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Gold prices drop from record highs after Trump's tariff exemptions
On Monday, gold prices fell from the record high they reached earlier in session. Trade tensions eased as President Donald Trump of the United States exempted computers and smartphones from "reciprocal tariffs" by his country. As of 0329 GMT, spot gold was down by 0.1%, at $3,232.45 per ounce. Bullion reached a record-high of $3,245.42 during the day. U.S. Gold Futures edged up 0.1% to $3,248.20. The softer dollar has helped gold but the news about tech tariff exemptions increased risk appetite, which led to a decrease in demand for safe havens. "This has led to gold lacking a clear direction," said KCM Trade's chief market analyst Tim Waterer. The White House announced Friday the exclusions to steep reciprocal tariffs. Trump reaffirmed on Sunday his administration's message that exclusions of smartphones and computers will only be temporary. Waterer stated that "ongoing trade and tariff dramas are creating higher volatility and increased uncertainty in financial markets. In such an environment, the gold price may be looking to make a move towards $3,300 if dollar weakness continues in the short term." Gold that does not yield is traditionally seen as a hedge to inflation and economic uncertainty. The price of gold soared to $3,200 per ounce for the first ever time on Friday as the intensifying U.S. China trade tensions roiled global markets. Goldman Sachs raised its end-2025 gold price forecast to $3,700 per ounce from $3,300, citing stronger-than-expected central bank demand and boosted ETF inflows. By the end of 2025, traders expect to see a reduction of around 80 basis points. Bullion thrives in an environment with low interest rates. Analysts said that the price premium of gold in China, the top consumer, increased last week as consumers and investors sought refuge from the country’s escalating war with the United States. Spot silver fell over 1%, to $31.91 per ounce. Platinum rose 0.6% to $948.45. Palladium increased 0.8% to $822.98.
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LME copper reaches over a one-week high due to a softer dollar and easing of trade war concerns
The copper price in London reached a record high of more than a week on Monday as a weaker dollar and the easing of fears about a possible trade war between China and the United States boosted market sentiment. As of 0213 GMT, the benchmark three-month copper price on London Metal Exchange was up 0.5% to $9,199 per metric tonne. The Shanghai Futures Exchange's (SHFE) most-traded contract for copper rose by 1.9%, to 76190 yuan per ton ($10,434.84). The dollar index dropped 0.6% versus its competitors. The dollar is weaker, making commodities priced in greenbacks cheaper for buyers of other currencies. The White House announced Friday the exclusions to steep reciprocal tariffs. On Sunday, however, U.S. president Donald Trump reiterated his administration's message that the exclusions of smartphones and computers in his reciprocal tariffs against China would be temporary. Beijing raised its tariffs against U.S. goods to 145% last week in response to Trump's decision. According to the state media, Premier Li Qiang said last week that China must implement proactive macroeconomic policy and implement them in a timely fashion as "external pressures" have placed pressures on China's stabilisation. Investors eagerly await additional stimulus measures by China to reduce the impact of Trump’s tariffs. SHFE aluminium increased by 0.5% at 19,715 Yuan per ton. Zinc rose 0.4% at 22,440 Yuan. Lead gained 0.7%, reaching 16,895 Yuan. Nickel was up 1.6%, at 122860 Yuan. Tin advanced 2.6%, to 260640 Yuan. LME aluminium rose by 0.5%, to $2.407.5 per ton. Lead rose by 0.2%, to $1.917.5. Tin was up 1.7%, at $31,750. Zinc rose 0.2%, to $2.657. Nickel rose 0.7%, to $15,170. $1 = 7.3015 Chinese Yuan Renminbi (Reporting and editing by Rashmi aich in Bengaluru)
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Sharaa makes second trip to UAE as Syria's leader
On Sunday, Ahmed al-Sharaa, the president of Syria, will make his second trip to the United Arab Emirates as president. The islamist leaders are trying to assure foreign partners that their country will have a democratic political system. Sharaa is accompanied by Assad al Shibani, the UAE's foreign minister who visited earlier this year. The SANA news agency, which does not give any details, reported that they are expected to discuss topics of mutual interest. In February, Sharaa made his first trip abroad since taking office as president in January. His visit to the UAE coincides with the new Syrian leadership's efforts to strengthen relations with Arab and Western leaders After the Fall Bashar al-Assad was killed by Hayat Tahrir al-Sham, a Sunni Islamist organization led by Sharaa. Abu Dhabi is a staunch opponent of islamist groups in the region. This includes Egypt, Sudan, and Libya. It Previously said After the fall of Assad, extremism and terrorism became a major issue in Syria. The West closely monitors Syria's leaders to ensure that they create a government inclusive of all, with effective institutions. They also want to make sure the country is not shattered by civil war. After 14 years of conflict, the United States and Europe imposed a wide range of sanctions on Assad. Menna alaa Eldin and Jaidaa taha, Menna alaa Eldin's writing and Giles Elgood's editing.
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US Energy Secretary: Saudi Arabia and US on a 'pathway to civil nuclear deal'
Chris Wright, the U.S. Secretary of Energy, told reporters on Sunday in Riyadh that the United States and Saudi Arabia would sign a preliminary cooperation agreement regarding the kingdom's plans to develop a nuclear civil industry. Wright, who met earlier with Saudi Energy Minister, Prince Abdulaziz bin Salman, said Riyadh was on "a path" to reach an agreement for Riyadh to collaborate on developing a Saudi nuclear civil programme. Wright, who was on his first trip to Saudi Arabia as secretary, as part of a tour of the Gulf energy producing states, stated that a more detailed memorandum about the energy cooperation between Riyadh, and Washington, would be released later this year. He said that a 123 agreement would be necessary for a U.S. nuclear partnership. "There are many ways to structure an agreement so as to achieve both Saudi and American goals." The 123 agreement is a reference to Section 123 in the U.S. Atomic Energy Act from 1954. It allows the U.S. Government and American companies to collaborate with entities within the Kingdom to develop a nuclear civil industry. Wright stated that the Saudi authorities had not accepted the requirements of the act. The act specifies nine criteria for non-proliferation that a state has to meet in order to prevent it from developing nuclear weapons or transferring sensitive materials to other states. The discussions were hampered by the fact that Saudi Arabia refused to sign an agreement that would have ruled out the possibility of uranium enrichment or the reprocessing of spent fuel, both possible paths to a nuclear bomb. Saudi Crown Prince Mohammed bin Salman said for years that if Iran were to develop a nuclear weapon then Saudi Arabia would also follow suit. This stance has caused deep concern amongst arms control advocates as well as some U.S. legislators over a potential U.S.-Saudi nuclear civil deal. Wright didn't mention an agreement with the Kingdom that the former administration of U.S. President Joe Biden was seeking, including a civil nuclear deal and security guarantees. The hope was to lead to a normalisation of the relations between Saudi Arabian and Israel. Saudi Arabia's Vision 2030 reform program, which is led by the crown prince, aims to reduce emissions and generate renewable energy. Some of the energy will come from nuclear power. Reporting by Pesha Magd; Writing by Andrew Mills, Editing by David Goodman & David Evans
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Sumy mayor of Ukraine says that over 20 people have been killed by a Russian missile strike
Artem Kobzar, acting mayor of Sumy in northern Ukraine, said that a Russian missile attack on Sunday killed over 20 people. Andriy Yermak said, in a post by X, that the Russians had hit the city Sumy with missiles and killed civilians. I was looking for a comment from the Russian authorities. Andriy Kvalenko, the Ukrainian official in charge of the Centre for Countering Disinformation (CCD), highlighted that this strike was carried out after Steve Witkoff, U.S. ambassador to Moscow, visited. He wrote on Telegram that "Russia is building this so-called diplomatic effort... around attacks on civilians." Witkoff is the special envoy of U.S. president Donald Trump for Ukraine. Holding talks Trump spoke with Russian President Vladimir Putin in St. Petersburg on Friday about the search to find a peace agreement on Ukraine. Trump also told Russia to get moving. Russia has launched a full scale The following are examples of how to invade Approximately 20% of Ukraine's east and south is currently held by Russian forces. In recent months, Russian forces have slowly advanced in the east. However, drone and missile strikes are now dominating the war. The Russian defence ministry announced on Saturday that Ukraine has carried out five attacks against Russian energy infrastructure in the last day, which it said was a violation to a U.S.-brokered ban on such attacks. Ukraine and Russia agreed last month to pause their strikes on each others' energy facilities, but both sides have accused each other repeatedly of violating the moratorium. Max Hunder, David Goodman, Mark Heinrich and Max Hunder (Reporting)
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Britain provides $26 billion in export financing support amid tariff tension
The UK announced on Sunday that it would increase its financial support to exporters, including those who are affected by U.S. Tariffs by an additional 20 billion pounds (26 billion dollars), in order to provide them with stability and certainty as they enter what the government described as a "new era" of global trade. The introduction of tariffs by Donald Trump in the United States has created uncertainty among UK businesses regarding their exposure to a new trade regime. The United States has imposed a 25% tariff on steel, aluminum and cars imported from other countries, including Britain, and a 10% tariff on the majority of other imports. The UK Export Finance (UKEF) has increased its lending capacity from 80 billion pounds to 80 billion pounds. Up to 10 billion pounds of this amount will be set aside for those who are most affected by tariffs. Finance Minister Rachel Reeves stated that the world was changing and it was more important than ever for businesses to be supported to meet future challenges. The announcement today will benefit thousands of businesses across the country. As part of this package, small and medium-sized companies will have access to up to 2 million pound in loans.
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Minister: Ukraine seeks solutions for Chernobyl containment vessel damaged
A government minister stated on Saturday that Ukraine is looking for solutions to repair damage caused by the Russian drone attack against the confinement vessel of the Chornobyl nuclear plant. Svitlana Svitlanahrynchuk, Minister of Environmental Protection and Natural Resources spoke outside the decommissioned nuclear station at the inauguration of an 0.8 megawatt solar power plant ahead of two conferences to be held to discuss Chornobyl and related issues. She said that Ukraine is working with experts to determine how to restore the proper function of the containment vessel or arch after the drone strike on February 14. "Unfortunately, following the attack, the arched partially lost its functionality. We will know the results in May of the analysis we are conducting ...," Hrynchuk. She said that the European Bank for Reconstruction and Development (EBRD), scientific institutions and companies who were involved in the installation of the arc to cover the "sarcophagus", which leaked, beneath, in 2019, had been a part of the analysis. The arc was installed in 2019 in the days following the Chornobyl catastrophe in 1986. She said, "In a couple of weeks, we'll have the results from this analysis." "We are actively working to resolve this issue... We need to restore the arch so that no leaks occur under any circumstance, as ensuring nuclear safety and radiation safety are the primary tasks." Officials from the plant stated that the drone attack caused a large hole to be punched in the outer cover of the new containment structure and it exploded within. At the time, Russian Foreign Ministry spokesperson Maria Zakharova called the incident in Chornobyl a "provocation". The containment vessel covered the massive, deteriorating steel and concrete structure built after the fourth reactor of the plant exploded and sent radioactivity across much of Europe. This was the largest nuclear accident in history. A 30-km-long exclusion zone was set up following the accident. The plant is located within this zone, and nearby are abandoned apartment blocks and amusement parks. Hrynchuk stated that the solar power plant was important for maintaining the power supply at the disused station. It was also the beginning of plans to promote renewable energies in the region. She said, "We've been saying this for years: the exclusion zone must be transformed into a zone that promotes renewal." This territory is unique in Ukraine for its suitability to develop renewable energy projects. (Reporting and writing by Yurii Kovalenko; editing by Sandra Maler).
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FT reports that Trump intends to stockpile metals from deep seas in order to combat China.
Financial Times, Saturday, reported that the Trump administration was drafting an executive directive to allow the stockpiling deep-sea materials to counter China's dominance of battery minerals and rare earth supply chain. The report said that the plan would create "large quantities available and ready to use on U.S. soil in the future" in the event of a conflict between the United States and China, which could restrict imports of rare earths and metals. As part of President Donald Trump's response to the tariff package, China imposed export restrictions on some rare earth elements, which could cut off the U.S. from minerals essential to everything from electric car batteries to smartphones. Report added that the stockpile was being considered as part a larger push to speed up deep-sea mine applications under U.S. laws, and create onshore processing capability. China produces 90% of the world’s refined rare earths. This group of 17 elements is used in the electronics, defense, electric vehicles, and clean energy industries. Most of the rare earths that are imported by the U.S. come from China. Requests for comment from the White House and China’s Foreign Ministry were not immediately responded to. Reporting by Rajveer Pardesi, Bengaluru. Editing by Mark Potter
Sources: Congo government and M23 rebel delegations are in Doha to hold talks
Four sources confirmed that Congolese officials, as well as negotiators from the M23 rebels, who are supported by Rwanda, have arrived in Doha to hold talks on a ceasefire. The aim is to end months of fighting which have caused fears of an expanded regional conflict.
M23's rapid advances this year have left thousands of civilians killed, hundreds of thousands displaced and the rebels in control of much of eastern Democratic Republic of Congo, an area rich with tin and gold.
Both delegations confirmed they were in Qatari capital, saying that there had been a face to face meeting on Wednesday. However, the framework of the talks was still being discussed.
The Qatari mediators asked that all sources remain anonymous, including two government officials and the two rebel representatives.
Qatar hosted a meeting between Congo's president Felix Tshisekedi, and his Rwandan counterpart Paul Kagame last month.
The two leaders met for the first time since M23 began its offensive in January. The push for peace is the latest attempt to end this conflict that has been raging since the genocide in Rwanda in 1994.
Sources familiar with Qatar's mediation have confirmed that both sides met in Doha to prepare for the peace talks earlier this month.
The negotiations that were originally scheduled to begin on Wednesday continue to face roadblocks.
On Thursday, a rebel source said that Kinshasa had sent delegates who lacked qualifications or the ability of negotiation.
Sources from the Congolese government warned that any solution to the conflict could take several months.
According to the United Nations and Western governments, Rwanda provided weapons and troops to ethnic Tutsi led M23.
Rwanda has denied supporting M23. It claims that its military acted out of self-defence in order to defend itself against the Congolese army and a Rwandan armed group operating in eastern Congo, founded by perpetrators who committed genocide in Rwanda.
M23 has long called for direct negotiations with Kinshasa. Tshisekedi, however, had refused to do so, arguing M23 was just a proxy for Rwanda.
The Congo government agreed to hold direct talks with Angola officials last month. However, M23 withdrew the day before the scheduled start of these talks, citing sanctions that were imposed by the European Union on Rwandan and M23 officials. (Writing and editing by Robbie Corey Boulet)
(source: Reuters)