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Gold on the verge of ending a four-month losing streak
Investors weighed Middle East developments and their impact on U.S. interest rate outlook as they weighed the gold price on Friday. As of 0504 GMT spot gold dropped 0.5%, to $4,076.53 an ounce. However, it was on track for a 0.7% weekly increase. Prices rose by about 1.8% in the last month. U.S. Gold Futures for August Delivery fell 0.5% to $4.079.60. "Gold has a slight negative bias today due to profit-taking, and a moderate bounce in the U.S. Dollar, after the metal's gains and the corresponding drop in the greenback yesterday," said Tim Waterer, chief analyst at KCM Trade. The dollar rose by 0.3% after a 2.4% drop on Thursday, its largest single-day decline since January 2023. The dollar is stronger, making dollar-denominated goods more expensive to overseas buyers. Gold has had a better month than usual. Waterer stated that the metal has found a sort of cushion around the $4,000 mark, which has drawn buyers during dips. Kevin Warsh, Fed Chair, gave no indication of the next move the central bank will make at its Wednesday policy meeting. According to CME Group’s FedWatch tool, the markets are pricing in a 63 percent chance of a September rate hike. Gold is often viewed as a hedge to inflation. However, higher interest rates can dampen its appeal because they increase the opportunity costs of holding this non-yielding asset. A drone strike in the Middle East that ignited fires on two vessels of gas in Egypt's Mediterranean Port of Damietta, has created a new danger for shipping through the Suez Canal. The canal is one of the few major export routes left to Saudi Arabian oil amid the growing U.S.Iran conflict. Analysts at BCA Research wrote in a report that "over the long term, the Hormuz Crisis will fade, but geopolitical... Spot silver dropped 0.5% to $58,70 an ounce. Palladium and platinum both fell by 0.2%, to $1.301.50. However, they are still on track for a gain in the month. (Reporting and editing by Mrigank Dahniwala in Bengaluru)
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Copper firms set to gain monthly profit on the back of soft dollar
The copper price rose on Friday, and was set to gain a month-long increase as the market absorbed a lower dollar and continued supply pressure. Benchmark three-month?copper?on London Metal Exchange?was flat at $13,804.5 per?metric?ton?by 0300 GMT and was on course for a 3.25 % gain for the entire month. The most traded copper contract at the Shanghai Futures Exchange increased 0.71%, to 105.510 yuan (15,635.74) per ton. This is a 2.75 percent increase since the beginning of the month. Overnight, the?dollar fell making commodities cheaper for buyers who use other currencies. Copper prices have been supported by the falling stocks, concern about supply and a good demand from China this month. Stocks of red metal at LME-registered storage facilities On Thursday, there were 255.400 tons, down by?21.38% from July. Over 60% of remaining stocks are under?cancelled?warrants, which means they're?eligible for removal. Copper has been moving into the U.S., putting pressure on the stock market ahead of possible tariffs. The Chinese demand for copper was also boosted due to a shortage of scrap metal, which forced some scrap buyers to purchase refined metal. The Yangshan Copper Premium The gauge of the physical demand for metals was $112 per ton. This is down from the monthly high but still up by 57.75%. Aluminium slipped 0.03% on the LME, while the SHFE grew 0.21%. The metal was on course to finish the month higher but it remained below its May highs, after a short-lived Middle-East peace detente in June wiped out war risk premium. Stocks of light metals in LME registered warehouses The lowest levels in the last century. Nickel ticked up 0.12% and tin 0.42%. Nickel gained 0.45%, tin 1.72%, and lead fell 1.24%.
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Sources say that India's Adani Energy is planning to sell another tranche of shares by the beginning of next fiscal year.
Two sources familiar with the issue said that India's Adani Energy Solutions could launch a second share sale to institutional investors in early fiscal next year after raising 35?billion rupies (about $367m) this week. In the last eight-month period, companies belonging to Gautam Adani’s ports-to power conglomerate raised $4.75 billion through rights issues and QIPs to fund expansions and reduce debt. Adani 'Enterprises', the group flagship, raised $2.8 billion in a rights issue and $1.58 billion by way of a QIP. Adani Power, another group company, is planning to raise $1.57 billion through a QIP. This is the largest capital raise by the group since 2023, when a short-seller's allegations roiled the shares. Adani Energy Solutions shareholder approval has been granted to raise up to 100 billion rupees in shares through one or more tranches. Sources said that if the market conditions are still favorable, the company could opt to pay the remaining amount in the next tranche. One source said that after such a positive response, the company might tap into the QIP market again towards the end of the current financial year or the beginning of next fiscal year. India's fiscal years runs from April to March. Sources requested anonymity because they are not authorized to speak to the media. Adani Energy Solution did not respond to an email seeking a comment. According to a statement from the company, mutual funds and insurance companies bought the most shares of Adani Energy Solutions in the fund-raising this week. The firm received offers that were three times the target. The shares of this firm, the largest private power transmission company in India?, have increased by more than 60% in the first half of 2026.
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Gold on the verge of ending a four-month losing streak
Investors weighed Middle East developments and the impact they have on U.S. interest rate expectations. As of 0253 GMT the spot gold price fell by 0.6%, to $4,076.53 an ounce. However, it was on track for a 0.6% weekly increase. Prices rose by about 1.7% in the last month. U.S. Gold Futures for August Delivery fell 0.4% to $4 074.20. Tim Waterer is the chief market analyst for KCM Trade. He said that gold was showing a slight negative bias due to profit-taking, and a moderate rise in the U.S. Dollar. This follows the gains made by the metal yesterday, and the fall of the greenback. The dollar rose by 0.3% after a 2.4% drop on Thursday, its largest single-day decline since January 2023. Dollar-denominated goods become more expensive to overseas buyers when the U.S. dollar is stronger. Gold has had a better month than usual. Waterer stated that the metal has found a sort of cushion around the $4,000 mark, which has drawn buyers during dips. Kevin Warsh, Fed Chair, gave no indication of the next move the central bank will make at its Wednesday policy meeting. According to CME Group’s FedWatch tool, the markets are pricing in a 63% chance of a September rate hike. Gold is often seen by many as a hedge to inflation. However, higher interest rates can dampen its appeal because they increase the opportunity costs of holding a non-yielding investment. A drone strike in 'the Middle East that ignited fires on two vessels in Egypt’s Mediterranean port of Damietta, has created a new danger for shipping through the Suez Canal. It is one of the few major export 'routes open to Saudi oil amid an expanding U.S. Iran war. Analysts at BCA Research wrote in a report that "over the long term, the Hormuz Crisis will fade, but geopolitical... Spot silver dropped 0.8% to $58,48 an ounce. Palladium dropped 0.8% and platinum fell 1.7%, but both metals are on track for a gain in the month. (Reporting and editing by Mrigank Dahniwala in Bengaluru)
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Oil drops more than $1 despite greater flows
The oil price fell on Friday, but remained on track to a?monthly rise of around a fifth? as more supplies flowed via crucial maritime chokepoints. This was despite the?absence of major breakthroughs? in talks between the?United States? and Iran? Brent futures dropped $1.03 or 1.2% to $88 per barrel at 0215 GMT. U.S. West Texas Intermediate crude (WTI), however, fell $1.50 or 1.8% to $82.09 per barrel. Both benchmarks were expected to increase by about 20% on a monthly basis. Analyst at ING, Daniel?Hynes said that signs of increased flow in the Strait of Hormuz are 'offsetting' Middle East tension. Since the U.S. and Israel war against Iran began on February 28, the strait has become a focal point of the?oil market. Saudi Arabia wants to lead a coalition that will boost defence co-operation in the Bab El-Mandeb Strait and Red Sea, as well as the Gulf of Aden. These are all choke points for energy supply. Saudi Arabia's defence ministry announced that 14 countries, including Djibouti and Egypt, Pakistan, Sudan, and Turkey, support the multinational maritime defense coalition. Last week, Houthi militants aligned with Iran in Yemen declared a 'naval blockade' on Saudi Arabia. They threatened the Red Sea route used by Saudi Arabia to export oil, a "alternative" to the Strait of Hormuz. Priyanka Sackdeva, an analyst at Phillip Nova, stated that although tanker traffic continues through the Strait of Hormuz, the increased security risks have boosted insurance rates and freight costs, resulting in a geopolitical premium embedded into oil prices. Sachdeva stated that "while prices have eased off recent highs, the overall trend is still positive." (Reporting and editing by Clarence Fernandez; Sudarshan Varadhan)
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Governor of Volgograd says drone attack causes fire at Volgograd energy plant
The'regional governor, Andrei Bocharov said that a drone attack caused a fire at an energy facility in Volgograd, causing five injuries. He did not give any details about the facility. A Lukoil oil refinery is located in the region. Bocharov said on Telegram that five people were seeking medical attention after the attacks. Regional governor Yuri Slyusar posted on a messaging app that a woman was injured in Gukovo after a drone strike. Ukraine recently intensified its attacks on Russian logistic hubs such as those of the top online retailer Wildberries. It also continues to strike energy facilities, which has triggered a crisis of supply?across much of Russia. Wildberries, which had a few warehouses damaged as recently as Thursday, announced on Telegram that it?had paid? a second tranche of financial assistance to nearly 100,000 sellers who's goods were?damaged. Ukraine says that its attacks on its neighbour, which include cities under constant Russian assault, are "long-range sanctions", designed to reduce Moscow's ability to fight and force the conflict to end. (Reporting and editing by Christian Schmollinger, Clarence Fernandez and Jekaterina Gölubkova)
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South Korean shares, notoriously volatile, soar after renewed semiconductor purchases
South Korean shares rose 16% on Friday morning, fueled by a new surge in investment in global semiconductor stocks. This is the latest swing in a market that has been thrown back and forth by leveraged bets. The benchmark KOSPI rose 919.07 or 16.43% to 6,512.63 at 0115 GMT after three consecutive sessions that saw the index drop to its lowest levels since April 7. Both chipmakers are set to record record gains. Both chipmakers are responsible for more than half the KOSPI market capitalisation. The shocking turnaround was after the Philadelphia Semiconductor?Index soared 8% in U.S.A. on Thursday. Micron Technology rose 18%. Microsoft's stock jumped 15% after it reported stellar earnings, which boosted a new vigor to the AI investment outlook. Other tech-heavy market indicators also rose sharply in broader Asian markets. Japan's Nikkei gained more than 5%, while Taiwanese stocks jumped by 7%. Foreigners bought shares in South Korea worth 4.04 billion won (5.8 trillion won) on Friday. If the current gains hold, the KOSPI would?post the biggest percentage daily rise in its history. The index remains fragile, and is down over 30% from its peak in late June. South Korea announced this week new measures to curb the volatility in the stock markets caused by?leveraged product?. However, analysts say that they may not be enough to stop the skyrocketing volatility as the public's anger and pain grows over the sharp losses of this month. Han Ji-young is an analyst at Kiwoom Securities. She said: "It's a concern there is investor sentiment that they are trying to recover their losses from the recent stock market slump through leveraged bets." The KOSPI is on course for its biggest monthly drop since 1997's Asian Financial Crisis.
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At least 18 people killed in blast at Pakistan coal mine complex
The Balochistan Government reported that at least 18 coal miners died after an explosion on Thursday buried parts of a mining complex in Pakistan's Balochistan province. The government said that a rescue operation was still in progress to locate and free the 14 remaining trapped miners. Shoaib. Nosherwani is Balochistan’s.Mines and Mineral Development Minister. He told earlier that 36 people were inside the collapsed area of the complex at the time of.explosion. He said that 25 of them were missing by late Thursday night. Muhammad Atif, chief inspector of mines for the province, said that rescue efforts are underway at a depth 1,219 meters (4000 feet). He said that although there is a chance of finding some miners alive, it was not likely. Abdul?Ghani?Baloch is a senior mining official from the region. He said that two mines, which were located?closely together, had been?damaged by a powerful explosion of methane. The explosion took place in a remote region called?Sorange near the provincial capital of?Quetta. (Reporting from Saleem Ahmed, Quetta; editing by Rick Noack and Susan Fenton. Rod Nickel, Stephen Coates, and Stephen Coates.
India and central Asian countries express joint interest in rare earths exploration
In a statement released after the India-Central Asia Dialogue's fourth meeting in New Delhi, India and five countries from central Asia expressed an interest in exploring rare earths together.
The announcement coincides with global alarm about China's decision not to export rare earth alloys and mixtures. This has affected industries from automotives to clean energy and defence.
India and central Asian countries, including Kazakhstan, Kyrgyzstan and Turkmenistan as well as Uzbekistan, also asked "relevant authorities" to convene the India-Central Asia Rare Earth Forum sooner than the September meeting.
The statement added that the sides agreed to meet again in 2026.
Rare earths is a grouping of 17 elements, whose main uses include the creation of magnets for motion in cars, cellphones and missiles.
China produces 90% of the rare earth magnets in the world and mines 60% of it. However, as part of a sweeping response to U.S. tariffs on imports by President Donald Trump, China announced export restrictions for these rare earth magnets.
India has been in talks with companies about establishing long-term stocks of rare earth magnets, offering tax incentives to domestic producers, to reduce its dependence on Chinese shipments, according to a report on Thursday.
South Asia also plans to offer incentives to recycle 24 essential minerals. The plan is currently being approved as the nation looks to secure minerals for the green energy transition. (Reporting and writing by Shivam Patel; editing by Alex Richardson, David Evans, and Sakshi Dayal)
(source: Reuters)