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Gold inches down as market digests US CPI data
Gold prices fell on Thursday, as the markets digested U.S. inflation figures that were lower than expected. This reduced the appeal of gold as an inflation hedge. However, support from a higher unemployment rate in November limited further losses. As of 02:26 pm, spot gold was down 0.2% at $4,330.39 per ounce. ET (19:26 GMT). Bullion reached a record-high of $4,381.21 in October 20 and hovered near this level earlier in the session. U.S. Gold Futures?Settled 0.2% Lower at $4,364.5. "Now that the inflation rate is falling faster than anticipated, it reduces the appeal of purchasing insurance against inflation. Fawad Rasaqzada is a market analyst for City Index and FOREX.com. He said that gold has historically been used as a hedge against inflation. Data showed that U.S. consumer price index rose by 2.7% in November compared to the same month last year. This was below the 3.1% rise forecast by economists surveyed by?. After the data, futures on the federal funds rate factored in an increased likelihood that the Federal Reserve would lower interest rates during its meeting in January. Razaqzada said, "It's worth remembering that high inflation has eroded the value of fiat currency over the years." Gold is an asset that does not yield any income, but thrives in low-interest rate environments. It's also reputed to be a hedge against inflation. Gold is in a very positive trend and a breakout to the upside is expected. "I've got upside targets at $4,515.63, and $5,000 is also a valid goal," said Peter Grant. Spot silver fell 1.5% to $65.3/oz after a record high was reached of $66.88 in the previous session. Silver has outperformed the gold market this year. It is up?126% on a year-to date basis, mainly due to investment demand and fears over a shortage. Palladium rose 3.7%, to a record high of $1.708,72, a gain of nearly three years. Platinum rose 1.2%, to $1.922.05, which is a new high. Commerzbank stated in a report that "the wave of price increases has now spread from Silver to Platinum... The platinum price is buoyed up by strong demand coming from China."
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Cannabis stocks rise after Trump signs an order to ease restrictions on marijuana
Stocks of cannabis companies rose Thursday following a?U.S. The U.S. President Donald Trump signed an order to loosen federal regulations on marijuana, the largest shift in marijuana laws since 1970. The decision to reclassify marijuana as a less harmful drug does not legalize it, but rather improves the operating environment for businesses by improving capital access, reducing taxes and accelerating research and development. In afternoon trading, U.S. listed shares of Tilray rose over 6%. Aurora Cannabis?rose almost 9%. SNDL rose 6%. And Canopy Growth gained close to 12%. According to senior administration officials, Trump's order "directs" his attorney general to move quickly with reclassifying marijuana. This could result in the psychoactive plant becoming listed along side common painkillers like ketamine, and testosterone as less dangerous drugs. Irwin Simon said, "I don't believe that many shareholders would buy my stock or?a number of other cannabis shares" without rescheduling. This was before the order. Reclassification would move marijuana from Schedule I (which includes substances such as heroin, ecstasy, and peyote) to Schedule III which covers substances that are associated with a moderate-to-low level of dependence. According to reports, Trump is?considering an Medicare pilot program which would give some seniors access CBD. Rearranging Medicare coverage and attracting investments from other investors and financial institutions would be likely to attract investment.
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Memo shows that Barrick Mining has officially taken over operational control of the Mali mine.
According to a?memo from the company,?Barrick Mining of Canada has retaken operational control over its?Mali mine. Sebastiaan Bok, Director of Operations in Africa and the Middle East, sent a memo stating that Barrick would resume production gradually, and focus on mandatory training to employees and contractors. After two years of negotiation, the two sides reached an agreement to settle their dispute regarding Barrick's operations in West Africa. Barrick's disagreement with the military-led government over a new mining code led to a suspension of operations at its gold mine complex in January. A provisional administrator appointed by a Mali court took control in June. Sources claim that Barrick has agreed to a settlement of $430 million. Two people with knowledge of the situation say that a Malian court ordered last week the return to Barrick of 3 metric tonnes of gold, which had been seized nearly a year earlier by the military government of the country. According to two people familiar with the matter, a Malian judge ordered that a military helicopter seize Barrick's 3 metric tons of gold worth $400 million in January after a confiscation order was issued by a Malian judicial authority. According to both sources, the gold has been at the BMS Bank in Bamako's capital since then. Barrick, whose activist investor Elliott 'Capital is a shareholder, announced plans to concentrate on its North American business, including launching an IPO under interim CEO Mark Hill. Barrick shares were up 1% at the Toronto Stock Exchange Thursday afternoon. (Reporting from Divyarajagopa, Toronto; PortiaCrowe, Dakar. Editing by KirstenDonovan.)
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The Ukraine-US Fund approves investment policy as it looks to first projects in 2026
The U.S. government body that oversees the fund announced on Thursday that the Ukraine-U.S. Reconstruction Fund, created as part of a minerals 'deal' signed by the two countries in April, has approved its asset policies and is ready to review its first investment opportunities starting in 2026. In a press release, the Development Finance Corporation (DFC), said that the fund's 2nd meeting "reached the final consensus needed to bring the fund into full operational status". The DFC stated that potential deals could focus on energy and minerals development, as well as maritime infrastructure. Kyiv, under pressure from Donald Trump for months, signed the minerals deal in April. The United States would receive preferential access to new Ukrainian mineral projects in exchange of investment. Ukraine signed the deal in order to win Trump's support as it repelled Russia's almost four-year old full-scale invasion. A U.S. delegation visited Ukraine in the fall for consultations, and also to visit some potential promising sites. The EU considers 22 minerals to be critical for industries like defence, high-tech appliances, and green energy. Most of the sites are not fully evaluated and will require significant funding for development. (Reporting and editing by Hugh Lawson; Yuliia dysa)
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Pirelli reports that 99.3% 500 mln Euro bond converted, diluting Sinochem & Camfin stakes
Pirelli, a tiremaker, said that on Thursday the majority of holders of the 500 million euro bond due to expire this month have chosen to convert the bond into new shares in the company. This has diluted the stakes owned by existing investors. Pirelli announced that bond holders had chosen to convert their bonds into shares at a price of 5.8493 euros per share, which was announced in June. Pirelli said that to meet the conversion, it would issue around 84.88 millions new shares, which will dilution its shareholder's?holdings. Sinochem, the largest shareholder in Pirelli, is expected to reduce its stake to approximately 34.1%, down from 37.4%. Camfin, the vehicle of Marco Tronchetti Provera, will see its stake drop to 25,3%, down from 27.4%. Sinochem and Camfin - Pirelli's largest shareholders - have clashed a number of times in recent years. Camfin has complained that Sinochem’s stake is hindering the group’s U.S. growth. Camfin's board has authorized it to increase its share in Pirelli?to 29,9% by October of next year. Pirelli stated on Thursday that the conversion of its?bonds would have a positive effect on its debt. This will improve its net financial position in 2025 by more than 496 million euro.
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EU countries approve a year-long delay in deforestation laws
The 'Council of the EU' announced that the European Union countries approved a deal on Thursday to delay the anti-deforestation legislation by one year. This cleared the final legal hurdle so the law could be passed. First-ever policy, the EU would not allow imports of palm oil, cocoa and other products linked to deforestation. Foreign exporters of these commodities were required to submit due diligence reports proving that their products didn't contribute to forest degradation. The law, originally due to take effect in December 2024 was intended as a major component of the EU’s green agenda. Brussels had already delayed the law by one year. However, that did not stop the opposition from the industry and other trade partners, including Brazil, Indonesia, and the U.S. who said the regulations would be expensive and harm their exports to Europe. According to the amended EU legislation, large firms will be required to comply with the new law as of December 30, 2026. Smaller companies, with a revenue less than 10 million euros for the affected products, must comply by June 30, '2027. The EU Proposed delaying In September, the law was amended a second-time citing concerns about the ?readiness of information-technology systems needed to support ?it Nestle, Ferrero, and Olam Agri are among the food giants. The law was not to be delayed, as the government had previously warned. Forests in danger of extinction are found worldwide. The policy is designed to stop the 10% global deforestation caused by EU imports. (Reporting and editing by Charlotte Van Campenhout, Ed Osmond and Kate Abnett)
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Gold nears record high as rate cuts fuelled by soft US inflation fuels bets
Gold prices rose on Thursday and hovered near a new record high. This was after U.S. inflation data that were softer than expected boosted expectations for Federal Reserve rate reductions in 2026. As of 1645 GMT, spot gold was up 0.6% at $4,366.62 per ounce. Bullion reached a record-high of $4,381.21 an ounce on October 20. U.S. Gold Futures slipped 0.2%, to $4 366.80. Data showed that U.S. consumer price index rose 2.7% on an annual basis in November. This was less than the 3.1% rise forecast by economists surveyed. After the data, futures on the federal fund rate factored a slightly?increased likelihood that the Federal Reserve would lower interest rates during its meeting in January. David Meger said, "The CPI report was dollar-negative and gold-positive... the Fed will remain in focus as the market tries to determine how many rate reductions are planned for next year." Gold and other non-yielding investments benefit from lower interest rates. LSEG data shows that traders expect the Federal Reserve to cut rates by 63 basis points next year. "The trend in gold is still positive and a breakout to the upside is expected." "I've got upside targets at $4,515.63, and $5,000 is also a valid goal," said Peter Grant. U.S. President Donald Trump announced on Wednesday that the next Federal Reserve Chair will be someone who supports a sharply lower rate of interest. An announcement is expected to take place early next year. Silver spot fell 0.7%, to $65.83 per ounce. This is a retreat from the previous session's?record-high of $66.88. Silver has outperformed the gold market this year, with a 129% increase in value. This is due to investment demand as well as concerns about a possible supply shortage. Palladium rose 2.8% to $1,693.75, a record high for nearly three years. Platinum climbed 1.4% to $1.924.88, which is a 17-year-high. Commerzbank stated in a report that "the wave of price increases has now spread from Silver to Platinum... The platinum price is buoyed up by strong demand coming from China."
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UN reports over 1,000 civilians dead in Sudan's Darfur, as US and others call for ceasefire
A report released by the U.N. Human Rights Office Thursday revealed that over 1,000 civilians died when a paramilitary group from Sudan took control of a famine stricken displacement camp in Sudan's Darfur. About a third were executed summarily. According to a U.N. Report, for months before the April 11-13 attack, the Rapid Support Forces had blocked the entry of food and other supplies into the Zamzam Camp in Sudan's western Darfur region, which houses nearly half a milllion people who have been displaced by the civil war. The U.N. reported that the RSF had attacked civilians during the takeover. Survivors have also described widespread killings and abuse, including rape and torture. At least 319 people were executed either in the camp itself or while they fled. In a statement that accompanied the 18-page report, Volker Turk, the U.N.'s High Commissioner for Human Rights said: "Such deliberate murder of civilians or people?hors combat could constitute a war crime." The findings were based on interviews with 155 survivors who fled to the Chad in July 2025. The report stated that one of them testified to the fact that eight people who were hiding in a camp room were killed by RSF soldiers who shot at the group through a window. RSF didn't immediately respond to our request for comment. The group denied that they had ever injured civilians, and has said it would hold their forces accountable for any violations. The April attack was the precursor to the RSF's attack on al-Fashir in the north, which took place late October. In that attack the RSF has been accused of summarily killing and kidnapping tens of thousands of people. The majority of those believed to have lived in this city are still missing. Separately, on Tuesday the U.N. Human Rights Office said that drones have killed more than 100 civilians this month in Sudan's Kordofan. The United States, United Kingdom, and Norway, on Thursday, called for Sudan's leaders "to urgently reverse course". They also called on all parties to cease the armed attacks, and to return to a truce, saying that a return to greater levels of violence could destabilize the entire region. The nations issued a joint declaration in which they stated that the transitional government must stop its aerial attacks on its own citizens, release political prisoners, use public revenue to pay employees of the public sector, and fund health, educational, and other vital services for its people. "South Sudan's leaders must stop the conflict and restore the trust of their people and the international communities through concrete actions." "If they do this, they will receive the support, investment and respect of the entire world," they stated, without providing any additional details. "Enough is Enough." Reporting by Emma Farge in Cairo and Nafisa Altahir; additional reporting in Washington by Susan Heavey; editing by Madeline Chambers, CaitlinWebber and Madeline Chambers.
TSX rises as tame U.S. data on inflation supports rate-cut bets
Canada's main index of stocks gained on Thursday after a U.S. inflation report that was lower than expected boosted expectations about Federal Reserve rate cuts.
By 10:06 a.m., the?S&P/TSX composite index had risen 1% to '31,567.25?points. ET, after four consecutive days of modest losses.
Cannabis companies Curaleaf Canopy Growth and Tilray have jumped between 2% and 21.5%. This is a continuation of their recent rally fueled by the expectation that U.S. president Donald Trump will sign an executive directive easing federal marijuana regulations.
After Micron Technology's optimistic forecast, the technology index led gains in all Canadian sectors.
The data showed that U.S. consumer price increases were less than economists expected for the year ending November, but they expect a faster increase in December. According to LSEG, investors are 'betting' that the Fed will reduce borrowing costs by 64 basis points at the end of the year.
Oil prices are choppy due to geopolitical worries and the sell-off this week on Wall Street has weighed on the sentiment. Toronto's main index of stocks is on track for a weekly loss.
The commodity-heavy Index is still on track to have its best year since 2009 with a gain of nearly 27%, driven by an increase in precious metal prices, and signs that the Canadian economy has remained resilient despite the tariff war between the U.S.
Orla Mining climbed by 4% to a new record high, after the company confirmed that high-grade gold deposits extended beyond its underground operations at Musselwhite mine. (Reporting and editing by Avinash P in Bengaluru)
(source: Reuters)