in an average. yearly deficit of 500,000 ounces till 2028. Lacks will cut. above-ground stocks to 6 weeks of need by end-2028 from 23. weeks at end-2023.
Macquarie's five-year outlook, which sees average 2028. palladium prices falling by 40% from 2023 levels to $800 per. ounce, alternatively anticipates platinum rates to increase to $1,250 an. ounce by 2028, up 29% from 2023.
For South Africa's platinum miners, that is cold comfort. According to consultancy Metals Focus, South African PGM miners. currently get just 35% of their profits from platinum.
Even at existing costs, around half of South African mines. are producing their PGMs at a loss, triggering them to count on. other items such as chrome. Mines in The United States And Canada are under. pressure too, according to Metals Focus.
Palladium was over-valued compared to platinum in recent. years, stated a major PGMs manufacturer. That was definitely really. enjoyable, however it's over.
(source: Reuters)