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Gold reaches uncharted territories above $3,100 as US tariffs approach
Gold prices have soared above $3,100 an ounce, marking the largest rally in precious metal history. Psychological levels were swept away by a cocktail factors, including concern about the fallout of impending U.S. Tariffs. On Monday, spot gold reached a new record price of $3128.06 an ounce. Gold prices rose due to uncertainty surrounding U.S. president Donald Trump's tariffs, as well as strong demand from central bankers, the expectation of an interest rate cut by the Federal Reserve and geopolitical unrest in the Middle East and Europe. Bullion will record its largest quarterly increase since September 1986. It has already reached 19 all-time records in 2025. Seven of these are over the $3,000 mark. Prices have risen 18% in 2018, after a 27% increase in 2024. Gold's rally was fuelled by rising geopolitical tensions and inflation fears, as well as strong investor demand. This trend seems sustainable given the macroeconomic climate, including trade war uncertainty and central bank policy. The U.S. president Donald Trump will announce reciprocal tariffs in the United States on April 2. Automobile tariffs are expected to take effect April 3. "Geopolitical uncertainties are high with Middle East hostilities continuing and a complete Russia/Ukraine ceasefire still elusive." Trump's comments over the weekend on Russia, Iran and Greenland have raised geopolitical temperatures, which has further enhanced gold's appeal, said Nikos Tzabouras. Senior market analyst at Tradu.com. Gold's performance in 2017 was its best since 2010. This was due to market participants seeking a safe haven as a result of increased geopolitical instability resulting from wars and conflicts in the Middle East, Europe and Asia, and also to protect against the economic turmoil that accompanied Trump's election and tariff proposals. The Fed's policy of rate easing, which was implemented after it cut rates by 50 basis point in September, also played a major role. Fed officials are expecting two rate cuts before the end of this calendar year. Capital Economics analysts said that while buying gold might reduce central banks' exposure to the dollar overall, they don't believe the surge in gold demand by central banks reflects a serious loss of faith in the greenback. The perception of gold as a safe-haven is likely to be the main driver of central bank demands. We believe that official purchases of gold will drive the price above consensus to $3,300 an ounce by 2025. The increased interest in gold by investors is reflected in ETF inflows. These ETFs saw their largest weekly inflows since March 2022. This indicates a renewed rush to the precious metal. Zumpfe stated that "while North American ETFs saw inflows, a broader trend indicates an increasing demand from Europeans seeking safe haven assets because of political uncertainty."
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Gold sprints record highest quarter ever at $3,100/oz
Gold prices continued their record-breaking run on Monday. They topped $3,100 an ounce, a new high. Uncertainty about tariffs, which could stoke up inflation and hurt economic growth, boosted demand for safe havens and helped bullion to continue its best quarter since 1986. By 09:47 am, spot gold had risen 0.7% to $3.103.99 an ounce. The previous record was $3,128.06 at 1347 GMT. U.S. Gold Futures rose 0.7% to $3,136.10. David Meger is director of metals and futures at High Ridge Futures. He said that the ongoing uncertainty about tariffs had affected equity markets, causing another round of safe-haven buying in the gold market. There are some technical resistance areas along the way which could lead to a small profit taker or retracement. The bullish trend continues. "The fundamentals are still in place." The U.S. president Donald Trump will announce reciprocal tariffs in the United States on April 2. Automobile tariffs are expected to take effect April 3. Trump announced on Sunday that he will impose secondary tariffs between 25% and 50% on Russian oil buyers if he believes Moscow is blocking Trump's efforts to end the Ukraine war. Bullion is up around 18% this year after rising by more than 27% last year. This has been supported, amongst other things, by a favorable monetary policy, central bank purchases and the demand for exchange traded funds. Analysts said that the gold Relative Strength Index is above 77. This indicates the market has become overbought. However, the analysts also noted the fact that the current momentum defies any logic about where the prices are. Goldman Sachs expects gold to exceed $4,500 in the next year under extreme market conditions. The continued uncertainty regarding President Trump's policy on trade will fuel macro funds to buy more gold, said Daniel Ghali. Commodity strategist at TD Securities. Silver spot fell 1.7%, to $33.53 per ounce. Platinum was down by 0.6% at $977.90. Palladium rose 0.2% to $973.68. All three metals are headed for gains in the month of March. Ghali stated that "Silver is not benefiting from the increase in gold prices, but rather it reflects the idiosyncratic rise in the price of gold as opposed to the weakness in the price of silver."
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After Trump said he was 'pissed' at Putin, the Kremlin has stated that it is working to bring peace to Ukraine
The Kremlin announced on Monday that Russia and the United States are working together on ideas to find a peace settlement in Ukraine, and building bilateral relations despite Donald Trump's claim that he is "pissed" at Vladimir Putin. Trump told NBC News he had been very angry when the Russian leader questioned the credibility of Ukrainian president Volodymyr Zelenskiy. The U.S. President suggested he might impose secondary tariffs between 25% and 50% on buyers of Russian crude oil. Trump told reporters that he had been disappointed by Putin, but added "I believe we are making progress step-by-step." When asked about Trump's remarks, Kremlin spokesperson Dmitry Peskov responded that Moscow continued to work with Washington. He also said that Putin was open to contacting Trump. Peskov stated that "we are continuing to work on the American side to first and foremost, build our bilateral relationships, which were severely damaged under the previous administration (U.S.)." "We are also working to implement some ideas related the Ukrainian settlement." We are working on this, but there is nothing specific that we can or should share with you. It is a long process. This is probably because it's complex." He said that a call between Trump, and Putin could be arranged at short notice, but none had been scheduled for this week. Trump, who wants to be known as a peacemaker and has said repeatedly that he wants a three-year term, wants the three year term. Conflict in Ukraine The United States and Russia have warned that the situation could escalate into a war of global proportions. OIL AND RARE ARTHS Since assuming office in January, Trump's softer stance toward Russia has made Western allies wary of his efforts to end the war. His comments on Putin Sunday show his frustration over the lack of progress on a ceasefire. If Russia and I cannot reach an agreement to stop the bloodshed in Ukraine and if I believe it is Russia's responsibility, then I will impose secondary tariffs on all oil coming out of Russia. Trump said that he would impose secondary tariffs on all Russian oil. Trump stated that "if you purchase oil from Russia you cannot do business in the United States." "There will be 25% tariffs on all oil. A 25-to-50-point tariff for all oil." The oil prices are little changed from Monday. Traders tried to work it out How Trump's threat to impose secondary tariffs on the world's largest oil exporter could look. China and India purchase about 80% the Russian crude oil exports. Chinese traders were unfazed, and Beijing claimed that its cooperation with Russia was not affected or directed by third parties. India declined comment. Both Kyiv, and Moscow have floated the idea of mineral cooperation amid Trump's efforts to end fighting in Ukraine. However, Trump stated on Sunday that Zelenskiy was not interested in a proposed agreement. Kirill Dmitriev said that the U.S. and Russia have begun talks about joint projects in Russia involving rare earth metals. Some companies have expressed interest, he added. The interest is obvious, even though there aren't any specifics. Peskov said that the interest was mutual because they were talking about projects with mutual benefits. (Reporting and writing by Gleb Stlyarov, Anastasia Teterevleva & Andrew Osborn; Editing and marking by Timothy Heritage & Mark Heinrich).
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Reports indicate that coalition partners are close to a budget agreement, resulting in a gain of the South African rand
Local news reported that the two largest political parties in the ruling government coalition were close to reaching an agreement which could end the impasse regarding the country's budget. At 1240 GMT the rand was trading at 18.38 per dollar, a 0.3% increase over Friday's close. It had earlier traded up by more than 1%. The rand's value has been volatile for several weeks as the African National Congress and Democratic Alliance have been negotiating over the budget impasse. The uncertainty has been exacerbated by the fear of U.S. president Donald Trump's proposed tariffs. News24, a South African news site, reported Monday that ANC and DA are close to a budget agreement. Business Day also reported that a deal is close, after the DA made final amendments on Sunday to proposals for a contract. A DA spokeswoman said that budget negotiations are continuing and the party is hopeful to reach a deal. A spokesperson for the ANC did not respond immediately to a comment request. Last month, the budget was delayed due to disagreements among coalition partners about raising value added tax (VAT), from 15% to 21%. Finance Minister Enoch Goongwana then presented a revised version of the budget that included a 1-point increase in VAT spread over two-years. The DA has also rejected the revised Budget, saying that it puts the future of government in danger. However, the DA and ANC continue to discuss behind the scenes. On Wednesday, lawmakers will be examining the fiscal framework as well as revenue proposals related the budget. The Top-40 Index on the Johannesburg Stock Exchange was down by 0.6% last. The yield on South Africa's benchmark government bond for 2030 was lower by 5.5 basis points, to 9.1%. Reporting by Sfundo parakozov and Bhargav acharya; Editing and production by Alexander Winning and Philippa Fletcher
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Dow and X-energy apply for a nuclear construction permit in Texas
The companies announced on Monday that Dow Chemical and X-energy Reactor Company had submitted a permit application to Nuclear Regulatory Commission for a proposed project at Seadrift in Texas. Why is it important? In recent years, the U.S. Nuclear Industry has experienced challenges with expansion. However, the industry is now experiencing a boom in demand due to the power-intensive nature of data centers, and the shift towards low-emission, alternative energy sources. Small modular reactors are becoming more popular among companies. They are compact, cost-effective and faster to construct than full-sized nuclear reactors which can take years to build. The project was supported by the U.S. Department of Energy (DOE) Advanced Reactor Demonstration Program. This program aims to speed up the deployment of advanced nuclear reactors via cost-shared partnership with U.S. Industry. CONTEXT Dow's advanced SMR project is being developed by Long Mott Energy and aims to replace Dow's existing energy and steam assets with clean power and industrial Steam for its UCC1 Seadrift manufacturing operations. Dow's Seadrift plant manufactures over 4 billion pounds per year of materials used in a variety of applications, including food packaging, footwear and preservation. The permit approval could take up to 30 month. (Reporting and editing by Vijay Kishore in Bengaluru, Tanay Dhumal from Bengaluru)
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Czech cyanide producer Draslovka finds new revenue driver in the sodium-ion batteries market
The CEO of Czech chemicals manufacturer Draslovka, Pavel Bruzek Jr., said that the company expects to earn more than a quarter of its total gross income in five years due to a growing demand for sodium-ion battery. In recent years, the company has grown and derived most of its revenue from U.S. operations. It has partnered with Natron Energy this month to supply Prussian Blue material for their batteries. Prussian Blue is made by Draslovka from sodium cyanide. It's a product that it produces in both the United States and Czech Republic. Bruzek said late on Friday that a Czech production for Natron Energy is expected to begin in 2026. This will be used as a model for a bigger U.S. facility to feed Natron. Last year, Natron announced it would invest $1.4 billion into a sodium-ion batteries facility in North Carolina. Data centres, for instance, use Sodium-based Batteries for short-term energy storage. These batteries only store half as much energy as lithium-based batteries per kilogram. Bruzek stated that the global economic crisis has pushed Draslovka’s plans for raising its earnings before interest tax, depreciation, and amortization (EBITDA), to approximately $400 million by 2020, to 2029 or 2030 on revenues of around $1 billion. He said, "We're on the right track but we won't get there exactly as originally planned." He added that the new business could "definitely" contribute to a third EBITDA, and "it could be even more". Draslovka's adjusted EBITDA was $74.8 million by 2023 and its EBITDA margin was 16%. Bruzek's outlook is for a higher profit margin, driven by the sales of capital-intensive and service solutions. He said Draslovka controlled by Czech family investment firm BPD Partners and Bruzek’s family was looking for potential investors to fund expansion but, for the moment, it was supported by existing shareholders. Oaktree Capital Management invested 150 million dollars in Draslovka by 2023. Draslovka had previously considered an initial public offer, but Bruzek stated that the time wasn't right. (Reporting and editing by Andrew Heavens; Jan Lopatka, Jason Hovet)
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Kazakh miner Solidcore reports profit increase on high gold prices
Kazakh gold miner Solidcore said Monday that high gold prices and growth in sales have almost doubled their net profit by 2024. However, they warned of the impact sanctions on concentrate delivery to Russia will have on first-quarter revenues. Solidcore (formerly Polymetal International) is the second largest gold miner in Kazakhstan. It expects to produce 487,000 gold equivalent ounces by 2025. In 2024, the company sold off its Russian assets after U.S. sanctions were imposed on its business in Russia in response to Moscow’s military actions in Ukraine. About 70% of the group's output and 50% of its core earnings came from the Russian business. Solidcore reported that, in the results for the fiscal year ending December 31 2024, Solidcore's net profit increased 96% on an annual basis to $533 millions, after excluding its Russian business, which is now classified as a discontinued operations. Solidcore reported a 49% increase in revenue to $1.3 billion. The revenue for this year is already under pressure. Solidcore stated that delays in concentrate deliveries to Amursk POX in Russia due to operational issues arising from the impact of the international sanctions on Russia are expected to have a negative impact on revenue in the first quarter. Gold prices soared to record levels on Monday, surpassing $3,100 an ounce, amid fears of inflation caused by U.S. Tariffs. The safe-haven investment is set to have its best quarter since 1986. The gold price has risen by around 18% this year. This is a continuation of its 27% increase last year which was the best performance for over a decade. In a press release, Vitaly Nesis, CEO of the company said that "in 2024 our stable performance and favorable gold prices will drive robust financial results." Solidcore plans to double its production by 2029 to 1 million ounces equivalent gold, using mergers and acquisitions across Central Asia and the Middle East. The company has therefore suspended dividend payments until further notice. Capital expenditures in 2024 will rise by 44%, to $208 millions, which is below the forecast. Capital expenditures are expected to reach $300 million this year. (Reporting Anastasia Lyrchikova, Writing by Alexander Marrow Editing Andrew Osborn.)
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Russell: China and India's reaction to Trump's Russia oil-tariff threat is crucial.
The threat by U.S. president Donald Trump to impose secondary duties of 25 to 50 percent on buyers of Russian crude is so outrageous and bold that it may achieve his stated goal of a ceasefire between Ukraine and Russia. What is important now is how the other key players react to the latest move of this mercurial, inconsistent U.S. president. Do Russian President Vladimir Putin and Indian Prime Minister NarendraModi, as well as Chinese President Xi Jinping, believe that Trump is going to follow through on his promises? If so, what will this mean for the energy situation of these countries? India and China are the two largest buyers of Russian crude oil. Their reaction is as important as Putin’s response to Trump’s latest shift. Trump told NBC News he was "pissed" at Putin, and that he would impose tariffs up to 50% for buyers of Russian crude if he felt Moscow was blocking efforts to bring peace to Ukraine. If Russia and I cannot reach an agreement to stop the bloodshed in Ukraine and if I believe it is Russia's responsibility, then I will impose secondary tariffs on all oil coming out of Russia. Trump said that he would impose secondary tariffs on all Russian oil. It is a reversal from his previous friendly attitude toward Putin. This had attracted widespread criticism because it was seen as a surrender to Russia and a tacit acceptance of its aggression. Russia, China, and India have to assess whether Trump's threats are credible and likely. Putin may back down a little if he believes Trump is going to increase sanctions against Russia's major export. India is in a difficult position, as Modi's stance has been to try to appease Trump. A proposal to abolish the import duty for U.S. Liquefied Natural Gas in order to increase purchases was an example. India is also a major beneficiary from the fact that the rest of world has shunned Russian crude. This has allowed the South Asian nation the opportunity to purchase discounted cargoes, so much so that Russia now ranks as its biggest supplier. According to LSEG Oil Research, India will import 1.52 million barrels of Russian oil per day in March. This represents just over 30% of the total number of arrivals. India is already refusing to buy crude oil from Iran due to U.S. sanctions. Replacing Russian barrels would lead to an increase in India's oil costs, and the scramble to find other suppliers. CHINA RISK China is less likely than the U.S. to give in to pressure, since it is the sole major buyer of Iranian oil. It is also the top importer for Russian oil. Beijing faces the risk that an additional tariff up to 50% of U.S. imported goods from China on top of Trump's 20% would cause real pain to its economy. It is already struggling for momentum. If Trump's threat of secondary duties on buyers of Russian oil is credible, this will also change the dynamics of the OPEC+ exporters group, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia. For OPEC+ member countries other than Russia any reduction in Russian barrels will likely boost prices and allow them to increase production and exports. It's a fight between self-interest and group solidarity. With the fiscal position of many OPEC+ countries deteriorating, it may be difficult to resist the temptation of earning more money through higher exports. For the moment, players will likely respond cautiously - at least publicly - as they attempt to determine whether Trump's new tariff threat was a thought balloon easily discarded by the next change in sentiment. Initial market reactions were subdued. Brent futures, the global benchmark, rose a modest 0.3% in early Asian trading on Monday to $73.84 per barrel. These are the views of the columnist, who is also an author. (Editing by SonaliPaul)
Blackstone is considering a small stake in the US TikTok spin-off, according to sources
Two people familiar with this matter say that Blackstone, a private equity firm, is considering a minor minority investment in TikTok’s U.S. operation.
Blackstone has discussed joining the existing non-Chinese shareholders of ByteDance, including Susquehanna International Group, General Atlantic and General Atlantic to contribute fresh capital in order to bid for TikTok’s U.S. operations. The group is the front-runner.
The proposal involves spinning off TikTok’s U.S. operation into a separate company and reducing Chinese ownership to below the required 20% threshold by U.S. laws.
TikTok General Atlantic and Blackstone have declined to comment. Susquehanna has not responded to a comment request.
Since a law passed with bipartisan support last year, requiring ByteDance, to divest TikTok before January 19, or risk a ban for national security reasons, the fate of the app has been in flux.
TikTok went dark briefly in the U.S. after the Supreme Court upheld a ban in January, but came back to life a few days later when U.S. president Donald Trump assumed office and delayed enforcement of the law until April 5.
Trump said that he could extend the deadline and offered a possible tariff reduction on China in order to reach a deal. U.S. Vice-President JD Vance stated that he expected the terms of a deal to resolve ownership of the app by the deadline of April.
ByteDance's investors and ByteDance have not revealed how much new investment is needed to buyout Chinese shareholders and comply with the U.S. laws.
TikTok's legal filings last year show that global investors owned 58% of ByteDance. The company's Chinese founding director Zhang Yiming held another 21%, and employees from different nationalities, including 7,000 Americans, owned the remaining 21%.
The White House is involved in an array of activities
Unprecedented level
In the closely observed deal talks, playing the role as an investment bank.
Others reported in January 2017 that Trump's Administration was a tyrant.
Working on a TikTok plan
Oracle and existing ByteDance shareholders would be tapped to take over the app's operation. Dawn Chmielewski reported from Los Angeles with additional reporting by Katie Paul, Krystal Hu and Kane Wu in New York; editing by Kennerita Choy and Marguerita Li
(source: Reuters)