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Gold stable as rising yields offset dollar weakening; PCE data is in focus
Gold prices were mostly unchanged on Thursday, as rising U.S. Treasury rates offset support from the weaker dollar. Markets awaited Friday's U.S. Inflation data to get clues about Federal Reserve policy ahead of their December meeting. As of 1505 GMT, spot gold was down 0.2% at $4,195.69 an ounce. U.S. Gold Futures for February Delivery were down 0.2% to $4,224.10 an ounce. Edward Meir, Marex analyst, said: "Higher yields keep a little cap on gold's upside. The general dollar index provides some support." Benchmark 10-year U.S. Treasury Yields rose by 0.8%. The U.S. Dollar Index hit a new low for a month, making gold more accessible to overseas buyers. The latest data on Thursday shows that the number of new U.S. unemployment benefits claims fell to 191,000 in the past week, which is lower than it has been for over three years. This figure was also well below what economists had predicted at 220,000. ADP's report on Wednesday showed that private payrolls in the United States fell by 32,000 during November. This was the largest drop in over two and half years. Over 100 economists surveyed by predicted that the Federal Reserve would reduce its key rate by 25 basis point at its policy meeting on December 9-10, as it seeks to support the cooling labor market. Gold is a non-yielding asset that benefits from lower interest rates. Investors will be watching the Federal Reserve’s preferred inflation indicator, the Personal Consumption Expenditures report (PCE), due on Friday. Meir said that the markets will remain relatively unchanged between now and next Monday. As for gold, we are likely to be in a trading range which is fairly uneventful. Silver fell 3.3%, to $56.54, after reaching a record-high of $58.98. Silver is up 96% in this year due to a structural shortage, market liquidity concerns and inclusion on the U.S. Critical Minerals list. Palladium fell 2.1%, to $1430.38, while platinum dropped 2.2%, to $1634.15. (Reporting from Anmol Choubey and Naveen Thkral in Singapore, with editing by Leroy Leo.)
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US fuel efficiency rule could bring back station wagons
Trump's administration claims that its proposed fuel-economy rollback could allow automakers resume building station wagons – a popular family vehicle in the 1970s and 1980s. Sean Duffy, Transportation Secretary at CNBC said: "This rule allows you to bring the 1970s Station Wagon back -- maybe with a little wood paneling along the side." "We can give consumers more choice. The minivan may be cool, but the station wagon might also be." In its proposal on Wednesday, the National Highway Traffic Safety Administration of the Transportation Department said that fuel efficiency regulations had led manufacturers to change the market in unexpected ways. "For example, almost eliminating station wagon production." Detroit Three automakers stopped producing full-size wagons by the mid-1990s, but smaller wagons were still produced by U.S. automobile manufacturers until 2008. Trucks are subject to more stringent regulations than cars. Station wagons fall under the category of passenger cars, while minivans and crossover utility vehicle are classified as light trucks. Jonathan Morrison, NHTSA Administrator, raised the issue of Station Wagons separately in a phone call earlier this week with automakers. NHTSA announced on Wednesday that it would significantly reduce the fuel efficiency requirements for model years 2022-2031. The average mileage requirement will be reduced to 34.5 miles per galon by 2031 from 50.4 (21,4 km per liter). NHTSA estimates that the proposed rule will reduce average vehicle costs up front by $930 but increase fuel consumption around 100 billion gallons by 2050. This could cost Americans an additional $185 billion in fuel and increase CO2 emissions by 5%. Transportation is the largest contributor to U.S. emissions of greenhouse gases. Trump signed legislation earlier this year that eliminated fuel economy penalties for automobile manufacturers. The NHTSA also said automakers would not be fined going back to 2022. (Reporting and editing by Chizu Nomiyama and Alexandra Hudson.
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Edison CEO: Group accelerates green investments; EDF eyes minority stake sale
Edison's green investment will increase the Italian utility’s borrowings, said its CEO. EDF, the parent company, plans to sell a majority stake in the unit, to avoid an increase in its debt. The Italian utility announced earlier on Thursday that it will begin working on renewable projects in Italy with a combined power of more than 500 megawatts. Edison CEO Nicola Monti said in an interview that "EDF had many investments to be made in France, particularly in the nuclear sector. The intention to open (our) capital – only for a minor stake – is to allow Edison implement its development plans without burdening EDF’s consolidated debt." Monti stated that EDF advisers were currently studying how to reduce Edison's parent company's stake in Edison Capital. Monti added that EDF has not changed its plan to retain the majority of the Italian unit. Italian media reported recently that the national infrastructure fund F2i might form a consortium with investors to acquire Edison's majority. Monti stated that the EDF management has repeatedly stated that the company would only be interested in a minority stake. Edison reported revenues in the amount of 18.4 billion euros (15.4 billion euros) and a core profit of 1.7 milliards euros. State-owned EDF, under the leadership of its new CEO Bernard Fontana has selected Intesa Sanpaolo IMI Lazard and Lazard as partners. Review your assets Two sources familiar with the situation said that EDF may end up selling about 30% of its Italian subsidiary. Edison will accelerate the development of renewable energy in Italy. It aims to double its current green capacity from 2 gigawatts to 4-5 GW by 2030, Monti stated. He added that Edison would continue to take part in auctions in order to receive government incentives in Italy for green power. Monti, the Italian minister of energy, said that Italy completed its first auction, under the FER X incentive program, on Monday, by awarding 400 Megawatts (MW) of renewable power to Edison.
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Sources say that Indian fertiliser companies will sign a deal with Uralchem for the establishment of a Russian plant.
Three sources say that Indian firms will sign a joint venture agreement with Uralchem, Russia's largest potash and ammonium-nitrate producer during the visit of President Vladimir Putin to New Delhi on Friday to build a urea factory in Russia. Sources said that the project, which aims to strengthen India's fertiliser security over the long term, will see India Potash Ltd and Rashtriya Chemicals and Fertilisers Ltd holding each a 22,5% stake in a joint venture. National Fertilizers Ltd. will own a 5% share, while Uralchem holds the remainder and will lead the project. India, Asia’s third largest economy, depends heavily on imported crop nutrition to support its vast agricultural sector. This sector employs approximately 40% of the labor force and contributes about 15% of its $4 trillion GDP. India's imports of fertilisers from Russia increased by more than threefold from 2021 to $1.7 billion, reaching a peak of $2.7 billion in the year 2022. In April-October 2025, the total amount of fertiliser imported increased by 82% on an annual basis to $10 billion. One source said that the new plant would run on natural gases and will follow a similar model to India's long-standing overseas fertiliser joint enterprise in Oman. Uralchem and the Indian companies did not respond immediately to our queries. New Delhi is working to diversify, stabilise and increase the supply of fertilisers amid volatile markets and increasing geopolitical tensions. India imported 5.6 millions metric tons (MT) of urea during the fiscal year 2024/25 ending in March. This is down from 9.8 MT in 2020/21 as domestic capacity increased and sourcing patterns changed. Uralchem, the planned deal to be signed by Putin during his two-day visit to India, is expected deepen India's long term fertiliser cooperation with Moscow, even though Russian trade remains subject to Western sanctions. India imports urea also from Oman and Qatar. It imported 5,9 million tons of agricultural-grade urea between April and October 2025. This is up from 2.5 million tons the previous year. (Reporting and editing by Elaine Hardcastle; Nidhi verma)
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Niger accuses France’s Orano of uranium pollution as the uranium dispute deepens
Niger accused French nuclear fuel company Orano, of "predatory behaviour" and environmental crimes. This escalated a bitter dispute about control of the West African country's uranium mining. Orano, the military-led government, could be prosecuted for "mass crime" after 400 barrels radioactive core were found in Madaouela near Arlit where Orano operated its uranium mining operations. Orano, 90% owned in France by the state, denied that it was operating in Madaouela and said it did not receive any official notification of legal action. In a written answer to questions, the company stated that it did not have an operating license at the Madaouela location and had never conducted any operations there. Justice Minister Alio Daouda stated that the radiation levels in the area were much higher than usual -- approximately 7 to 10 microsieverts an hour, as opposed to the normal 0.5 microsieverts. Two substances were also detected that could cause breathing problems or be harmful for people. ORANO HAS NOTICE OF NIGER'S LEGAL ACTION BUT NO ACTIVITY FROM ORANO Orano lost 63.4% of its stake in the Somair Mine when Niger nationalized it in June. Niger started transporting uranium last week. It said it was exercising its sovereignty right, despite an order from a World Bank Tribunal barring it access to the stockpile. Orano called the move illegal and warned that the shipment was a serious risk to safety and the environment, claiming it did not have any evidence that the transport met international standards. Niger is a major producer of cancer treatment materials and nuclear fuel. France, which relies 70% on nuclear energy for its electricity, purchased about 15% of the uranium it needed from Niger during its peak mining period. The expropriation by Niger of Orano shares reflects a regional shift in which military-led governments are asserting greater control over resources. Previous reports stated that around 1,500 metric tonnes of uranium was stockpiled at Somair. Potential buyers included Turkish, Iranian, and Russian interests. Reporting by Niger Newsroom in Dakar and Maxwell Akalaare Adombila; Editing by Felix Bate, Tomaszjanowski and Tomasz Bate
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Putin meets Modi at a summit in India
The Russian president, Vladimir Putin, landed at New Delhi airport on Thursday. He was welcomed by Indian Prime Minister Narendra Modi. This is the first time the Russian leader has visited India since the beginning of the conflict in Ukraine four years ago. Putin will be accompanied on his two-day visit by senior Russian ministers, as well as a large Russian delegation of businessmen. Moscow and New Delhi are looking to expand their economic relations beyond defence and energy. Modi will host Putin at a private dinner Thursday, and the two leaders are scheduled to hold a summit on Friday. Modi's arrival to welcome Putin at the airport was a rare act, as foreign leaders are normally received by senior Indian Ministers. After Putin descended from the plane, the two leaders hugged each other on a red carpet. Modi met Qatar's Sheikh Tamim Bin Hamad Al-Thani last February. In 2020, he will also be receiving Donald Trump as he visits India.
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Kazakh steelmaker Qarmet issues $500 million of bonds at Astana Exchange
The Astana International Trade website reported that Kazakhstan's steelmaker Qarmet had placed bonds for seven years worth $500 million at a coupon of 10.2%. The company has issued 5 million bonds at a par of $100. This is the second issue of this kind since it placed $500 million in bonds priced at 11% annually back in September. Trading will start on December 5. Qarmet will use $150 million for refinancing existing loans, and $350 millions to finance investment projects. This includes reimbursement of capital expenditures and refinancing debts. Qarmet, owned by ArcelorMittal until 2023, was sold to Qazaqstan Investment Corporation, a state-owned fund, for $286m. Qarmet was acquired by Kazakh businessman Andrei Lavrentiev. He is the chairman of Allur automaker. Assets of the company include the Karaganda Metallurgical Plant and a number of coal mines and power plants. Qarmet says it plans to produce 9 million tonnes per year of coal and 5 millions tonnes per year of iron ore by 2028. Reporting by Mariya Goreyeva, Writing by Lucy Papachristou, Editing by Andrew Osborn
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As investors expect Fed rate cuts, stocks rise and the dollar is set to lose 10 days in a row.
Global shares rose on Thursday as investors hoped that the U.S. would cut rates next week to support the world's biggest economy. Meanwhile, the dollar dropped for the tenth consecutive day against a basket currency, marking its longest losing streak since over 50 years. Japanese stocks rose sharply following a strong auction of government bond, which set the tone for broader equity markets. STOXX 600 in Europe was up by 0.1%, and is still on track for a modest gain each week. U.S. Stock Futures were slightly positive for the day and suggested a steady trading start later in the day. This follows Wednesday's rally, led by the Russell 2000 small-cap index which rose 1.9%. The S&P 500 also gained ground. Gains were made after the U.S. private employment data showed their largest drop in over two-and a half years and after a survey that revealed activity in the services sector remained steady while hiring slowed. FedWatch, a tool of the CME Group, shows that Fed funds futures have a near-90% probability that the central bank will cut interest rates by a quarter point at its next meeting scheduled for December 10. This is compared to an 83.4% possibility a week earlier. According to LSEG, the dollar index (which tracks the U.S.'s currency performance against six other currencies) was down 0.05% last day. This is the longest losing streak since at least 1971. The yield on a 10-year Treasury bond in the United States was last up by 2.7 basis points to 4.083%. This is after the Financial Times reported that bond investors expressed concern to the U.S. Treasury on Wednesday about Kevin Hassett's potential to aggressively reduce interest rates to match President Donald Trump’s preferences. Hassett would likely face the same problem as Governor Miran does today if he advocated for any ultra-dovish rate reductions on jumbo bonds. Michael Brown, senior strategist at Pepperstone said that without a convincing economic case for such a policy, Hassett will not be able garner enough votes to support such a move. In Japan, a government debt sale attracted the highest demand in over six years. This helped calm investor nerves regarding the country's finances on a long-term basis, which has caused similar concerns about other economies. Shoki Omori is the chief desk strategist at Mizuho, Tokyo. He said that "the 30-year JGB was unexpectedly strong." The extent of previous selling seems to have created a feeling of cheap valuation, which in turn encouraged demand. He added that the sentiment would need to be improved by multiple auctions. The 30-year Japanese government bonds yield was 3 basis points lower at 3.39%. Dollar was down last by 0.4% to 154.67 yen. This is the largest weekly gain for the U.S. dollar in more than two months. The yen was given a boost by a report stating that the Bank of Japan will likely raise interest rates next month, and the government is expected to tolerate this decision. Three government sources who are familiar with these deliberations were cited in the report. In Hong Kong, offshore trading, the yuan weakened a bit, resulting in a 0.1% increase in the dollar at 7,0664 yuan. On Wednesday, the Chinese currency reached its highest level in over a year against the US dollar. After a recent run of hot metals, precious metals have cooled. Silver fell 1.8%, to $57.41 per ounce after reaching a record of $58.98 an ounce on Wednesday. Gold dropped 0.3%, at $4,192. Brent crude rose 0.4% to $62.92 per barrel. Reporting by Gregor Stuart Hunter, Editing by Lincoln Feast; Sonali Paul, Andrew Heavens, and Chizu Nomiyama
Investors look forward to the next Fed meeting as they lower gold on stronger stocks
Gold prices fell on Thursday, as investors focused on the Federal Reserve meeting next week and U.S. economic data that could influence interest rate outlooks.
As of 1252 GMT, spot gold was down 0.4% at $4,191.26 an ounce. U.S. Gold Futures for February Delivery were down 0.3% to $4,221 an ounce.
Gold bulls are on the sidelines awaiting tomorrow's PCE figures. "This, along with a rise in risk appetite on equity markets, limits the upside of gold prices," ActivTrades Analyst Ricardo Evangelista stated.
Global shares rose on Thursday as investors hoped that the U.S. will cut rates next week to support its largest economy, after a series of data revealed a slowdown in employment.
The ADP report on Wednesday showed that private payrolls in the United States fell by 32,000, the largest drop in over two and half years. However, the low number of layoffs may have inflated the labour market's weakness.
Investors now focus on U.S. Weekly Jobless Claims due today and the delayed September Personal Consumption Expenditures (PCE Index) released Friday, as these are the final key data points prior to next week's FOMC Meeting.
According to CME's FedWatch, the markets expect an 89% probability of a rate reduction next week. Major brokerages are also expecting easing during the December 9-10 meetings.
Gold is a non-yielding asset that tends to be favoured by lower interest rates.
Silver fell by 1.8%, to $57.43, after reaching a record-high of $58.98.
Silver prices have risen by 101% in this year, due to concerns over market liquidity following outflows from U.S. stockpiles, its inclusion on the U.S. Critical Minerals list and structural supply deficit.
MarketPulse analyst Zain Vawda said, "Market participants are likely to be ahead of the game given the massive capex that is expected in regards to AI and Data Centers, which will both lead to an increase in demand for silver, and increase the supply/demand imbalance heading into 2026."
Palladium fell 0.4% to 1,455. Platinum dropped 1.6% to $1644.25, and platinum lost 1.6%. (Reporting and editing by Jane Merriman in Bengaluru; Louise Heavens, Ed Osmond, and Jane Merriman)
(source: Reuters)