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Gold prices fall after record high near $5,000
Investors booked profits after gold prices reached another record high of near $5,000 per ounce due to a?uncertain geopolitical outlook. Silver and platinum have also reached record highs. Spot 'gold' was steady at $4.935.39 per ounce at 1228 GMT. It had touched a record of $4.967.03 earlier that day. U.S. Gold Futures for February Delivery increased by 0.5% to $4.935.60 per ounce. Prices have increased by 14% in the first quarter of this year. This is partly due to concerns about President Donald Trump's threats to impose tariffs against European allies over Greenland. The removal of Trump’s tariff threats and the emergence of an agreement framework should have, in theory? seen those gold hedges unwound. Instead, gold has pushed to new heights," said Chris Weston. "Perhaps the market has had enough and gold is looking more and more like a hedge to protect against Trump's presidency and the utter?unpredictability it brings." Trump announced on Thursday that the U.S. had gained permanent access to Greenland through a NATO deal. The central bank buying also drives the rally Gold prices have risen as central banks buy gold and investors flee global volatility and policy risks. The U.S. Federal Reserve will likely hold interest rates at the same level during its meeting on January 27-28, but markets expect two more rate cuts to occur in the second half 2026. Gold is a non-yielding asset that has historically been favored by low interest rates and economic insecurity. The gold premium in India rose this week, reaching its highest level in over a decade. This was due to a surge in investor buying, fueled by expectations of an increase in duty in the upcoming budget. Premiums in China, however, fell. After hitting a high of $99.37 on September 27, the price of spot silver jumped by 2.8%, to $98.90 per?ounce. This brings this year's gains to 38%. Silver has not been traditionally a safe-haven asset, but its role may be changing, said WisdomTree commodities strategist Nitesh. He added that the prices could fall if industrial demand shrinks due to the recent surge. After hitting a record of $2,718.40, spot platinum rose 3%, to $2,707.85 per ounce. Metal is up by 31% since January. Palladium, on the other hand, rose by 2.6%, to $1,969.70.
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France investigates the link between milk formula and two infant deaths
The French Health Ministry announced on Friday that French investigators were investigating the deaths of two infants after they consumed baby formulas which had been recalled as a precaution earlier in the month. The Bordeaux prosecutor revealed that one of the babies who died in Pessac, southwest France, was fed Guigoz powdered milk by Swiss company Nestle. An investigation is underway to determine the cause of death. The ministry stated that there was?no evidence to date' linking the deaths with the baby formula. Nestle and privately-owned French group Lactalis recalled batches sold in France this month due to possible contamination by cereulide. This?toxin can cause nausea and vomiting. It was not possible to determine immediately what formula the second child had consumed. Nestle has said that it is taking note of the ongoing investigations. In an email, it stated that "At this stage nothing indicates a link between these tragic events and consumption of our products." Lactalis stated that it has not received any reports of health authorities. MINISTRY ANNOUNCES ANALYSIS IS UNDERTAKEN Two reports of infant death have been brought before the attention of health authorities. The children involved were said to have consumed infant formula that was affected by recalls. The health ministry stated that no causal connection has yet been "scientifically" established. The report added that "further analysis is underway and the cases are being investigated" by the appropriate public prosecutors. It is standard practice to launch an "inquiry" after a suspicious death of a child. The office of the public prosecutor at?Angers in western France where the other death took place did not respond to a request for comment. Nestle and Lactalis, two of the largest dairy groups in the world, have recalled baby formulas from dozens of countries. Danone, another French group, also blocked a batch of infant formula manufactured specifically for the Singaporean Market. All three companies stated that the precautionary measures were taken by all three companies. On Wednesday, the French Ministry of Agriculture announced that the first judicial investigation results would be available in 10 days. The French farm ministry said that its investigations identified an arachidonic oil, or ARA produced by a Chinese provider as the source. (Reporting and editing by Richard Lough, Barbara Lewis, Alexander Marrow)
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Sources: Adani Power's mega-debt sale is backed by Indian lenders and mutual fund bids
Three sources familiar with the matter confirmed that Adani Power, an Indian company, sold a 75 billion rupee ($816.58 millions) debt issue to large Indian banks and mutual funds. These buyers bought more than 90% of it. The bankers declined to identify themselves as they were not authorized to speak with the media. Adani Power has not responded to my email asking for details about the bond issue that closed on Friday. The market capitalization of India's Adani Group firms fell by $12.5 billion on Friday after the U.S. The markets regulator requested permission from a court to email founder Gautam Adani, and group executive Sagar Adani about alleged fraud and $265 million bribery. After Hindenburg Research, a shortseller, made allegations about the group's corporate governance practices in 2023, the group focused its borrowings on?the domestic markets. Adani Power raised 28.60 billion rupees through two-year bonds, and 26.90 via a note of three years. The remaining 6.75 and 12.75 billions of rupees was raised via four- and five year papers. Adani will pay coupons of 8.00%, 8.20%, 8.30% and 8-40% for the bonds with a term of two and three years and?four and five year papers. The?bankers stated that SBI Mutual Fund, India's largest in terms of assets managed, was the one to lead the purchase and invested 25 billion rupies, or one third?of the size of the issue. Kotak Mutual Fund purchased 6 billion rupies of debt. ICICI Bank purchased 11 billion rupees in bonds while Axis Bank chose 10 billion rupees worth of notes. SBI Mutual Funds, ICICI Banks and Axis Banks did not respond to emails requesting comment. The issue was arranged by Trust Investment Advisors in conjunction with ICICI Bank, Axis Bank and ICICI Bank. The Trust?Investment Advisors has not responded to an email requesting comment. Crisil and India Ratings have rated the bonds 'AA'. The coupons will increase by 25 basis points with each notch downgrade. $1 = 91.8470 Indian Rupees (Reporting and editing by Ronojoy Mazumdar; Dharamraj Dhutia, Khushi malhotra)
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New Ukraine peace talks will help the Russian rouble to rise 3.6% against the US dollar by 2026.
The Russian rouble has strengthened 3.6% against U.S. dollars so far in January. This is mainly due to new 'hopes' for a peaceful resolution in Ukraine, as U.S.?Russian?and Ukrainian negotiators are scheduled to meet in the United Arab Emirates. Negotiators from Russia, Ukraine and the United States will meet in Abu Dhabi for two days to discuss the issue of territorial disputes. The rouble was flat by 1215 GMT after strengthening 1.3% on Thursday, in anticipation of the visit from the U.S. Steve Witkoff, the special envoy and Jared Kushner, President Donald Trump's daughter-in-law. Due to Western'sanctions,' the dollar trades in relatively small volumes on the over-the counter market compared with?pre-war, whereas the yuan is now the most popular foreign currency traded in Russia and is traded at the Moscow Exchange. In January, the Finance Ministry doubled its sales of foreign currencies from the National Wealth Fund. This move also helped to support the "rouble". The rouble's exchange rate has been increasing since the start of the year. In a research note, Alfa Investment analysts attributed this to?how participants in the market perceive the geopolitical environment. The rouble has reached its highest level since December 5, 2025. The rouble fell by 0.3% on Friday to 10.86 against the Chinese yuan, but grew by 3.5% during January. Investors saw no reason for optimism or disappointment with the outcome of the talks, so all attention is now focused on the meeting to be held in the UAE. BCS brokerage analysts stated that the market could react to any rumour. (Reporting and editing by Vijay Kishore; Gleb Bryanski)
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France to coordinate assistance as EU sends generators to Ukraine
The European Union has sent emergency generators to Ukraine. They claim that a million Ukrainians are without heat and power due to Russian bombings. Meanwhile, France is planning to issue a call for international help to assist Ukrainians who have been exposed to extreme temperatures. Since Russia intensified its attacks on Ukraine's power grid during a recent cold snap, which reached temperatures as low as minus 20 degrees Celsius (4 F), electrical engineers have worked around the clock under hazardous conditions. In a statement issued on Friday, the?European Commission announced that it would send 447 generators for 3.7 million euro ($4.3 million) in order to restore power?to hospitals and shelters as well as critical services which have been affected by "relentless Russian attacks". The generators, which are currently stored in Poland in strategic reserves, will be distributed to the affected areas in cooperation with the Ukrainian Red Cross. Hadja Lahbib, the European Crisis Chief, said that "Russia's?continued assaults on Ukraine's... energy infrastructure...?are intended to break Ukrainian spirit". The Ukrainian President Volodymyr Zelenskiy declared an emergency energy situation after the winter strikes knocked down power generation and distribution systems. "We won't allow Russia to freeze Ukraine. "We bring light and heat where Russia sends darkness," Commission spokeswoman Eva Hrncirova said at a daily press briefing. The French government will hold a conference call with international partners On Friday morning, Jean-Noel Barrot, the French Foreign Minister told BFM TV that France would be a part of the negotiations. Hold a call Later in the day, Ukraine will coordinate with G7 countries as well as Nordic and Baltic States to support Ukraine's grid. "He continues to bombard Ukrainian cities and infrastructure. Barrot, in a reference to Russian President Vladimir Putin, said that "we will continue to support Ukraine". He said France will supply Ukraine with 13 megawatts extra of electricity, and 100 generators for the replacement of destroyed infrastructure. He said that other countries would pledge their assistance during the virtual conference. $1 = 0.8524 Euros (Reporting and Editing by Mark Heinrich, Peter Graff and Alessandro Parodi)
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US, Kazakhstan energy ministries discuss cooperation
Kazakhstan's Energy Ministry said that on Friday it had held talks with the U.S. Department?of?Energy?and?the U.S. Embassy in the Central Asian nation, which is a significant energy producer and accounts for around 2% daily oil supply. In a statement posted on Telegram by the Ministry, it was stated that the two parties had discussed "the implementation Kazakhstan's strategic priorities in the oil and?gas industry". Chevron, ExxonMobil and other U.S. companies have stakes in Kazakhstan's oilfields. The country's oil production has dropped sharply in recent weeks after an incident at Tengiz took it offline for seven to ten days. Drone strikes have further affected production. They targeted tankers, infrastructure onshore and the Caspian Pipeline Consortium which transports the majority of Kazakhstan's oil exports to the Russian port of Novorossiysk. Washington has been 'deepening its ties with Kazakhstan in recent months. U.S. President Donald Trump invited his Kazakh counterpart Kassym Jomart Tokayev to join his Board of Peace Initiative and attend the G20 meeting in Miami, Florida in December 2026. Reporting by Felix Light, Editing by ChizuNomiyama
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Colon cancer is now the leading cause of cancer death in US under 50s
According to a recent data analysis, cancer-related deaths among U.S. adult under 50 years of age have declined for all leading cancers except colorectal. This cancer is now the most common cause, moving up from fifth place during the early 1990s. Researchers from the American Cancer Society noted that colorectal cancer has surpassed its original prediction of becoming the leading cause of cancer death in the age group under 50 by 2040. The analysis published in JAMA?found that from 1990 to 2023, the last year for which there are data available, nearly 1.3 millions people in the U.S. died of cancer before the age of 50. After accounting for age during that time, the cancer mortality rate dropped by 44% from 25,5 per 100,000 adults down to 14,2. The average death rate for brain cancer decreased by 0.3% annually between 2014 and 2023, while the rates for breast cancer, leukemia, leukemia-related cancers, and lung cancer declined by 5.7% per annum. The mortality rate of colon cancer increased by 1.1% per year from 2005 to 2023. Researchers said that the findings were consistent with previous reports of an increase in colorectal deaths among adults under 50 years old and across most ethnicities. Researchers recommend that people be educated about the "unique red flag symptoms" of colorectal disease, such as bright red blood in the stool and abdominal discomfort. Researchers also recommended screening at 45 years old. WILDFIRE SMOKE LINKED TO AUTISM RISK IN THIRD TRIMESTER A California study found that exposure to smoke from wildfires during pregnancy could increase the risk of autism in the child. Researchers studied more than 200,000 Southern California births from 2006 to 2014. They found that 3,356 children diagnosed with autism before age 5 were among those who had been examined. Researchers found that children born to mothers who were exposed to wildfire smoke particles for one to five days during the third-trimester had a higher risk of developing autism than those who weren't exposed. Researchers noted that during wildfires, burning buildings and vegetation release toxic metals as well as other pollutants which can be inhaled. Researchers found that the strongest association occurred in mothers who were exposed to wildfire smoke for more than 10 consecutive days during their final trimester. Children in this group had a 23 percent higher risk of being diagnosed with autism than those whose mothers never were exposed to wildfire smoke?while pregnant. Mothers of autistic children are at risk if they're older, pregnant for the first time, or have diabetes or obesity. Researchers say that their study does not prove that wildfires during pregnancy cause autism. However, it adds more evidence to the growing body of evidence about the negative impact of air pollutants on the development of the fetal mind. Mostafijur Rahman, the study's leader at Tulane University, said that understanding the relationship between wildfires and autism was important for developing preventive policies and interventions to protect pregnant women and children. Sign up to receive the complete newsletter for free.
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UAE markets fall on renewed geopolitical worries
The stock markets of the United Arab Emirates ended lower on Friday. Dubai was impacted by weakness in financial and utility shares, after U.S. President Donald Trump renewed his threats against Iran. Donald Trump stated on Thursday that he hoped not to have to use the "armada", warning Tehran to stop killing protesters and restarting its nuclear program. Dubai's main stock market fell 0.2% in the session after reaching a near 20-year high. Dubai Islamic Bank, a lender affiliated with the?Islamic bank Dubai Islamic Authority, slid 0.2%. Tecom Group, a business park operator, gained 0.6% when it acquired 125 million dirhams (US$34.03 millions) for an integrated university campus. Abu Dhabi's benchmark indices settled down 0.2%, ending the momentum of six sessions. This was mainly due to a 2.9% drop in Sharjah's Islamic Bank, and a 1.3% 'drop' in Sharjah's Dana Gas. Brent crude was up 1.6% at $65.08 per barrel by 1127 GMT on Friday. According to LSEG, the index for Dubai rose 2.7% in the past week. This is its best performance since?mid July last year. Abu Dhabi's index increased 1.6%. $1 = 3.6728 UAE Dirham (Reporting and editing by Vijay Kishore in Bengaluru)
India's JSW Steel surpasses its quarterly profit forecast on the strength of volume
JSW Steel, India's largest steel producer, reported on Friday a higher-than-expected increase in its third-quarter profits. Higher sales volumes helped offset the impact from lower steel prices.
According to LSEG, the consolidated net?profit almost tripled from last year's 16.22 billion rupees to 21.39 trillion rupees (or $232.7 million) for the quarter ending December 31. This was higher than analysts' estimates of 16.22 billion rupees.
Analysts at Jefferies predicted that Indian steelmakers would deliver a stronger volume growth between October and December, thanks to capacity ramp-ups.
The ramp-up of the JVML Vijayanagar project is driving a 6% increase in the Mumbai firm's crude steel production. The company's sales volume grew 14% in the third quarter, driven by "healthy domestic demand", compared to the 12% growth of the previous year.
Analysts expected 445.94 billion rupees in revenue from operations.
Analysts at Elara Capital stated that steel prices continued to be under pressure in the third quarter due to a softer rate for flat products and a supply exceeding demand.
The recent rise in steel prices, since December, and the anti-dumping duty are expected to support the sector on a near-term basis.
The Indian government has imposed an import duty of three years, known locally as a "safeguard duty", on certain steel products to reduce shipments from China.
In April, the government implemented a temporary duty of?12% for 200 days. The shorter period of time caused uncertainty for investors, but the new three-year "window" is expected to protect?local players on a long-term basis.
JSW Steel has also reduced its capital expenditure guide for the financial years 2026 from 200 billion rupees to a range of 150-160 billion rupees.
JSW Steel shares ended 1.2% lower than the previous quarter's results. (Reporting and editing by Mrigank Dahniwala, Eileen Soreng, and Anuran Sahdhu from Bengaluru)
(source: Reuters)