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Global shares hover near record highs; gold, silver scale new highs
As 2025 approaches, global shares remained near their record highs, capping an?abundant artificial intelligence-driven year. Commodities, like gold and silver have extended their bullish trend to new?highs?. Overnight, on Wall Street the S&P 500 closed at a record high as the long-elusive Santa Claus rally finally took hold. The U.S. economic data that showed the economy expanding at a faster rate than expected in the third quarter helped boost risk sentiment but hurt bonds. The STOXX 600 Index in Europe was unchanged at the start of trading, while the UK's blue-chip FTSE 100 dropped 0.2%. The bourses in Amsterdam, Brussels, and Paris will be closed for a half-day session, while those in Germany, Milan, and Brussels are open. Nasdaq and S&P 500 futures also remained unchanged amid low liquidity. This week, gold and silver were among the biggest movers as markets prepared for a shorter trading day before the holidays. Gold spot prices remained unchanged at $4489.91 an ounce. They had earlier reached a record high of $4525.86, bringing their gain for the year to 72%. Silver prices jumped by 1.2%, to $72.27, a new record. This was the best year for silver ever. Chris Zaccarelli of Northlight Asset Management, the chief investment officer, said that the data released on Tuesday showing that the U.S. economic growth grew at its fastest rate in two years during the third quarter is "exceptional". He wrote that if the economy continues to produce at the same level, there's less reason to be concerned about a slowing down economy. Instead, the focus may shift to price stability. Goldman Sachs economists expect a global GDP growth rate of 2.8% for 2026. This is slightly higher than the 2.5% consensus and 2.6% for the U.S., compared to 2% consensus. In a note, the Wall Street Bank's U.S. chief economist David Mericle said that "our 2026 global outlook" argues for growth above consensus and declining inflation next year. Goldman's outlook reflects a reduced drag on the economy from tariffs, as well as tax cuts and easier financial conditions. ASIAN Shares Higher, Traders Eye Yen The broadest index for Asia-Pacific stocks outside Japan rose 0.4%, following the Wall Street rally. The index has risen 26% this year, which is its best performance in years. Scott Chronert is a U.S. Equity Strategist at Citi. He predicts that equities will continue to rise in value and earnings over the next year. "Yet high-performance dispersion in themes, sectors and the market cap is expected." The yen has gained on the foreign exchange markets for the third session in a row amid the risk of intervention by?Japanese officials. The dollar fell 0.3% to 155.83 Japanese yen and retreated from the previous 158-level zone which drew interventions. The euro remained largely unchanged at $1.18 after a 14% increase this year. The dollar has been down around 10% against other major currencies this year. Treasuries rose this year as the Fed resumed rate cuts. The yield on two-year Treasury bonds remained at 3.532% despite falling by 72 basis points in the past year. Meanwhile, the yield on the 10-year Treasury bond was 4.1589% despite a 42 basis point decline for the same period. Early trade saw oil prices remain stable, but they were on track for a decline of a third consecutive year. Brent crude futures rose 0.1% to $62.45 per barrel but are down 16% on the year. (Editing by Shri Navaratnam & Tomasz Janowski)
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Indonesia will fine palm oil producers and miners $8.4 billion for forest encroachment
The Attorney General of Indonesia said that in 2026, it could collect $8.5 billion in fines from palm oil companies as well as illegal miners in forests. The forestry taskforce of President Prabowo, which is made up from military personnel, police, prosecutors, and government officials, cracked down this year on a massive scale on mines and plantations in areas that authorities claim were supposed to have been forest. Analysts predict that the military-backed campaign, combined with Indonesia's ambitious "biodiesel" plans, could increase global prices even further by disrupting production. Sanitiar?General Sanitiar?Burhanuddin said, at a ceremony held in front of tall piles of red Rupiah notes, that the task force had already taken over illegal mines and plantations covering 4.1 million hectares (9.8 millions acres), an area roughly the same size as the Netherlands. Burhanuddin handed over to the Finance Minister the 2.34 trillion Rupiah ($139.70 million) in fines that the task force collected against 20 palm oil companies, and one nickel mining company. Burhanuddin stated that there was a potential revenue from fines imposed on palm oil plantations, and mining within forest areas. The fines for palm oil are 109.6 trillion Rupiah, or $6.54 billion, and for mining, 32.63 trillion Rupiah, or $1.95 billion. He did not mention any companies. Burhanuddin transferred 240,500 acres of plantations, as well, to the state-owned firm Agrinas Palma Nusantara. This company was established in early 2025. Agrinas has now grown to a total of 1.7 million hectares. This makes it the largest palm oil producer in the world. At the ceremony Prabowo praised "the task force" and attacked those who he claimed had "tried to drain Indonesia dry, as well as foreign powers undermining his Government." He said: "Even though it is a difficult journey, I know that in 2026, we will be taking even bolder measures... We'll save the wealth of this nation without hesitation." The world's largest exporter of palm, thermal coal and nickel is Indonesia. $1 = 16,750,0000 rupiah (Reporting and editing by David Stanway; Gayatri Suryo)
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Sources: India's Reliance receives a one-month US concession for Rosneft Oil to be purchased by Reliance.
Two sources familiar with this matter claim that Reliance Industries Limited in India continues to receive oil shipments from Rosneft, after Washington granted a one-month concession. Washington had imposed sanctions against the Russian producer. Reliance's special permission has never been announced before. The U.S. announced sanctions against Rosneft in October and Lukoil on November 21, giving companies until then to "wind down" transactions with these two energy firms. Reliance signed a long-term agreement with Rosneft to buy 500,000 barrels of Russian oil per day for its world's biggest refining facility, which processes 1.4 million barrels a day. Separately the EU announced that it would not accept fuel produced in?refineries? that had received or processed Russian crude oil 60 days before the date of the bill-of-lading. RELIANCE: CARGOES FROM "PRE-EXISTING TRANSACTIONS"? According to Kpler's trade flow data, Reliance received 15 cargoes worth of Russian oil since November 22. Reliance responded via email that "These are existing transactions, which are being wound up in a sanction-compliant way." The U.S. Treasury refused to comment on this?concession. Reliance said that it had loaded the last cargo of its Rosneft contract on November 12 and would be processing Russian oil arriving after?November 20 in its India-focused plant. This will enable it to continue fuel sale?to the EU through its 704,000-bpd refinery focused on export. According to Kpler data, Reliance will receive one cargo of?Russian crude oil each in December and January. After the invasion of Ukraine by Russia, India became the largest buyer of Russian crude oil on sea. However, Washington has pressed India to reduce these imports. Trade sources and LSEG show that Russian oil imports are expected to be between 1.2-1.5m bpd on average in December, down from the 1.77m bpd of November. Reporting by Nidhi verma, Editing by Bernadette baum
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Metal markets are a frenzy as gold tops $4500 and silver and platinum both hit new records
On Wednesday, gold surged above $4,500 per ounce for the first time, while silver, platinum, and other precious metals also reached record highs.?Investors were rushing into precious metals as a hedge against geopolitical risks and trade uncertainties, and to prepare themselves for further U.S. interest rate cuts expected in 2026. Gold spot was unchanged at $4,481.90 an ounce as of 0803 GMT. It had earlier reached a session high of $4,525.19. U.S. Gold Futures for February Delivery rose by 0.1%, to $4,509.20 per ounce. Platinum jumped 2.1% from $2,377.50 to $2,323.95 despite hitting a record high of $2,377.50 earlier. Silver rose 0.7%. Palladium rose?3%, reaching $1,919.17 - its highest level for three years. Ilya Spirak, global macro head at Tastylive, said that precious metals are more of a speculative story around the idea that with de-globalisation you need an asset which can act as a go-between without any sovereign risk, especially as tensions persist between the U.S. Spivak said that thin liquidity at the end of the year exaggerated recent price moves, but the overall theme was likely to continue. Gold is expected to reach $5,000 in the next six months to a year, and silver could push towards $80, as markets react to key psychological levels. The gold price has risen by more than 70% in the past year. This is its largest annual gain since 1979. Its rise was driven by safe haven demand, central bank buying, dedollarisation trends, and ETF flows. Traders are pricing two rate cuts for next year. Silver's price has increased by more than 150% in the same time period. It is outpacing gold due to strong investment demand and its inclusion on U.S. Critical Minerals?list. Tim Waterer is the chief market analyst at KCM Trade. He said that gold and silver "have been hitting the accelerator this week", with new record highs. This reflects their appeal as store of value amid anticipations of lower U.S. interest rates and lingering debt. Palladium and platinum, which are primarily used to reduce emissions in automobile catalytic convertors, have surged on tight mine supplies, tariff uncertainty and a shift away from gold investment. Platinum has risen by 160% and palladium is up more than 100% for the year. Spivak explained that platinum and palladium are catching up, but they will still lag gold once liquidity returns.
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Copper reaches record highs as robust US GDP data boosts prospects
Prices of copper rose to new highs as the U.S. economy grew, boosting?demand for the metal. Supply constraints also boosted prices. As of 0723 GMT the?most active copper contract at Shanghai Futures Exchange had closed daytime trading?up 2.3% to 95,080 Yuan ($13.551.88) per kilogram, after reaching a record high earlier in session of 96.510 yuan. The benchmark three-month Copper on the London Futures Exchange increased 1.3% to $12,220.0 per ton. The price of copper reached a record-high earlier in the day, when it hit $12,282.0 per ton. The contract's annual increase has been 39% due to the U.S. Dollar weakness,?bets on further Fed rate reductions, the growing demand for AI, and the renewable energy transformation, as well as mine supply disruptions which have fuelled speculative investments in the metal. The U.S. economic growth accelerated in the third quarter. This was mainly due to a strong rebound in exports and robust consumer spending. According to Chinese market information providers last month, China's leading copper smelters are planning to reduce production by more than 10% in 2026, to combat overcapacity, which has led to an increase in copper concentrate processing costs. Investors bet that the Fed could cut rates even further next year, despite the fact that some of its peers were expected to increase. Nickel, one of the SHFE's base metals,?extended its gains for a six-session period, climbing 4.8% to reach 126,650 Yuan per ton, and reaching a nearly nine-month high earlier. The London benchmark nickel rose 0.7% to $15,845/t after hitting a seven-month peak of $15,980/t. Aluminium, zinc, and lead all increased in Shanghai. Tin remained the same. Aluminium was up 0.9%, zinc was 1% higher, lead was 0.8% higher and tin was also 1.2% higher.
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Dalian iron ore is higher than expected in China's property sector
Dalian iron ore finished higher on Wednesday, after a?session of directionless trading. China's plans for stabilising its?property?sector outweighed the pressure from a drop in global crude steel production. The May contract for iron ore on China's Dalian Commodity Exchange closed the day trading 0.26% higher, at 779.5 Yuan ($111.07). The benchmark January Iron Ore at the Singapore Exchange finished 0.11% lower, at $104.25 per ton. China announced on Tuesday that it would 'intensify urban renewal efforts and stabilize its property market by 2026, at the start of its latest 5-year plan (2026-2030), in order to increase the supply of affordable homes. China's property sector is still under pressure, despite government efforts to boost it. Data from the World Steel Association revealed on Tuesday that crude steel production worldwide in November decreased 4.6% on an annual basis to 140.1 millions tons. Meanwhile, crude steel output by China, the world's largest producer and consumer, fell 10.9% to 60.9 million tons. The demand for construction and manufacturing is expected to be weak, causing the crude steel production of Japan's largest producer to drop by?1,7% in the first quarter of 2026. The?country’s annual production for the fiscal period ending March 31 would decrease by 3.2%. This would be the lowest output since fiscal 1968. Chinese blast furnace steelmakers have slowed their purchases of feed material last week. They only purchased the quantities?needed to satisfy immediate production needs in order to avoid losses?, according to a report by consultancy Mysteel. Coking coal and coke, which are both steelmaking ingredients, closed at higher levels, rising by 0.62% each. The Shanghai Futures Exchange saw a majority of steel benchmarks rise. Hot-rolled coils gained 0.09%. Wire rod gained 0.78%. Stainless steel increased 1.4%. Rebar also grew 0.06%. ($1 = 7.0183 Chinese yuan). (Reporting and editing by Rashmi Liew, Subhranshu sahu, and Lucas Liew)
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Russia plans to build a nuclear plant on the Moon within 10 years
In the next decade, Russia will build a nuclear plant on the moon to power its 'lunar space program' and a joint Russian/Chinese research facility as the world's major powers race to explore Earth’s only natural satellite. Since 1961 when Soviet cosmonaut Yuri Gagarin was the first person to enter space, Russia has been a leader in space exploration. However, in recent years it has fallen further behind the United States - and increasingly China. Elon Musk revolutionised launch vehicles, which were once a Russian specialty. Roscosmos, the Russian state space corporation, announced in a press release that it had signed a contract to build a moon power plant with Lavochkin Association. Roscosmos stated that the plant would be used to power the Russian lunar programme. This included rovers and an observatory, as well as the infrastructure for the joint Russian-Chinese International Lunar Research Station. Roscosmos stated that "the?project represents an important step in the creation of a permanently functional scientific lunar station, and the transition from?one-time missions to?a long-term program for lunar exploration." Roscosmos didn't say that the plant would be nuclear, but said that participants included Russian nuclear state corporation Rosatom as well as the Kurchatov Institute - Russia's foremost?nuclear?research institute. Dmitry Bakanov is the head of Roscosmos. He said in June that the corporation has as one of its goals to build a nuclear plant on the Moon and to explore Venus. Venus is known as the "sister planet" of Earth. The moon, located 384,400 kilometers (238,855 mi) away from our planet, helps to stabilize the climate by reducing its wobble. The moon also affects the tides of oceans around the world. (Reporting by Guy Faulconbridge;Editing by Elaine Hardcastle)
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Metal markets are a frenzy as gold tops $4500 and silver and platinum both hit new records
On Wednesday, gold surpassed $4,500 an ounce for the first time, while silver, platinum, and other precious metals also reached record highs. Investors were rushing into precious metals as a hedge against geopolitical risks and trade concerns, and to prepare themselves for further U.S. interest rate cuts expected in 2026. Gold spot rose by 0.2% at $4,495.39 an ounce as of 0552 GMT. It had earlier reached a session high of $4,525.19. U.S. Gold Futures for February Delivery climbed 0.4%, to a new record high of $4,522.10. Platinum jumped 2.5% from $2,377.50 to $2,333.80, up from a peak of $2,377.50. Silver rose?1.1%, to $72.16 per ounce. Palladium? climbed nearly 3% to reach $1,916.69 - its highest level in the last three years. Ilya Spirak, global macro head at Tastylive, said that precious metals are becoming more of a speculative story. With de-globalisation comes the need for an asset which can act as neutral intermediary, without any sovereign risk, especially as tensions persist between the U.S. and China. Spivak said that thin year-end liquidity exacerbated recent price movements. However, the theme will likely continue. Gold is expected to reach $5,000 in the next six months to a year, and silver could push to $80, as the markets react to psychologically important levels. Gold prices have risen by more than 70% in the past year. This is their biggest annual gain since 1980. The gains are due to safe-haven demands, central bank buying, dedollarisation trends, and ETF flows. Traders also expect two rate reductions next year. Silver's price has increased by more than 150% in the same time period. It is outpacing gold due to strong investment demand and its inclusion on U.S. critical minerals list. Tim Waterer is the chief analyst at KCM Trade. He said that gold and silver are "hitting the accelerator pedal" this week, with new record highs. This reflects their appeal as store of value amid anticipations of lower U.S. interest rates and lingering debt. Palladium and platinum, which are primarily used to reduce emissions in automobile catalytic convertors, have soared this year due to tight mine supplies, tariff uncertainty and a shift away from gold as an investment. Platinum is up around?160%, while palladium has gained more than 100% for the year. Spivak explained that platinum and palladium are catching up, but they will still lag gold once liquidity returns.
What drives the gold market and how investors buy it?
Gold prices broke through the $4,500 mark on Wednesday. This was boosted by the expectation of a looser U.S.monetary policy, and the lingering geopolitical conflicts that have pushed the price of gold to record highs.
Bullion, the classic safe haven in times of economic and political unrest, reached a new record price earlier this session.
The price of gold has risen by more than 70% so far this season, the biggest rise in a single year since 1979. This is due to a combination of "safe-haven" demand, bets on U.S. interest rate cuts, central bank buying, dedollarisation trends, and ETF purchases.
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 has the largest influence on the spot gold markets, thanks to the London Bullion Market Association. The association provides standards for gold trading, a framework for over-the counter trades, and facilitates transactions between banks, dealers, and institutions.
China, India, Middle East, and the United States, are also major gold trading centers.
Futures Market
Futures exchanges are another way for investors to get exposed to gold.
COMEX, part of the New York Mercantile Exchange (NYSE), is the world's largest gold futures exchange in terms of volume traded.
Shanghai Futures Exchange (China's largest commodities exchange) also offers gold contracts. Tokyo Commodity Exchange (TOCOM) is another major player in the Asian gold market.
EXCHANGE TRADED PRODUCTS
Exchange-traded product or exchange-traded fund issue securities that are backed by actual metal, allowing people to get exposure to gold prices without having to take delivery of the metal itself.
According to World Gold Council, the total inflows into gold-backed exchange-traded fund funds have reached $64 billion for the year so far, and a record amount of $17.3 billion was added just in September.
BARRES AND COINS
Metals traders can sell bars and coins to retail consumers in shops or online. Both gold bars and coins can be used to invest in physical gold.
What drives the market? :
Investor Interest and Market Sentiment
The price of bullion has been affected by the rising interest in investment funds over recent years.
Sentiment driven buys and sells of gold can be fueled by news, market trends and global events.
FOREIGN EXCHANGE RATE
Gold is an effective hedge against the volatility of currency markets. Gold has historically moved the opposite way to the U.S. Dollar, as a weaker dollar makes gold priced in dollars cheaper for holders of other currencies.
MONETARY POLICY & POLITICAL TENSION
Precious metals are widely regarded as a safe haven in times of uncertainty.
The trade tariffs imposed by U.S. president Donald Trump have caused a global war of trade, which has rattled currency markets.
Gold's direction is also affected by the policy decisions made by global central banks. Gold's opportunity cost is reduced by lower interest rates, since it pays no interest.
CENTRAL BANK GLOBAL GOLD RESERVES
Reserves of gold are held by central banks. Recent years, central-bank demand was high due to macroeconomic and political uncertainties.
In its annual survey?in June, the World Gold Council revealed that more central banks planned to increase their gold reserves in the next year despite high prices.
The World Gold Council reported in late October that global gold demand increased 3% annually to 1,313 tons in the third-quarter of 2025. This is the highest quarterly total ever recorded, due to a surge in investment demand.
China continued to add gold to its reserves. Its holdings reached 74.12 millions fine troy pounds at the end November, up from 74.09 at the end October. This was the 13th consecutive month that China has been on a buying spree. (Compiled by Bangalore Commodities and Energy Team Editing By Peter Graff).
(source: Reuters)