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Metal markets are a frenzy as gold tops $4500 and silver and platinum both hit new records
On Wednesday, gold surpassed $4,500 an ounce for the first time, while silver, platinum, and other precious metals also reached record highs. Investors were rushing into precious metals as a hedge against geopolitical risks and trade concerns, and to prepare themselves for further U.S. interest rate cuts expected in 2026. Gold spot rose by 0.2% at $4,495.39 an ounce as of 0552 GMT. It had earlier reached a session high of $4,525.19. U.S. Gold Futures for February Delivery climbed 0.4%, to a new record high of $4,522.10. Platinum jumped 2.5% from $2,377.50 to $2,333.80, up from a peak of $2,377.50. Silver rose?1.1%, to $72.16 per ounce. Palladium? climbed nearly 3% to reach $1,916.69 - its highest level in the last three years. Ilya Spirak, global macro head at Tastylive, said that precious metals are becoming more of a speculative story. With de-globalisation comes the need for an asset which can act as neutral intermediary, without any sovereign risk, especially as tensions persist between the U.S. and China. Spivak said that thin year-end liquidity exacerbated recent price movements. However, the theme will likely continue. Gold is expected to reach $5,000 in the next six months to a year, and silver could push to $80, as the markets react to psychologically important levels. Gold prices have risen by more than 70% in the past year. This is their biggest annual gain since 1980. The gains are due to safe-haven demands, central bank buying, dedollarisation trends, and ETF flows. Traders also expect two rate reductions next year. Silver's price has increased by more than 150% in the same time period. It is outpacing gold due to strong investment demand and its inclusion on U.S. critical minerals list. Tim Waterer is the chief analyst at KCM Trade. He said that gold and silver are "hitting the accelerator pedal" this week, with new record highs. This reflects their appeal as store of value amid anticipations of lower U.S. interest rates and lingering debt. Palladium and platinum, which are primarily used to reduce emissions in automobile catalytic convertors, have soared this year due to tight mine supplies, tariff uncertainty and a shift away from gold as an investment. Platinum is up around?160%, while palladium has gained more than 100% for the year. Spivak explained that platinum and palladium are catching up, but they will still lag gold once liquidity returns.
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The coup leader is expected to remain in power during the Guinean presidential election
Mamady doumbouya, the leader of the coup in Guinea, is expected to win Sunday's presidential election. This will be aided by a launch of an iron ore mine that has been long-awaited and a weak field of competitors. Doumbouya was a commander of the special forces when he ousted Alpha Conde four years ago. This was one of 'nine coups' that have rocked West and Central Africa in recent years. He had initially promised not to run, but the new constitution that was approved in September removed any language that would have prohibited him from running and increased the term of office for presidents from five to seven. Conde, the long-time leader of the opposition Cellou Dalein Diallo is in exile. Other potential challengers have been disqualified because they failed to provide required documentation. Eight challengers are left, who will not cause Doumbouya any trouble. Bella Bah, a Guinean political analyst, said: "Let's be honest with ourselves. There can't be anyone else who can challenge him." But that's not what matters most. After the election, the president needs to step back and realize that he must now exercise his power," Bah said. He urged Doumbouya engage in dialogue beyond the military. Doumbouya's government has limited political debate. Civil society groups have accused him of banning demonstrations, limiting press freedom, and preventing opposition activity. Mining MILESTONE Simandou is the richest iron ore deposit in the world and has the largest reserves of bauxite. It was launched officially last month. Simandou's production, originally planned for 1997, has been "long delayed." The junta of Doumbouya has ordered that development be paused until 2022. They said they wanted to examine how national interests will be protected once the project is operational. Simandou, the national development strategy of Guinea, is at the heart of Doumbouya’s vision. Doumbouya supporters claim that the project, which is 75% owned by China, will see annual production reach 120 million tons. They also say the project will ensure Guinea receives its fair share of proceeds. At a recent campaign event, government spokesperson Ousmane Diallo said: "Dear Guineans. Guinea is not for sale." "Guinea no longer is up for grabs. Guinea is standing strong." After a dispute over a refinery, Doumbouya’s transitional government revoked the license of EGA subsidiary Guinea Alumina Corporation and transferred its assets to a State-owned company. Doumbouya has gained popularity because of the rise in resource nationalism, which is also evident in other countries with military leaders in the region, such as Mali, Burkina Faso, and Niger. "The way politics used to be done before and how it is now has changed." "We no longer have violent campaigns but there is excitement," said Conakry resident Mohamed Keita 65. Everyone is free to express their views without violence. WARMING REGIONAL TIERS Gilles Yabi of the West African think tank WATHI said that while the campaign unfolded in a peaceful manner, it was not on an equal playing field due to Doumbouya’s tight grip. "This is a context which does not allow any hope for a fair and free presidential election," Yabi stated. "The mere act of holding an election for president will not change the reality of power. It will remain in the hands of military." ECOWAS, the West African regional group, is still sending observers despite these concerns. This shows a "growing rapprochement", even though Guinea's formal suspension has been in place since the coup of 2021, Signal Risk, a consultancy, said in a report. Around 6.7 million voters are registered, and provisional results should be available within 48 hours after the polls close. Reporting by Guinea Newsroom; Additional reporting and writing by Portia Corey-Boulet, Editing by Ros Russel
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Metal markets are a frenzy as gold tops $4500 and silver and platinum both hit new records
On Wednesday, gold surged above $4,500 an ounce for the first time, while silver, platinum, and other precious metals also reached record highs. Investors piled into precious materials to hedge against geopolitical risks and trade risks and were anticipating further U.S. interest rate cuts in 2026. Gold spot rose by 0.2% at $4,495.39 an ounce as of 0552 GMT. It had earlier reached a session high of $4,525.19. U.S. Gold Futures for February Delivery climbed 0.4%, to a new record high of $4,522.10. Platinum jumped 2.5% from $2,377.50 to $2,333.80, up from a peak of $2,377.50. Silver rose?1.1%, to $72.16 per ounce. Palladium? climbed nearly 3% to reach $1,916.69 - its highest level for three years. "Precious Metals are more of a speculative story around the idea that with de-globalisation you need an asset which can act as a go-between without sovereign risk, especially as tensions persist between the U.S. Ilya Spirak, the head of global macro for Tastylive, said that tensions between the U.S. Spivak said that thin liquidity at the end of the year 'exaggerated the recent price movements, but the theme would likely continue. Gold is expected to reach $5,000 in the next 6-12 months, and silver could push towards $80, as markets react to key psychological levels. Gold prices have risen by more than 70% in the past year. This is their biggest gain since 1979. The gains are due to safe-haven demands, central bank buying, dedollarisation trends, and ETFs. Traders also expect two rate reductions next year. Silver's price has increased by more than 150% in the same time period. It is outpacing gold due to strong investment demand and its inclusion on U.S.?critical minerals list. Tim Waterer is the chief analyst at KCM Trade. He said that gold and silver are "hitting the accelerator pedal" this week, with new?records. This reflects their appeal as store of value amid anticipations of lower U.S. interest rates and lingering debt. Palladium and platinum, which are primarily used to reduce emissions in automobile catalytic convertors, have seen a surge this year due to tight mine supplies, tariff uncertainty and a shift away from gold as an investment. Platinum is up around?160%, while palladium has gained more than 100% for the year. Spivak explained that platinum and palladium are catching up to gold. Once liquidity returns, they will closely track each other. Reporting by Sherin Varghese, Bengaluru. Editing by Subhranshu Sahu and Ronojoy Mazumdar. Harikrishnan Nair.
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TEPCO, Japan's nuclear power company, will partially restart the world's largest nuclear power plant on 20 January
TEPCO president Tomiaki Kobayakawa said to reporters that the company plans to restart its Kashiwazaki - Kariwa nuclear plant on January 20. The prefecture assembly of Niigata in the region that the plant is located gave the green light to the partial restart. This will be TEPCO's first partial restart since the Fukushima Daiichi reactor meltdown in 2011. Kashiwazaki - Kariwa is located 220 km northwest of Tokyo. It was one of 54 reactors that were shut down after the Fukushima Daiichi nuclear plant was crippled by the earthquake and tsunami in 2011. Kobayakawa stated that "as the company responsible for the Fukushima Daiichi disaster, we will apply reflections and lessons learnt... We will proceed to restart the plant, the first one in 14 years. Safety will be our top priority." Japan restarted?14 of the 33 remaining operable reactors as it attempts to wean itself from imported fossil fuels. In November, it proposed a public-loan system as it?wants?to double the share nuclear power in its energy mix. Kashiwazaki's total power is 8.2 gigawatts. This would be enough to run a few million homes. The restart will bring a 1.36 GW power unit online by January and restart another with the same capacity in 2030. TEPCO has stated that it may decommission a few of the five remaining units. (Reporting and writing by Yuka Obayashi, Katya Glubkova, Editing by Jamie Freed & Muralikumar Aantharaman).
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Waymo will update its software after a power outage in San Francisco snarls the self-driving cars
Alphabet's Waymo unit said on Tuesday that it would update the software used to operate self-driving vehicles and improve emergency response protocols. This comes after Saturday, when its robotaxis in San Francisco stalled due to an extensive power outage which snarled city traffic. Waymo paused its service on Saturday night following a fire that broke out at a PG&E power substation, knocking out electricity to about one-third the city. This affected approximately 130,000 residents as well as forcing some businesses to temporarily close. There are a number of videos on social media that show Waymo robotaxis at intersections with their hazard light on, as the traffic lights have stopped working because of an outage. Waymo's self-driving cars are capable of handling dark traffic signals in four-way stop areas, but may request confirmation checks from time to time. Waymo stated that "while we were able to successfully navigate more than 7,000 darkness signals on Saturday, this?outage caused a concentration of?these requests." This created a backlog which, in some instances, contributed to response delays, contributing to congestion. Waymo says that the protocols were appropriate during the early stages of deployment, but they are now being refined to fit the current size of the company. Waymo has implemented fleet-wide updates to provide vehicles with "specific context for power outages, allowing them to navigate more decisively." Waymo said that it would also improve its emergency response protocol by incorporating the lessons learned from this incident. Waymo has announced that it will resume its ride-hailing services in the San Francisco Bay Area. The company, which operates a fleet of over 2,500 vehicles, is located?in Los Angeles, Metro Phoenix Arizona, Austin Texas, and Atlanta Georgia. California Public Utilities Commission announced on Monday that it is reviewing the issue of Waymo vehicles stuck in traffic. The CPUC and California's Department for Motor Vehicles regulate and issue permits for robotaxi testing and commercial deployment. Waymo issued an update to its software earlier this month after Texas officials said that the vehicles had illegally passed at least 19 school buses since the beginning of the school year. The National Highway Traffic Safety Administration opened an investigation into the matter in October. (Reporting and editing by Christian Schmollinger in Washington, Kanishka Singh and David Shepardson from Washington)
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Metal markets are a frenzy as gold tops $4500 and silver and platinum both hit new records
On Wednesday, gold surpassed the $4,500 mark for the first time, and silver and platinum reached record highs. Investors piled into precious materials on the back of safe-haven demand, and the expectation that U.S. rates would fall further in the coming year. Gold spot rose by 0.1%, to $4,492.51 an ounce, at 0359 GMT. It had earlier reached a session high of $4,525.19. U.S. Gold Futures for February Delivery climbed 0.3%, reaching a new record high of $4520.60. Silver rose 1.2% to $72.27 an ounce after reaching a record high of $72.70, and platinum increased 3.3% to 2,351.05 from a previous historic?high? of $2,377.50. Palladium rose almost 2%, to $1.897.11, the highest level it has reached in three years. Ilya Spirak, global macro head at Tastylive, said that precious metals are becoming more of a speculative asset, based on the idea that with de-globalization you need an investment that acts as a neutral intermediary, without any sovereign risk, especially as tensions persist between?the U.S. Spivak said that thin year-end liquidity exaggerated the recent price movements. However, the theme is likely to persist, with gold aiming for $5,000 in the next six to 12 months, and silver pushing towards $80, as the markets respond to psychologically important levels. Gold prices have risen by more than 70% in the past year. This is their biggest annual increase since 1979. The gains are due to safe-haven demands, central bank buying, dedollarisation trends, and ETFs. Silver's price has increased by more than 150% in the same time period. It is outpacing gold due to strong investment demand and its inclusion on "the U.S. Critical Minerals List" as well as momentum buying. Tim Waterer is the chief market analyst at KCM Trade. He said that gold and silver are "hitting the accelerator pedal" this week, with new?records. This reflects their appeal as store of value amid anticipations of lower U.S. interest rates and lingering debt. Palladium and platinum, which are primarily used to reduce emissions in automobile catalytic convertors, have soared this year due to tight mine supplies, tariff uncertainty and a shift away from gold investment. Platinum is up about 160%, while palladium has gained more than 100% so far this year. Spivak explained that platinum and palladium are catching up to gold. Once liquidity returns, they will closely track each other. (Reporting and editing by Subhranshu Sahu in Bengaluru, Ronojoy Mazumdar, and Sherin Elizabeth Varighese)
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Oil stable after five-day rally due to US data and geopolitical tension
The oil prices were stable on Wednesday after they had risen in the five previous sessions. This was due to the robust economic growth of the United States and the threat of disruptions in supply from Venezuela and Russia. Brent crude futures fell 1 cent, to $62.37 per barrel at 0326 GMT. U.S. West Texas intermediate crude rose 1 cent, to $58.39. The two contracts have increased by about 6% each since the 16th of December, when they plummeted to levels not far from five-year lows. "What 'we've seen in the past week was a combination position squaring on thin markets after last 'week's breakdown did not gain traction. This is coupled with heightened tensions geopolitical, such as the US blockade of Venezuela, and supported by the robust GDP data last 'night," IG analyst Tony Sycamore stated. U.S. data revealed that the world's biggest economy grew in the third quarter at its fastest rate in two years, driven by robust consumer spending as well as a sharp rebound in exports. In that context, it was easy to ignore the API inventory build this morning. It will likely encourage sellers to get in if the rally moves up towards $60.00 in future sessions," Sycamore said. Market sources cited American Petroleum Institute figures on Tuesday to say that U.S. crude stocks rose by 2,39 million barrels in the past week. Gasoline inventories increased by 1,09 million barrels while distillate inventories increased by 685,000. Due to the Christmas holidays, U.S. Energy Information Administration will release official inventory data Monday. Haitong Futures reported that the disruptions to Venezuelan oil exports were the main factor driving up the price of crude. Meanwhile, Russia and Ukraine continuing their attacks on each other's infrastructure has also boosted the market. After the U.S. The U.S. seized the supertanker Skipper in early February and two more vessels were targeted at the weekend. Last week, U.S. president Donald Trump announced "a blockade" on all vessels that enter or leave Venezuela under sanctions in an effort to increase pressure on Venezuelan president Nicolas Maduro. Oil prices will still suffer a loss for the next quarter, as forecasts of a surplus weigh down on them.
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Copper nears record levels as US GDP grows, boosting demand.
Prices of copper remained close to their previous highs as the U.S. economic growth?boosted prospects for demand, while ongoing supply constraints?also?boosted prices. As of 0302 GMT the most active contract for copper on Shanghai Futures Exchange was up 1.5% to 95,100 Yuan ($13.532.0) per metric tonne, after reaching a session high of 95.550 yuan. The benchmark copper three-month contract on the London Futures Exchange increased 0.1% to $12,076.5 per ton. The metal reached a record-high of $12,159.50 on Tuesday. It is expected to rise 38% annually due to the U.S. Dollar's weakness, the growing demand for AI, the renewable energy shift, and mine supply disruptions. The U.S. economic growth accelerated in the third quarter to its highest rate in two years, thanks to robust consumer spending as well as a sharp recovery in exports. According to Chinese market information providers last month, China's leading copper smelters are planning to reduce production by more than 10% in 2026, to combat overcapacity, which has led to an increase in copper concentrate processing costs. Investors bet that the Fed could cut rates even further next year, despite the fact that some of its peers were expected to increase. Nickel, another SHFE base metal, extended its gains for the sixth consecutive session. It rose 4% to reach 126,680 Yuan per ton, and reached a nearly nine-month high. The London benchmark nickel rose 1% to $15,970 per ton. This is a new seven-month record. Aluminium, zinc, and lead all increased in Shanghai. Tin, however, fell 1.2%. Aluminium, zinc, and lead all saw increases of 0.8%. Tin, however, fell 0.2%. DATA/EVENTS (GMT) Japan Leading Indicator Revised October 1330 US Initial Clm of Jobless 20 Dec.
Data shows a decline in global crude steel production, resulting in a fall in iron ore.
The price of iron ore futures fell on Wednesday due to a drop in crude steel production around the world.
As of 0241 GMT, the most-traded May iron ore contract at China's Dalian Commodity Exchange was?0.32% less expensive. It traded for 775 yuan (US$110.29) per metric ton.
The benchmark January Iron Ore at the Singapore Exchange fell 0.55% to $103.8 per ton.
The World Steel Association reported that global crude steel production fell by 4.6% in November compared to the same month last year, to 140.1 millions tons. Meanwhile, China, the world's largest producer and consumer, saw its output drop 10.9%, to 69.9million tons.
The construction and manufacturing sectors are expected to be weak, causing a 1.7% drop in crude steel production by Japan.
The country's output would have decreased by?3.2% in the fiscal year ending March 31, the lowest since fiscal 1968.
Mysteel, a consultancy, reported that Chinese blast furnace steelmakers reduced their purchases of feed material last week. They only purchased the amount needed to meet immediate production requirements to avoid losses.
China pledged to increase urban renewal in 2026 and to stabilize its property market at the start of its new five-year plan (from 2026-2030). This is to provide more affordable housing.
China's real estate sector has been under pressure since the middle of 2021. Weak home sales and falling prices have weighed on consumer confidence, despite repeated attempts by the government to shore up the sector.
Coking coal and?coke were both up and down on the DCE.
The benchmarks for steel on the Shanghai Futures Exchange remained mostly positive. Hot-rolled coils gained 0.15%. Wire rods increased 0.03%. Stainless steel strengthened 1.43%. Rebars declined 0.06%.
(source: Reuters)