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Gold prices rise as US tariffs and shutdown uncertainty boost demand
Gold prices rose on Thursday due to a weaker US dollar, a renewed demand for safe-haven assets and concerns about a long U.S. shutdown as well as uncertainty regarding tariffs. By 1:40 pm, spot gold had risen 0.2% to $3,989.91 an ounce. ET (1840 GMT). U.S. Gold Futures for December Delivery settled at $3.991 with little change. Dollar fell by 0.5%, after reaching a four-month peak in the previous session. This made gold more affordable for foreign buyers. Peter Grant, senior metals analyst at Zaner Metals and vice president, said that the U.S. shutdown of government and the doubts of U.S. Supreme Court Justices about the legality President Donald Trump's sweeping Tariffs are causing a "revival of the haven bid". "Gold is on track to have a decent end to the year. I would say that a target of $4,300-$4,400/oz seems reasonable." Markets expect another rate cut in December, after the U.S. Federal Reserve lowered interest rates last week for the second consecutive time this year. Beth Hammack, President of the Fed Bank of Cleveland, said that on Thursday high inflation rates continue to be a concern. The following are some examples of the use of The U.S. Central Bank has cut interest rates once again. Gold is a good hedge in times of uncertainty. Gold is a non-yielding investment that also performs well in environments with low interest rates. Traders are cautious and watching out for the fallout of U.S. president Donald Trump's policies on trade as well as risks associated with a prolonged U.S. shutdown. SP Angel wrote in a report that it would be surprising if gold remained rangebound at $4,000/oz, as speculative money exits the market. Central bank purchases will remain the main positive tailwind for gold going forward. Other than that, silver spot rose 0.3%, to $48.22 an ounce. Platinum was down 1.8%, at $1,533.93, while palladium dropped 2.7%, to $1,381.18. (Reporting from Noel John in Bengaluru and Pablo Sinha, with additional reporting by Kavya Baliaraman. Editing by Sahal Muhammad and Tasimzahid.
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Norway invests about $3 billion into forest conservation fund
The Norwegian government announced on Thursday that it would contribute around $3 billion to the Tropical Forests Forever Facility. This multilateral fund is intended to support the global conservation of endangered forest. The largest donation announced to date for the new fund proposed in Brazil by the summit's host is this first-reported gift. In a statement, the Norwegian government confirmed that it will contribute up to 30 billion crowns (2.99 billion dollars) to the fund by 2035. The fund aims to use contributions from government to raise more private funding. Brazil and Indonesia each contributed $1 billion to the fund. Fernando Haddad, the Brazilian Finance Minister, said that he believes $10 billion in public money is an ambitious but achievable target for the first year of the fund. The TFFF is envisioned by policymakers as a $125 billion fund that combines contributions from the private and sovereign sectors. It would be administered like an endowment. Countries would receive annual stipends based upon how much of their rainforests remain standing.
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What are the world leaders saying in Brazil at the climate summit?
Brazil will host world leaders at a summit in Belem, a rainforest city, on Thursday before the COP30 Climate Conference. What the leaders have to say U.N. SECRETAIRE-GENERAL ANTONIO GUTERRES We can either choose to lead or we can be led into ruin. "Too many companies are making record profits by destroying the climate, while spending billions on lobbying and deceiving public opinion and obstructing advancement. And too many leaders continue to be captives of these entrenched interest." BRAZILIAN PRESIDENT LUIZ INACIO LULA DA SILVA We need a road map to plan an equitable way to undo the deforestation and overcome fossil fuels, as well as mobilize resources to achieve these goals. "Extremists invent lies to gain electoral advantage and imprison the future generation in an old model that perpetuates economic and social disparities, and environmental degradation." CHINA VICE-PRESIDENT DING XUEXIANG VIA TRANSLATOR "It's imperative that all parties uphold true multilateralism and strengthen coordination and solidarity in order to make sustainable progress on global climate governance. We need to improve international collaboration in green technology and the industry. Remove trade barriers, and allow the free flow quality green products. BRITAIN'S PRINCE WILLIAM "We are gathered here, in the Amazon, at a pivotal time in human history. A moment that requires courage, cooperation, and an unwavering commitment for the future of our planet, one that does not belong to us but to our grandchildren and children. We all know that we are dangerously close to Earth's tipping points. Beyond these thresholds, the natural systems on which we depend may start to unravel. TRANSLATOR: CHILE'S President GABRIEL BORIC "These are the times when voices are rising to deny or ignore the scientific evidence about the climate crisis. "The President said that the climate crisis does not exist at the U.N. "The President of the United States at the last U.N. ESWATINI PRIME MINISTER DLAMINI RUSSELL Collaboration is vital. We must actually go beyond just collaboration and increase our ambition, aligning ourselves with scientifically-determined emission reduction targets. "For Africa, this struggle isn't about environmental policy. It's about justice and survival. Africa is responsible for less than 4% global greenhouse gas emissions. "Yet we suffer the most severe consequences." IRISH PRIME MINISTER MICHEAL MARTIN Belem has fewer people. "At a moment when leadership in politics is more important than ever, we are fewer. Fewer leaders willing to say it like it is. Climate change is irrefutable. Science is unquestionable. The clock is ticking, temperatures are rising. We are failing our citizens and the planet in a profound way if we don't tell them the truth. (Reporting and editing by Nia Williams; William James)
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Sudan's RSF accepts US proposal for humanitarian cessation of fire
The Sudanese paramilitary Rapid Support Forces have agreed to the United States' and Arab countries' proposal for a humanitarian truce and are open to discussions on a cessation in hostilities. Both the RSF and the Sudanese army have agreed to various ceasefire proposals during their two-and-a-half-year-old war, though none have succeeded. The administration of U.S. president Donald Trump has stated that it is working to end fighting in Sudan. The Sudanese Army did not respond immediately to the announcement. It comes less than two week after the RSF had taken over the famine-stricken town of al-Fashir and consolidated its control of the vast western region of Darfur. The Rapid Support Forces (RSF) also look forward to implementing this agreement and starting discussions immediately on arrangements for the cessation and the basic principles that guide the political process in Sudan." An RSF statement stated. The army-led Security and Defense Council held a meeting earlier this week but failed to give a definitive response to the proposal. However, influential leaders and allies in the army expressed their disapproval. A spokesperson for the U.S. State Department said on Thursday that the United States continue to work directly with all parties to facilitate an humanitarian truce. The spokesperson stated that "we urge both sides to respond to the U.S. led effort to conclude an humanitarian truce given the urgency to de-escalate the violence and end the suffering of Sudanese citizens." In September, Saudi Arabia and the United Arab Emirates, as well as Egypt, called for a three month humanitarian truce to be followed up by a permanent ceasefire in Sudan. Witnesses claim that the RSF abducted and killed civilians both during and after their capture of al-Fashir. This includes summary executions. The leader of the group called for all fighters to protect civilians, and warned that any violations will be prosecuted. In April 2023, the war between the Sudanese Army and the RSF broke out when the forces clashed about plans to integrate forces. The conflict in Sudan has caused a devastation that has killed tens and thousands of people. Hunger has spread throughout the country, and millions have been displaced. Reporting by Khalid Abdelaziz, Nafisa eltahir and Daphne Psaledakis; Additional reporting in Washington by Enas alashray; Editing and writing by Alex Richardson; Aidan Lewis; and Diane Craft
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Report: Power supply issues slow EMEA data center rollout
A Savills report found that data centre capacity growth in Europe, the Middle East, and Africa has slowed since 2025 compared to last year's same period, despite a surge in demand. This is due to a lack available power, which delays project timelines. Since ChatGPT's release in late 2022 the global data centre demand has risen and projects are being planned. Investors and governments have bet that generative artificial intelligent will revolutionise how we all work and live. The demand for electricity to power these centres has increased. Savills, a global provider of real estate services, reported that since January, new data centres have added 850 megawatts of power, which is 11% less than the same period in 2024. Megawatts are the main metric for sizing a data centre. This is the maximum power that a data center can provide to its servers, cooling systems and other infrastructure. Savills reported that overall data centre capacity has increased by 12% to 11,400 MW, from 10,140MW a year ago. The report stated that the decline in power delivered year-to date is largely due to persistent energy supply constraints which have delayed projects, and not because of a decrease in demand for data centers. Savills stated that the demand for these centres continues to surge, resulting in an imbalance and a restricted supply of power. The actual amount of new capacity that was occupied fell to just 845 megawatts. This is only half the power capacity leased by 2024. The figures include also pre-lets, which are leases for future data centers. The total contracted power capacity, which includes both the live and future contracted capacity, grew by 12% on an annual basis to 14,500MW. This shows a strong under-demand. In the third quarter 2025, 91% all data center capacity was leased. This is up from 87% during the same quarter in 2022. This also reflects a strong demand. (Reporting and editing by Amanda Cooper, Emelia Sithole Matarise and Lucy Raitano)
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Sterling rises as BoE rates remain unchanged, but stocks drop due to tech shares
The major stock indexes dropped sharply Thursday. Consumer discretionary and technology shares led the losses in the S&P 500. Meanwhile, the British pound strengthened after the Bank of England decided against a rate cut. The shares of U.S.-based chipmaker Qualcomm fell more than 4% following Warning Samsung's future gadgets may not have as many chips as they used to. Shares Legrand's stock dropped after the French data center equipment company reported sales growth in the first nine month of the year of 11.9%, which was slightly below expectations and hit by U.S. Tariffs. The last change in the sterling was 0.37%, at $1.3097. The BoE Monetary Policy Committee, in anticipation of possible tax increases in UK Chancellor Rachel Reeves budget due later this month (later this month), voted by 5 to 4 to maintain the Bank Rate benchmark at 4.0%. The vote was close, but expectations of a reduction before the end of the year were not affected. Investors on Wall Street continue to focus their attention on the U.S. shutdown, the trade tariff rulings and the slew corporate earnings. This earnings season will not be defined by the past. "The market is looking for guidance, and with tariffs, shutdown, and possible peak AI (artificial Intelligence), the future may be bleak," stated Jake Dollarhide. He is the chief executive officer at Longbow Asset Management, located in Tulsa. Some U.S. Bank Chief Executives spoke out against the proposed tax on financial services. You can also read about the warnings below. What to expect from a possible market decline. Investors digested a Challenger, Gray & Christmas report that revealed employers in the United States cut more than 150.000 jobs in October, marking this month's largest reduction in over 20 years. Investors have been attracted to private economic data in the absence of official statistics during the longest government shutdown ever experienced by the United States. The Dow Jones Industrial Average dropped 373.08 or 0.79% to 46,937.92. The S&P 500 fell 63.56 or 0.94% to 6,732.73, and the Nasdaq Composite declined 363.84 or 1.56% to 23,135.95. The MSCI index of global stocks fell by 4.87 points or 0.49% to 903.02. The STOXX 600 Index fell by 0.73%. Overnight, Japan's Nikkei rebounded 1.4% after sliding 2.5% on Wednesday. Shanghai's benchmark index, which is a psychologically significant level of 4,000, regained the level after optimism about tech self-sufficiency drove its semiconductor and AI related shares. The dollar dropped after weak U.S. employment data raised market expectations that the Federal Reserve would cut rates again this year. The dollar index (which measures the greenback in relation to a basket of currencies, including the yen, the euro and others) fell by 0.28%, while the euro rose 0.36%, reaching $1.1532. The dollar fell 0.64% against the yen to 153.12. After the BoE's decision, yields on euro zone benchmark Bunds fell from their previous four-week high. Germany's 10-year bond yields are down by 2 basis points at 2.65%, after reaching 2.676% in the early session. This is the highest level seen since October 10. Investors are concerned about the U.S. labor market, and the uncertainty caused by the government shutdown. The yield on the benchmark 10-year U.S. note fell by 6.4 basis points, to 4.093% from 4.157% at late Wednesday. U.S. crude fell 0.69% to $59.18 per barrel while Brent dropped to $63.19 a barrel, down by 0.52% for the day.
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ArcelorMittal CFO: ArcelorMittal is ready to capture EU Market Share from Lower Steel Imports
ArcelorMittal can capture a part of the market void caused by lower imports, once the EU steel quotas are implemented. This was the Chief Financial Officer GenuinoChristino's statement on Thursday. Christino told analysts that he did not see any problem in capturing that portion of the market. In October, the European Commission proposed a reduction of almost half in tariff-free import quotas for steel and a 50% tax on excess shipments. This was done to maintain viable steelmaking within the European Union. However, it is not yet clear when these new measures will be implemented. Christino stated that the current measures will expire on June 20, 2026. ArcelorMittal, however, expects that the European Parliament and Council recognize the "urgency of the issue" and assist in implementing it as quickly as possible. The second-largest steelmaker in the world reported an improved third-quarter profit on Thursday, helped by a solid performance in Europe. It also gave a positive outlook to 2026.
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What are the world leaders saying in Brazil at the climate summit?
Brazil will host world leaders at a summit in Belem, a rainforest city, on Thursday before the COP30 Climate Conference. What the leaders have to say U.N. SECRETAIRE-GENERAL ANTONIO GUTERRES We can either choose to lead or we can be led into ruin. "Too many companies are making record profits by destroying the climate, while spending billions on lobbying and deceiving public opinion and obstructing advancement. And too many leaders continue to be captive to these entrenched interest." BRAZILIAN PRESIDENT LUIZ INACIO LULA DA SILVA We need a road map to plan an equitable way to undo the deforestation and overcome fossil fuels, as well as mobilize resources to achieve these goals. "Extremists invent lies to gain electoral advantage and imprison the future generation in a model that is outdated and perpetuates social and economical disparities, environmental degradation and other forms of injustice." CHINA VICE-PRESIDENT DING XUEXIANG VIA TRANSLATOR "It's imperative that all parties uphold true multilateralism and strengthen coordination and solidarity in order to make sustainable progress on global climate governance. We need to improve international collaboration in green technology and the industry. Remove trade barriers, and allow the free flow quality green products. BRITAIN'S PRINCE WILLIAM "We are gathered here, in the Amazon, at a pivotal time in human history. A moment that requires courage, cooperation, and an unwavering commitment for the future of our planet, one that does not belong to us but to our grandchildren and children. We all know that we are dangerously close to Earth's tipping points. Beyond these thresholds, the natural systems on which we depend may start to unravel. TRANSLATOR: CHILE'S President GABRIEL BORIC "Now is the time when voices are raising that decide to ignore or deny scientific evidence about the climate crisis. "The President said that the climate crisis does not exist at the U.N. "The President of the United States at the last U.N.
US looks to reboot aluminium sector with a new smelter: Andy Home
The U.S. is going to build its first main aluminium smelter in 45 years.
The Biden-Harris administration has awarded $500 million to Century Aluminum towards the building of a new green low-carbon smelter.
The goal is to stop what U.S. customers such as Ford Motor and PepsiCo have described as a crisis in a sector that has avoided 19 to simply four operating domestic plants over the last two decades.
With aluminium use expected to grow highly thanks to its usage in energy transition applications such as solar power and wind turbines, the aspiration is also to lower the country's. import reliance.
Nevertheless, equating aspiration into truth will depend upon. whether Century can discover adequate green power to run its new green. smelter.
SECTOR REBOOT
U.S. production of primary aluminium fell from 3.8 million. metric loads in 1999 to 785,000 loads in 2015.
It will decline once again this year due to the idling of the New. Madrid smelter in Missouri in January.
There are now just four running plants, two owned by Alcoa. and two by Century, with combined yearly capacity of. around 650,000 loads.
The Trump's administration introduction of a 10% aluminium. import tariff in 2018 marked just a quick pause in the long-term. decrease.
U.S. import dependency is currently large at just over four. million heaps every year and is set to grow even more as the 2022. Inflation Decrease Act (IRA) promotes investment in energy. transition sectors such as electric automobiles and renewable. energy.
They all require aluminium. In 2020, the World Bank determined. the metal as a high-impact and cross-cutting metal in all. existing and prospective green energy technologies.
Worldwide usage is anticipated by the International Aluminium. Institute to increase from 108 million tons in 2022 to 176 million. by 2050.
President Joe Biden's administration has actually channelled an. approximated $1.25 trillion of funds into new green energy sectors,. but the money offered to aluminium's supply side accumulates at. just $126 billion, according to U.S. believe tank SAFE. ( Legislative Analysis for the U.S. Aluminum Market, May. 2023)
The majority of those funds have actually come in the type of IRA tax credits. for innovative production instead of direct financial investment in more. capability.
The combination of a diminishing domestic production base and. fast-rising need is a significant obstacle for a government looking. to re-shore vital mineral supply chains. The addition of Century's aluminium job in a wider $6. billion bundle of commercial decarbonization grants reveals the. Biden administration is only too aware of the requirement for a reboot.
POWER OBSTACLE
As soon as finished, the brand-new smelter would double the size of. the present U.S. main aluminium market, Century stated.
That suggests it's going to be a significant smelter. It will. also produce just 25% of the emissions of a conventional smelter. thanks to what the Department of Energy (DOE) referred to as. state-of-the-art, energy-efficient design and usage of. carbon-free energy.
Aluminium is produced from alumina by electrolysis, meaning. smelters are massive and constant power users.
The decline and fall of the U.S. smelter sector has actually been as. much about the absence of cheap power as anything else. Moreover,. the staying plants draw their power from fossil-fuel. generators, meaning their metal comes with a fairly high. carbon footprint.
A brand-new smelter drawing on carbon-free energy is the most. apparent way to fix up industrial revival and net-zero. commitments.
Century is looking at websites in the Ohio-Mississippi River. Basin area, recommending the business is considering the area's hydro. power capability.
Nevertheless, it remains to be seen whether there suffices. spare capacity to guarantee power to a smelter of the size being. proposed.
It will also undoubtedly require time to build and bring into. production.
SECONDARY REBOOT
A shorter-term service is offered by the secondary. aluminium sector, which is inherently greener than the. primary one since re-melting only uses around 5% of the energy. needed to make virgin metal.
5 metals jobs were selected for funds under the. Industrial Demonstrations Program, which is managed by DOE's. Office of Clean Energy Demonstrations.
One of those is Century's brand-new smelter. Constellium. will receive $75 million towards a first-of-its-kind zero-carbon. aluminium casting plant in Virginia.
The other three go to the secondary metals sector.
Wieland will get up to $270 million for an advanced copper. recycling job in Kentucky.
Real Alloy Recycling is designated approximately $67.3 million for. its plans to construct the first zero-waste salt slag recycling. facility in the U.S.
It's not quite as headline-grabbing as a brand-new main. smelter, but recycling what presently goes to land fill would be. a significant improvement of aluminium's circularity.
So too would be Golden Aluminum's Next Generation Mini Mill. job, which is getting $22.3 million of federal financing. The. goal is to decrease natural gas intake, improve process. effectiveness, and recycle 15% more mixed-grade aluminum scrap.
This project would be highly replicable to name a few U.S. aluminum manufacturers and can help solidify the U.S. as a world. leader in decarbonized secondary aluminum production, the DOE. said.
Advanced materials recycling is an area where Western metal. operators still have a technical edge on Chinese rivals and. it makes sense to purchase preserving this green benefit.
It likewise offers a short-term way of moderating U.S. import. dependency while Century enters search of power.
The opinions expressed here are those of the author, a. writer .
(source: Reuters)