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Four people killed and one missing in fire at Greek biscuit factory
Fire brigade reported that a fire broke out following an explosion at a biscuit plant near Trikala, a city in central Greece. Four people were killed and one was missing. The blaze that consumed factory facilities was tackled by 53 firefighters, 16 trucks and ten more vehicles. According to a statement by the Athens News Agency, Violanta S.A. said that the cause of the accident was not clear. Fire officials reported that eight of the thirteen?people in the factory managed to escape. The fire brigade reported that four bodies had been recovered. They also said that disaster response units and investigators were on the scene. The largest Greek labour union GSEE stated that the 'four victims' were women, and demanded a thorough investigation into the incident. Initial evidence collected by experts suggests that the strong blast heard in the early hours of the morning was probably caused by a gas leak. The investigation, which is being overseen by a prosecutor and will be concluded in the 'coming days,' is expected. Adonis Georgidis, Health Minister, told ERTnews Radio earlier that six people, including a firefighter, were treated in a local hospital for respiratory issues. However, their lives were not in danger. "We are deeply saddened and shocked by the tragic incident that took place at our factory in Trikala. Violanta stated in a second press release cited by Athens News Agency that their only concern was to show respect and support to the families of those we lost. (Reporting and writing by Angeliki Koutantou, Renee Maltezou and Yannis Souliotis. Additional reporting and writing by Antonis Pothitos. Editing and editing by Alexandra Hudson and Andrew Cawthorne.
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Iron ore prices fall amid volatile geopolitical environment
Iron ore futures fell on Monday, as traders were cautious in the face of a tepid global geopolitical environment. However, rising inventories and recovering hot metal production suggest that prices have more room to rise. The 'May' iron ore contract most traded on China’s Dalian Commodity Exchange was 0.95% lower, at 784.5 Yuan ($112.77) per metric ton. As of 0708 GMT, the benchmark February iron ore traded on Singapore Exchange was $103.35 per ton lower. A trader with knowledge of the situation said that traders are generally cautious in a geopolitical environment where prices for Singapore iron ore remain?below $100 per ton. A report by Mysteel, released on January 26, said that prices would'remain tepid due to recovering hot metal production and Chinese Lunar New Year stocking. The report stated that iron ore inventories at steel mills were?still lower? than in the same period of previous years. It is expected that the current rate for inventory growth will continue. BHP Group, world's No. BHP Group, the world's No. Two traders reported that the stocks of BHP's Jimblebar Fines in major Chinese ports had risen 360% since late September, to 8.1 millions tons on January 13. Sources claim that Chinese steelmakers cannot take delivery of JMBF cargoes at ports. Steelhome's data from January 23 shows that iron ore inventories at major Chinese ports increased by 1.2% in a week. Coking coal and coke both increased by 1.35% and 0.444% respectively. The Shanghai Futures Exchange steel benchmarks mainly firmed. Rebar gained 0.29%; hot-rolled coils gained 0.12%; and wire rod hardened by 0.81%. While stainless steel fell 0.14%.
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Gold reaches record-high of $5,100 on the safe-haven rush
On Monday, gold surged above $5,100 per ounce, continuing a historic rally, as investors piled in to the safe-haven investment amid 'rising geopolitical uncertainty. Gold spot was up 2.2% to $5,089.78 an ounce at 0656 GMT after having earlier reached a record high of $5110.50. U.S. Gold Futures for February Delivery also gained the same amount, to $5.086.30 an ounce. The metal's price soared by 64% between 2025 and 2026, the biggest gain in a single year since 1979. This was due to safe-haven demands, a loosening of U.S. monetary policies, central bank purchases, including China's 14th consecutive month of purchasing in December, as well as record inflows in exchange-traded fund. The prices have risen by a record 18% in the last year. According to Kyle Rodda of Capital.com, the latest catalyst is "effectively this crisis of trust in the U.S. government and U.S. asset, which was set off by some of the erratic decisions made last week by the Trump administration". On Wednesday, U.S. president Donald Trump abruptly backtracked from his threats to impose tariffs against European allies to gain leverage over Greenland. He said over the weekend that he would impose 100% tariffs on Canada if they followed through with a trade agreement with China. He also threatens to impose a 200% tax on French champagne and wines in an apparent effort to get French President Emmanuel Macron to join his Board of Peace initiative. Observers fear that the Board of Peace could undermine the United Nations as the primary global platform for conflict settlement, even though Trump says it will work alongside the U.N. Rodda continued, "This Trump administration is causing a permanent rupture to the way that things are done. So now everyone is running towards gold as their only alternative." A rising yen has dragged down the dollar on Monday. Markets are on high alert for a possible intervention by the Federal Reserve and investors have been reducing their dollar positions in anticipation of the meeting this week. Gold priced in greenbacks is more affordable to holders of other currencies. Analysts predict that gold prices will continue to rise this year, reaching $6,000 on the back of rising global tensions and strong demand from central banks and retailers. "We expect more upside (for gold)." "Our current forecast indicates that prices will peak around $5,500 by the end of this year," stated Philip Newman at Metals Focus. Newman said that periodic pullbacks will occur as investors take their profits. However, we expect these corrections to be short-lived with a strong buying interest. Spot silver rose 4.8% to $107.903, having hit a record high of $109.44. Spot platinum rose 3.4% to $2.861.91 an ounce after reaching a session high of $2.891.6. Meanwhile, spot palladium climbed 2.5% at $2.060.70. Silver broke through the $100 barrier for the first-time on Friday. This follows a 147% increase in the previous year, as retail investor flows and momentum-driven purchases compounded an extended period of tightness on the physical metal markets.
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Andy Home: The nickel market in Indonesia plays the numbers game.
The nickel price has been on a rapid rise as investors bet that Indonesia, which is the world's biggest producer of battery metals, will slow down its explosive output growth. The London Metal Exchange (LME) 3-month metal has risen from a low of $14.235 per metric tonne in mid-December to a peak of $18,905 on January 14, a level last traded in 2022. Indonesia's Energy and Mineral Resources minister Bahlil lahadalia, in mid-December, triggered a nickel resurgence with his?promise? to cut production. An official from the Energy Ministry confirmed that this year, the annual mining permits for ore will be reduced to 250-260 millions wet tons from 379million tons in 2025. This is a big deal, given that Indonesia supplies 65% of the global nickel and has been the cause of the glut in the past two years. This is why the market reacted. There's much more to the headline figures than meets the eye. NUMBER-CRUNCHING First, Indonesian mining quotas refer to wet tons. Macquarie Bank analysts point out that the headline numbers are "difficult" to convert into actual nickel units because of the wide range of moisture content in ores. The moisture content of ores can reach up to 40%. The bank says that neither the operators nor the government report formally quotas and production levels. This makes it difficult to understand what's going on with Indonesia's huge nickel sector. The quota for last year was much higher than the actual production. According to FINI, the nickel smelter's association in Indonesia, last year's total ore demand was just 300 million wet tonnes. According to the World Bureau for Metal Statistics, imports from the Philippines reached 14 million tonnes in the first eleven months of 2025. The quota that has been proposed for this year will in fact?mean that production is cut, but not to the extent implied by "slashing". FINI predicts that the demand for ore by smelters will rise to 340 to 350 million tons in this year. This gap is significant and can only be partially filled by imports. Come back in June The FINI ore demand forecast shows you the amount of processing capacity that is still ramping-up in Indonesia. The government is faced with a difficult problem: How to limit ore production without harming existing smelters or those that are in the process or construction? Indonesian resource policies is aimed at creating greater value by moving the processing down the chain, from ore to intermediates to finished nickel. It won't help to deny new projects feed. Jakarta may have stopped approving new projects, but the smelter market is still growing rapidly. A mid-year review of how things are progressing can be used as a safety valve if tensions grow between ore production quotas and smelter demands. In other words, the headline annual mining permits number may change as the year progresses. Take back control Jakarta has no doubt about its intention to take more control over a sector that's grown too large too fast. The government has cracked down on illegal mining, and operators who violate environmental rules. In November, it stopped the approval of new smelters that produce intermediate products like nickel pig iron or matte. These are primarily used by the stainless steel sector and not the electric vehicle batteries. Reduced annual quota is another part of strategy, but don't expect Indonesian Nickel Juggernaut to shudder to a halt. It could take a while for this to happen and it is likely that the numbers will change again. Andy Home is an author and columnist. Andy Home is a columnist. You like this article? Check it out Open Interest (ROI) Your essential source for global financial news. Follow ROI on LinkedIn, Listen to the song Morning Bid daily podcast Spotify Or the . Subscribe to the podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
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Salamanca, Mexico: Armed attackers kill eleven at soccer field
On Sunday, the mayor of Salamanca in Mexico, Cesar Precio, posted on Facebook that armed attackers had?killed and injured 11 people at a soccer field following a match. However, the motive for this attack was not immediately known. Prieto said that a woman and a 'child' were injured in the "regrettable" and "cowardly" -attack on a social gathering in Loma de flores. He described the incident as a serious social breakdown. He added, "This incident adds to the wave of violence we are experiencing in Salamanca and throughout the state." "Unfortunately criminal groups are trying subjugate authorities which they won't achieve." The office of the Attorney General in the state Guanajuato (where Salamanca lies) has launched an investigation into the attack. In a press release, the office said it was working with local, state, and federal authorities to bolster security, protect the people, and identify the likely perpetrators. "Those who are responsible will be?found," Prieto said in his Facebook comments. Guanajuato, one of Mexico's most dangerous states. Reporting by Shivani Tana in Bengaluru, Editing by Tom Hogue & Clarence Fernandez
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Analysts say that gold has room to rise as geopolitics and cenbank purchases fuel gains.
Analysts predict that spot gold prices will continue to rise this year, after hitting a record high of $5,000 per ounce, due to mounting global tensions and strong demand from central banks and retail. As geopolitical risks and economic uncertainties roiled the markets, gold soared to $5,092.70. Safe-haven metal is up over 17% this year after rising 64% in 2025. According to the London Bullion Market Association’s annual precious metals survey, analysts expect gold prices to rise as high as $7150, and average $4,742 by 2026. Goldman Sachs raised its December 2026 forecast gold price to $5,400, up from $4,900. According to Ross Norman, an independent analyst, the average for this year is $5,375, and a maximum of $6,400. Norman stated that "the only certainty in the present seems to be uncertainty. This is playing into gold's favor." TENSIONS GEOPOLITICAL Gold's recent rally was fuelled by geopolitical pressures. These ranged from?the U.S. and NATO friction over Greenland, tariff uncertainty, to growing doubts about the independence of the U.S. Federal Reserve. Political uncertainty could increase with the mid-term U.S. elections. "Persistent concerns about overvalued equity markets will likely reinforce portfolio diversification flows to gold," said Philip Newman of Metals Focus. He added, "After reaching the $5,000/ounce mark, we expect further gains." PURCHASES FROM THE CENTRAL BANK ARE ROBUST This year, central-bank purchases of gold, which will be a major driver for prices in 2025 are expected to remain strong. Goldman Sachs predicts that gold purchases will average 60 metric tonnes per month, as central banks in emerging markets continue to diversify their reserves. This month, Governor Adam Glapinski stated that the central bank of Poland, which had 550 tons gold reserves at the end of 2025, wants to increase those reserves to 700 tonnes. These plans confirm the view that central banks are "looking to dedollarise" and gold is the best place to go. Norman said. China's central banks extended their gold buying spree in December for the 14th consecutive month. ETF INFLLOWS, RETAIL MANDA Prices are also supported by the inflows of investors into gold-backed exchange traded funds (ETFs), which hold bullion and provide investors with a large amount of investment. The markets expect more rate cuts from the United States this year. Gold that has no return on investment is an asset with a high opportunity cost. This opportunity cost decreases as interest rates fall. "If the Fed continues to lower rates in 2026 the demand for gold will rise," said Chris Mancini. World Gold Council data shows that gold ETFs will see record inflows of $89 billion in 2025. This is largely due to North American funds. In terms of?tonnage, inflows reached 801 metric tonnes, their highest level since 2020. The demand for gold jewellery has declined due to high prices. This is partly offset by the strong appetite for small bars and coin in important markets like India. Analysts said that bar-and-coin purchases are also visible in Europe. However, some investors are making profits. Gold's simplicity is appealing to many investors, says?Frederic Panizzutti. He is the global head of sales for Numismatica Genvensis which deals in precious metals coins. He said: "You do not need to analyze a balance sheet, assess credit risks or worry about country or sovereign risks." The only thing you have to worry about with gold is its price. As geopolitics, geoeconomics and other factors have become more complex, simplicity has become "more attractive". What's Next for Gold? Analysts believe that several factors, such as a reversal in expectations of a rate cut in the United States, margin calls for equities and an easing in concerns over Fed independence, could cause a correction. Most expect that any pullback will be short-lived, and used as an opportunity to buy. Newman said that a meaningful and sustained drop in gold would be impossible without a return to more stable geopolitical and economic conditions.
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Morning bid Europe-Yen's wild ride makes markets nervous
Ankur Banerjee gives us a look at what the future holds for European and global markets Investors are unsure when and how the authorities may intervene. After Friday's volatile surge, the yen has risen to a 4-month high of US$153.81 from as low a USD159.23. On Friday, sources said that the New York Federal Reserve had contacted traders in order to check rates. This is often a precursor of an actual intervention. The markets have also been focused on the U.S. cooperation and have been "generally selling" the dollar during Asian hours. This kind of big yen movement without an actual intervention speaks to investor skepticism and a relatively light position. Traders may be unwinding their short yen positions so as not to get in the way of the authorities stepping into the market. On Monday, top Japanese officials said they were in close coordination with the United States regarding?foreign exchange. The move of the yen has cast a shadow over the global markets. It has dragged the U.S. Dollar lower, and pushed some struggling Asian currencies, such as the South Korean won, to higher levels. The Nikkei fell about 2% as a result of the strong yen. Gold and silver both surged to new record highs as a result of the soft dollar. The markets are also anticipating a Federal Reserve meeting later this week, where the central banks is expected to remain steadfast on interest rates. However, much of the focus will be placed on concerns about central bank independence. The Justice Department has threatened a criminal probe against Powell in relation to the renovations of the Fed's newest headquarters. Trump's effort to remove Fed Governor Lisa Cook?also awaits an Supreme Court hearing. Investors will be interested in the earnings of Ryanair, as they come amid a social media feud between Elon Musk's and Michael O'Leary's Ryanair boss. Market developments on Monday that may have a significant impact Economic events in Germany: lfo survey results for January
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What drives the gold market and how investors buy it?
On Monday, gold reached a new record of $5,000 per ounce. This continued a historic rally in which investors have piled into the safe-haven investment amid increasing geopolitical tensions. Bullion's value will increase by 64% in 2025. This is the biggest annual gain since 1979. Its rise was driven by a combination of demand for safe-havens, bets made on U.S. interest rate cuts, central bank buying, dedollarisation trends, and inflows to exchange-traded funds. It is up 18% this year. Here are some tips on how to invest in gold. SPOT MARKET Big banks are usually the gold buyers for large investors and buyers. The spot market is determined by the real-time dynamics of supply and demand. London is the hub of the spot gold market. The London Bullion Market Association sets standards for gold trading, while providing a framework to facilitate over-the counter trades between banks, dealers and institutions. China, India and the Middle East are also major gold trading centres. Futures Market Investors can also get exposure to gold through futures exchanges. This is where people purchase or sell a commodity at a set price for a future date. COMEX is part of the New York Mercantile exchange and the gold futures market with the highest trading volume. Shanghai Futures Exchange is China's largest commodities exchange and offers gold futures. Tokyo Commodity Exchange (also known as TOCOM) is another major player in the Asian Gold Market. EXCHANGE-TRADED COMMODITIES Exchange-traded product or exchange-traded fund securities are backed by metal. This allows people to get exposure to the gold price without having to take delivery of metal. World Gold Council data shows that global gold ETFs will see record inflows by 2025, with North American funds leading the way. Inflows jumped to $89 billion annually. BARRES AND COINS Consumers can purchase 'gold' from dealers who sell bars and coins online or in stores. Gold bars and gold coins are two effective ways to invest in physical gold. Due to the surge in spot prices, investors have shifted their focus from jewellery to bars and coins. What drives the market? : Investor Interest and Market Sentiment The rising interest of investment funds has been one of the major factors behind bullion price movements in recent years. Market trends, news, and global events have all fueled speculative gold buying or selling. FOREIGN EXCHANGE RATE Gold is an excellent hedge against the volatility of currency markets. Gold has historically moved opposite to the U.S. Dollar, as a weakening dollar makes gold priced in dollars cheaper for holders other currencies. MONETARY POLICY & POLITICAL TENSE Precious metals are widely regarded as a safe haven in times of uncertainty. The U.S. trade tariffs imposed by President Donald Trump have sparked an 'international trade war' and rattled currency markets over the past year. Trump's capture and subsequent aggressive statements regarding Greenland acquisition have increased volatility since 2026. The global central banks' policies also affect gold's trajectory. Gold is less expensive to hold when interest rates are lower, because it does not pay interest. CENTRAL BANK GLOBAL GOLD RESERVES Gold is held in reserves by central banks, and the demand for gold from this sector in recent years has been robust due to macroeconomic and political uncertainties. In its annual survey conducted in June, the World Gold Council stated that "more central banks intend to increase their gold reserves in the next year despite rising prices." World Gold Council data shows that net central bank purchases for November totaled 45 metric tonnes. This brings the figure of the first 11 months of 2025 up to 297 tons. China continued to add gold to its reserves. Its holdings reached 74.15 millions troy ounces by the end of the month, up from 74.12 in the month before. This was the 14th consecutive month that it had increased its purchasing spree. Adam Glapinski, the Governor of Poland's Central Bank, said that the bank aims to increase its gold reserves from 550 tons to 700 tons by 2025. (Compiled by Bangalore Commodities and Energy Team, edited by Peter Graff and Jan Harvey and Himani Sakar)
Gold reaches record-high of $5,000 on the safe-haven rush
Investors piled into gold, the safe-haven investment amid increasing geopolitical uncertainty.
Gold spot rose 1.5% by 0544 GMT to $5,058.09 an ounce, after hitting a record high of $5.092.71 earlier. U.S. Gold Futures for February Delivery gained 1.6%, to $5.056.60 an ounce.
The metal's price soared by 64%, its largest annual gain since 1979. This was driven by the demand for safe havens, a loosening of U.S. monetary policies, central bank purchases, including China's 14th consecutive month of purchasing in December, as well as record inflows to exchange-traded fund.
The prices have increased by more than 17% in the last year.
Kyle Rodda is a senior analyst at Capital.com. He said that the latest catalyst was "effectively this crisis of trust?in U.S. government and U.S. asset, which was set off last week by some erratic decisions from the Trump administration".
On Wednesday, U.S. president Donald Trump abruptly backtracked from his threats to impose tariffs against European allies as leverage to seize Greenland.
He said over the weekend that he would impose 100% tariffs on Canada if they followed through with a deal with China.
He has also threatened to impose 200% tariffs on French champagnes and wines in an apparent attempt to get French President Emmanuel Macron to join his Board of Peace initiative. Some observers worry that the board will undermine the United Nations as the primary global platform for conflict settlement, even though Trump says it will work alongside the U.N.
Rodda continued, "This Trump administration is causing a permanent rupture to the way that things are done. So now everyone is running towards gold as their only alternative."
A rising yen has pushed the dollar down on Monday morning, as markets are on high alert for any possible intervention by the Federal Reserve in regards to?the yen, and investors have been reducing their dollar positions before this week's Federal Reserve Meeting.
Gold priced in greenbacks is more affordable to holders of currencies other than the dollar.
Analysts predict that gold prices will continue to rise this year, reaching $6,000 on the back of rising global tensions and strong demand from central banks and retailers.
"We expect more upside (for gold)." According to Philip Newman, director of Metals Focus, our current forecast indicates that prices will peak around $5,500 by the end of this year.
Newman said that periodic pullbacks will occur as investors take their profits. However, we expect these corrections to be short-lived with a strong buying interest.
Technical analyst Wang Tao stated that spot gold could break through resistance at $5.088 an ounce and rise towards the $5.168 to $5.188 range.
Spot silver rose 3.8% to $106.8, having hit a record high of $109.44. Spot platinum increased 1.3% to $2.802.30 an ounce after reaching a session high of $2.891.6. Meanwhile, spot palladium rose 1.2% at $2.034.75 an ounce.
Silver broke through the $100 barrier for the first-time on Friday. This follows a 147% increase in the previous year, as retail investor flows and momentum-driven purchases compounded an extended period of tightness on the physical metal markets.
(source: Reuters)