Latest News
-
Gold gains over 2% after soft US inflation data
Gold gained more than 2% on Tuesday after ?softer-than-expected inflation data boosted hopes ?of the U.S. Federal Reserve adopting ?a ?less hawkish stance. Gold spot was up 1.6% to $4,063.78 an ounce at 1:30 pm EDT (1730 GMT) after it fell earlier in the day to its lowest price since July 1. U.S. Gold Futures closed 1.6% higher, at $4.069.70. Other currency holders can now afford greenback-priced gold because the U.S. Dollar has fallen by 0.6%. "Gold?gallops up on a subdued CPI that showed headlines falling but, more importantly, the?core remained unchanged at 0.2%. "This should reduce expectations for rate hikes at least in the July and September meetings," said Tai Wong. Consumer inflation in the United States slowed down more than anticipated in June. Consumer Price Index increased by?3.5% over the past 12 months, following a 4.2% increase in May. Core CPI inflation remained unchanged, after rising 0.2% in may. After the data was released, traders ceased to bet that the Fed will raise rates at its meeting on July 28-29. Investors will also be watching the U.S. Producer Price Index data due on Wednesday. Fed Chair Kevin Warsh stated in a statement to the House Financial Services Committee that his current focus is on bringing inflation back to the 2% target set by the U.S. Central Bank. The geopolitical situation has been a major event. Iran launched ballistic missiles against a U.S.?air base in Jordan, and the United States engaged Iranian targets in a five-hour 'battle' for control of Strait of Hormuz. This battle has sent oil prices to a four-week high. Wong stated that the headline inflation will already be higher due to the return of serious 'hostilities' with Iran. "So gold's rise will be moderated over the next couple of sessions, and maybe $63-$64 silver is not out of question," Wong added. Inflation could cause central banks to maintain interest rates higher for longer, which would put pressure on gold and other non-yielding investments. (Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Diti Pujara and Joyjeet Das) (Reporting and editing by Diti Pjara and Joyjeet Das; Ashitha Shivaprasad, Bengaluru)
-
Gold gains over 2% after soft US inflation data
Gold rose more than 2% on Tuesday, after inflation data that was softer than expected boosted expectations of a less hawkish U.S. Federal Reserve. Gold spot was up 1.6% to $4,063.15 an ounce at 12:20 pm EDT (1620 GMT) after it fell to its lowest price since July 1, earlier in the day. U.S. Gold Futures rose 1.6% to $4.070.30. Greenback-priced gold is now more affordable to other currency holders due to the U.S. Dollar's 0.6% decline. Gold is soaring on the back of a CPI report which was surprisingly subdued. The headline CPI fell, but more importantly core CPI remained unchanged at 0.2%. "This should reduce expectations for rate hikes at least in the July and September meetings," said Tai Wong. Consumer inflation in the United States slowed down more than anticipated in June. The Consumer Price Index increased by 3.5% over the past 12 months, following a 4.2% increase in May. Core CPI inflation was flat for the month after rising 0.2% in May. After the data was released, traders ceased to bet that the Fed will raise rates at its meeting on July 28-29. The U.S. Producer Price Index data is due Wednesday. Fed Chair Kevin Warsh stated in testimony before the House Financial Services Committee that his current focus is on bringing inflation back to the Fed’s 2% target. Iran launched ballistic missiles at a U.S. base in Jordan, and the United States targeted Iranian targets for five hours as they battled to control the Strait of Hormuz. This has caused oil prices to reach four-week highs. Wong stated that the resumption of serious hostilities against Iran would have already pushed headline inflation higher this month. Therefore, gold's rise will be moderated to $4,200 in the next few sessions, and $63-$64 silver is not out of the question. Central banks may be prompted to keep interest rates high by higher inflation, which could put pressure on gold and other non-yielding investments. Silver spot rose by 2.1%, to 58.85 dollars per ounce. Platinum gained 1.6%, to $1.630.12 and palladium increased 4.2%, to $1.299.10. Ashitha Shivprasad reported from Bengaluru, Diti Pjara edited.
-
Prime Minister says Iraq must have a fair share in OPEC
Ali al-Zaidi, Iraq's prime minister, said Tuesday that he felt Iraq needed a fair share within OPEC. He was asked by journalists if he had considered leaving the oil producing group. Zaidi's trip to Washington is to secure major U.S. investments in the oil, gas and power sectors of his country after the Iran War impacted crude production?and state finances. He told reporters that Iraq is one of OPEC's founding members. "Our right is to get a fair % share for Iraq," he said at the White House, during a meeting with U.S. president Donald Trump. Zaidi emphasized Iraq's past conflict with the Islamic State. He said that the conflicts had caused the country to incur enormous costs and destroyed its infrastructure. "The damage to Iraq is over $400 billion.?And some Iraqis are still living in camps and have destroyed their homes. He said he had a plan for returning?them back to their homes.
-
Brent oil changes structure to reflect rising supply risks as Iran tensions escalate
Brent crude oil futures for immediate delivery reached a new high compared to the previous price of oil six months earlier. This was due to traders pricing in the renewed risk of Middle Eastern oil supplies and shipping via the Strait of Hormuz. The Brent first-month contract was $8.92 per barrel higher than the Brent sixth-month contract It is its highest?premium in the last 10 days. Backwardation is a market structure where prompt contracts are traded at a higher price than later ones. This is usually interpreted as an indication of tight near-term supply. Brent's decision follows a sharp increase in tensions between Iran and the U.S., including new?military attacks and attacks on vessels close to the Strait of Hormuz, which has?reignited fears over the security?of Middle East crude oil supplies. Ole Hansen, head of commodity strategy at Saxo Bank, said: "The return to the backwardation signal indicates that the market expects the crude availability to be constrained for the weeks to come." This structure is different from that of early July when Brent was trading below the later contracts. That structure, known as contango, is more common and usually associated with abundant near-term supply. Exports returning through the Strait eased concerns about supply. Neil Crosby is the head of research for Sparta Commodities. He said, "At the moment, it's largely a purely paper move. Investors are likely to pour back into the market after the latest escalation." Crosby said that "we are seeing a slowdown in the?flows from Hormuz, which may... have an incremental impact on the physical market over the next few weeks if disruptions continue." Middle East crude benchmarks Oman?, Dubai, and Murban have also moved from discounts to premiums, indicating a growing concern about supply. According to an analysis by Kpler, the oil and gas tanker trade has fallen to its lowest levels since May 25.
-
Stocks rise on the back of softer inflation and bank results, while oil prices increase on US-Iran hostilities
The shares were modestly up on Tuesday, after U.S. inflation figures that were weaker than expected and strong earnings for the second quarter from major banks. Oil prices also rose as the U.S. fought Iran 'for control' of the Strait of Hormuz. The U.S. Consumer Price Index rose by less than expected 3,5% over the past 12 months, after a 4.2% increase in May. Analysts had expected a month-over-month drop of 0.1%. This is mainly due to the drop in gasoline prices last month from their multi-year highs, as a fragile U.S. Iran ceasefire was implemented last month. On Tuesday, however, oil prices rose after Iran fired ballistic missiles into a U.S. base in Jordan, and the U.S. launched five-hour long attacks on Iranian targets, its third consecutive night of strikes. Donald Trump, the U.S. president, responded to Iran's?statement on Saturday, that it would close the Strait of Hormuz - a vital energy conduit - by resuming the U.S. blockade of Iranian shipping. U.S. crude futures rose 1.05% to $78.94 per barrel after hitting a month-high earlier, while Brent climbed to $84.57 a barrel, an increase of 1.52% for the day. The shares of major U.S. financial institutions rose?after strong quarterly results were boosted?by trading revenue and corporate deals. Bank of America, Citigroup and JPMorgan Chase all reported higher-than-expected second-quarter profits. Tim Ghriskey is a senior portfolio strategist with Ingalls and Snyder. He says that while share traders may have shrugged off the Middle East escalated, geopolitics remains a concern for equity investors. It depends on how long the current stage of the ongoing war will last. The market has discounted this issue, but it is still a concern. He said that it was dampening the market strength due to the strong results from financial companies. "The favorable CPI number could be very different in the next month, given what is happening on the oil market." At 11:04 am. At 1504 GMT ET, the Dow Jones Industrial Average fell 27.79 points or 0.05% to 52,474.12, while the S&P 500 rose 23.89 points or 0.31% to 7,538.92. The Nasdaq Composite was up 194.64 or 0.75% at 26,067.81. The MSCI?index of global stocks rose by 4.35 points or 0.39% to 1,121.21. The STOXX 600 Index fell by 0.04%. DOLLAR WEAKER AFTER Inflation Data The Federal Reserve's Kevin Warsh delivered the semi-annual report on monetary policy to Congress. The dollar has been broadly weakening in currencies after the U.S. inflation figures were softer than expected, which dampened expectations of a?Fed tightening policy. The dollar index (which measures the greenback in relation to a basket of currencies, including the yen, the euro and others) fell by 0.52%, while the euro rose by 0.55%, reaching $1.1444. The dollar fell 0.28% against the Japanese yen to 161,98. In response to inflation data, U.S. Treasury rates also declined. The yield on the benchmark?U.S. The yield on benchmark?U.S. 10-year notes dropped 3.46 basis points, from 4.61%, late Monday. Meanwhile, the 30-year bond rate?slid 1.04 basis point to 5.0876%. The yield on the 2-year bond, which is usually in line with expectations of interest rates for the Federal Reserve fell by 6.96 basis points, to 4.193%. Spot gold rose 2.02% to $4,080.49 per ounce. (Reporting from Sinead carew in New York; Nell Mackenzie and Gregor Stuart Hunter, in London; Editing by Kevin Buckland Stephen Coates William Maclean, Susan Fenton.)
-
Nigerian Dangote starts pricing local fuel in dollars citing crude oil supply constraints
Nigeria's Dangote Petroleum Refinery began?pricing fuel for the local market in U.S. Dollars on Tuesday. A company spokesperson cited difficulties securing enough crude under the 'naira for Crude' programme of the government and the rising price of oil globally. Launched in October 2024 the naira for crude programme allowed refiners in Nigeria to buy crude in their local currency, reducing pressure on the foreign exchange markets. According to a template for pricing that was circulated among marketers, Africa's largest refinery with a 700,000 barrels-per-day capacity has set the ex depot price of petrol to $0.779, diesel to $1.087, and aviation fuel to $0.942 per 1 litre. Vice president Edwin 'Devakumar of the Dangote Group said that the refinery was absorbing currency mismatches by selling products in Naira and sourcing crude oil in dollars. However, limited crude supplies under the naira for crude programme have undermined the viability of the arrangement. The state-owned oil firm NNPC increased Dangote’s allocation in 'May to seven cargoes from five. However, the refiner said that it needs 13 to 15 cargoes a'month and is forced to import the rest at international prices. The decision could increase the demand for dollars by fuel marketers, and make domestic fuel rates more sensitive to fluctuations in exchange-rates. The regulator of the sector,?the Nigerian Midstream and Downstream Petroleum Regulatory Authority(NMDPRA), didn't immediately respond to a?request for comment. Dangote is a major local fuel supplier and has helped reduce Nigeria's dependence on imported fuel. However, it has not been able to supply enough volumes.
-
New York is the first state in the country to ban data centers
New York was the first state in the?U.S. state on Tuesday to halt construction of ?large new data centers, imposing a one-year moratorium as concerns grow ?that ?the facilities driving the artificial-intelligence boom are raising power costs, straining water supplies and burdening local communities. The moratorium places New York in the forefront of the growing national debate on how to manage infrastructure required to support AI. As technology companies race to build new data centres, legislators and regulators are considering measures to limit the impact on electricity grids and utility bills, as well as local communities. Kathy Hochul, Governor of New York, said, "Data center development threatens our natural resources and will increase utility bills for New Yorkers. It is my responsibility to lead and take action." Hochul said that she will also work to repeal the sales tax exemptions on large data centers. Officials in the Governor's Office said that the construction ban would apply to data centres using 50 megawatts of power or more. The Governor's Office said that during the moratorium the Department of Environmental Conservation of the state will not issue any permits discretionary, which aren't already complete. Hochul instead directed state officials in order to create a Generic Environment Impact Statement, which will ensure that all new data centers are subject to "consistent standards" and examine any potential environmental impact of construction and operation data centers. Hochul's Office says that the ban will be lifted when?the state finalizes these standards. DATA CENTERS - BACKLASH The New York legislature passed a law last month to place guardrails around data centers. However, it hasn't yet been signed by Hochul. The bill is aimed at data centers that use more than 20 megawatts, which gives it a broader scope than the executive order of Tuesday. Hochul's officials described the bill as complex, and said that it would take time to "work through" the issue with the legislature. Data center operators Digital Realty, Equinix, and NTT Data did not respond immediately to requests for comments on New York's decision. Neither did so-called hyperscalers Alphabet and Microsoft, Meta, Amazon, and Oracle. Data centers are expanding in the United States, driving up electricity costs and power consumption in large areas of the country. This has sparked local and political outrage. According to a recent Ipsos survey, only one third of Americans approves of the rapid pace?of data center construction. Most would be opposed to building one in their community. Dozens state legislatures have introduced bills to curb the effects of data centers on electricity bills and the environment. New York was the first state to implement a complete moratorium. Maine Governor Janet Mills, in April, vetoed the bill that would have placed a similar?freeze on these facilities. According to a report released by the independent grid operator of New York, as of May there were over 12 gigawatts worth of large energy users, such as data centers, waiting to be connected to the grid of the state. A gigawatt can power approximately 750,000 homes. According to U.S. Energy Department data, New York is the eighth most expensive state in the nation for residential electricity. New York's high land costs and limited power supply have, compared to other states such as Texas and Ohio?limited the interest in data centers. However, server warehouses are still interested. According to Data Center Map the state has over 130 data centers compared to more than 600 in Virginia, and around 500 in Texas. (Reporting from Washington by Jasper Ward; Additional reporting by Laila K. Kearney; Valerie Volocvici; Deborah Sophia; David Gaffen; Joyjeet Das; editing)
-
Authorities report that several people died in a fire on a construction site near Brussels.
Local authorities reported that six people are still missing after a fire broke out at a building site in Brussels on Tuesday. A spokesman from the local labour inspection service confirmed that an unspecified number bodies were found in the elevators of the large renovation project at the central 'Place de Brouckere, where a fire started early on Tuesday morning. Brecht Speybrouck, a spokesman for the local labour inspection service, said that they had a small view of one of two elevator cabinets where we could see?corpses from two or three people. Six workers are still missing, and it is unclear what caused the fire. Three people were 'taken to hospital' by the local fire brigade. Belgian broadcaster VRT, citing fire brigade, said that an initial fire on the lower floors was 'contained fairly quickly. Firefighters said that flames from the elevator shafts sparked a new fire in the underground floor.
Gold Board: Ghana's artisanal gold production in 2026 is likely to exceed the record level of 2025
Ghana's Gold Board purchased up to 54 tons of gold in the first half 2026 from small-scale and artisanal mining. The sector's output is on track to equal or exceed last year's records, said the CEO of the state entity.
Ghana's largest exporter and foreign currency earner is expected to have another successful year, which will help support the economy as it recovers from its worst financial crisis in decades.
Africa's biggest gold producer saw ASM production?surge after sector reforms were implemented to?stop smuggling and boost foreign currency earnings. The production reached a new record of 104 metric tonnes last year. This was the first time that ASM output surpassed large-scale mining.
Samuel Gyamfi, CEO of Gold Board (GoldBod), told reporters that the company had purchased between 50 and 54 metric tons. At this rate, it is likely that we will match or surpass last year's production.
Gyamfi stated that the board earned nearly $11 billion from the ASM sector in foreign exchange last year. Large-scale mining contributed around $9?billion. He said that the recent decline in gold prices has reduced expectations for earnings. GoldBod's 2026 forecasts were based on an average gold price per ounce of $5,000 and weekly purchases of 2.5 metric tonnes, according to the entrepreneur.
Gyamfi stated that despite the lower prices Ghana is still on course to produce higher gold export earnings this year than last, Gyamfi added. Average bullion prices are above 2025 levels but below GoldBod’s initial projections.
(source: Reuters)