Latest News
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Musk's xAI purchases third building to expand AI computing power
Elon Musk announced on Tuesday that his artificial intelligence startup xAI purchased a 'third building' to expand its infrastructure. The goal is to increase xAI's?"training capacity" to almost 2 gigawatts of compute?power. xAI is stepping up its efforts to train more advanced models in order to better compete with the industry leaders OpenAI ChatGPT and Anthropic Claude. Colossus is the company's supercomputer in Memphis, Tennessee, which it claims to be the world's largest. Musk posted on?X that "xAI bought a third property called MACROHARDRR", without revealing its location. This term could be a play off Microsoft's name. The 'Information', which first reported on the news earlier that day, citing a property record and a source familiar with the project said a supersized third data center was planned to be built outside Memphis. xAI plans to expand the supercomputer Colossus so that it can house 1 million?graphics processor units. The Information reported that the startup plans to begin converting the newly-purchased warehouse into a 'data center' in 2026. It also noted that the 'new data center' and Colossus 2 were both close to a xAI natural gas power plant xAI will be building in the area as well as to other power sources. Environmental activists have criticized the expansion of AI infrastructure because data centers use a lot of energy. xAI didn't immediately respond to a comment request. (Reporting and editing by Shilpa Majumdar in Bengaluru, Harshita Varghese from Bengaluru)
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Gold returns to top off the best year for over 40 years
The precious metals market rebounded on Tuesday after a sharp drop in the previous session. As the'market refocused? on geopolitical risks and economic concerns, gold rallied to end its best year since 1978. At 2:07 pm, spot gold was up 0.8% at $4,364.70 an ounce. ET (1907 GMT). It recorded its largest daily percentage loss since November 21. Profit-taking drove it down from the record high of $4,549.71 on Friday. U.S. Gold Futures closed 1% higher, at $4.386.30. "We experienced extreme volatility yesterday, with strong trading in Asia to the upside, followed by substantial profit-taking... But things have stabilized a bit today, and the trade is still generally favorable," said Peter Grant. Gold, a "safe-haven" asset, has risen 66% since 2025, its steepest rise since 1979. This is due to a perfect storm of interest rate easing and geopolitical tensions, as well as central bank purchases, ETFs backed by bullion, and robust central bank purchasing. Minutes of the most recent two-day meeting show that the U.S. Federal Reserve only agreed to lower interest rates in December after a nuanced discussion about the current risks to the U.S. economic system. Investors expect rates to remain unchanged at the next Fed meeting on January 27-28. Grant stated that "the market is still sceptical about the Russia-Ukraine deal and the wider?measures geopolitical risks remain elevated", which supports prices. Russia claimed that Ukraine was attempting to "attack" President Vladimir Putin's residence, and promised retaliation. Ukraine denied the claim. Silver increased 7.3%, to $77.48 an ounce. On Monday, it reached an 'all-time high' of $83.62, before recording its largest daily drop since August 2020. Silver prices have risen 168% in the past year due to its inclusion on a list of critical minerals, shortages, and growing investor and industrial interest. Platinum increased 5.1%, to $2216.45 an ounce. Platinum also reached a record-high on Monday of $2,478.50 before experiencing its largest-ever drop in a single day. Palladium increased 1.6% to $1.639.08 after falling by around 16% Monday.
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India has imposed a three-year tax on certain steel products in order to reduce imports of cheap steel.
According to an order from the Finance Ministry published on Tuesday, India has imposed a tariff between 11% and 12% for three years on certain steel products. The government wants to stop cheap shipments coming from China. Locally known as the safeguard duty, the levy will be imposed in three years at a rate of 12% in the first, 11.5% in the second and 11% in third. The measure was published in the official government gazette and excludes imports of certain developing countries. However, China, Vietnam, Nepal, and other Asian countries will be subject to the levy. The levy will not be applied to stainless steel or specialty steels. The federal steel ministry has said repeatedly that it does not wish to see the domestic steel industry suffer due to imports at low prices and "substandard" products. In April, the government implemented a 200-day temporary tariff of 12 percent. The Directorate General of Trade Remedies recommended a three-year duty, after finding that "recently, suddenly, sharp and significant increases in imports" were causing or threatening to cause a serious injury to the domestic industry. U.S. President Donald Trump's steel import tariffs have sparked a wave of trade friction over Chinese Steel, with countries such as South Korea and Vietnam imposing?anti-dumping levies this year. (Reporting and writing by Rajveer Pardesi, Bengaluru. Editing by Joe Bavier.
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Nickel reaches 14-month high, copper claws up
Prices of copper jumped on Tuesday, as speculators re-started their buying spree. However, they remained well below the record highs set in the previous session. Some investors were concerned that end users might hold back on purchases. The benchmark three-month copper price on the London Metal Exchange rose 3.1% by 1700 GMT to $12 606 per metric ton, after hitting a record high of $12 960 on Monday. A?trader' said that copper?got a lift as U.S. funds resumed their buying at the opening of the U.S. stock market. This was amid renewed risk-on sentiment on financial markets. European shares hit record highs following a...subdued Asian session and gold bounced back. LME copper prices have risen 43% in the past year. This is due to a combination of factors, including a weaker US dollar, concerns about mine disruptions affecting?supply and heavy speculative buying. Analysts at Sucden Financial wrote in a report that "base metals will likely remain headline and flow driven, with the upside susceptible to profit-taking before liquidity improves early in January." The price of copper in China fell as a result of a weaker Chinese market. The Shanghai Futures Exchange's most traded contract closed the daytime trading at 98.090 yuan per ton, down 2.4%. The Yangshan copper is a premium The Chinese appetite for copper imports fell to $53 per ton, down from $55 a week earlier, but still an improvement over the $40 it was at in mid-October. LME nickel rose 6.1% to $16,780 per ton on short-covering amid fears about reduced production from top producer Indonesia. It reached an intraday high of $16,855, its highest since October 2024. A minister said that the Indonesian government will cut mining output quotas to help support commodity prices. The most active nickel contract in Shanghai rose 3.9% to 132 390 yuan per ton after reaching a nine-month high of 134 480 yuan. LME aluminium rose 1% to 2,982.50 per ton. Zinc gained 1.3% at $3,128.50. Lead increased 0.3% to $2,000 and tin increased 3% to $40,965.
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Gold returns to top off the best year for over 40 years
The market focused on?geopolitical risks and economic concerns, which re-ignited gold's rally, capping its best year since 1980. At 11:29 am, spot gold was up 0.9% at $4,369.59 an ounce. ET (1629 GMT). It recorded its largest daily percentage loss on Monday since October 21, as profit-taking drove it down from the record high of $4,549.71 set on Friday. U.S. Gold Futures?were up by 1% to $4,386.40. "We experienced extreme volatility yesterday, with strong Asian trading to the upside, followed by substantial profit-taking... But things have stabilized somewhat today and the trade is still favourable," said Peter Grant. The gold price, viewed as a safe haven, has risen 66% in 2025, its steepest rise since 1979. This is due to a perfect storm involving interest rate easing, geopolitical tensions, central bank purchases, and flows into ETFs backed by bullion. The U.S. Federal Reserve will release the minutes of its meeting in December later on Tuesday. The traders see two rate reductions next year. This could be a scenario which keeps the wind in gold's sails. Grant stated that "the market is still sceptical about the Russia-Ukraine Peace Deal, and the broader measures of geopolitical risks remain elevated," which supports prices. Russia has accused Ukraine of attempting to attack the residence of President Vladimir Putin and promised retaliation. This is a blow to prospects for a peaceful peace agreement. Ukraine denied the claim. Silver increased 4.7% to $76.38 an ounce. Silver reached an all-time peak of $83.62 before its largest daily decline since August 2020. Analysts at Societe Generale pointed out that the CME Group raised its initial margin requirements for silver futures last Friday. Silver prices have risen 161% in the past year due to its inclusion on the U.S. Critical Minerals List, supply shortages, and a growing appetite from industrialists and investors. Platinum increased 4.7%, to $2208.94 an ounce. Platinum also reached a record-high on Monday of $2,478.50 before experiencing its largest-ever drop in a single day. Palladium increased 0.7% to $1.628, following a fall of around 16% Monday.
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Platinum to record highest monthly gain for 39 years as EU auto policy boost
Platinum prices will likely have their biggest monthly rally in nearly 40 years this December. This is due to the EU's U-turn on its combustion engine ban 2035, tight supplies and increasing investment demand. The price of palladium and platinum, which are used to make autocatalysts, a technology that helps reduce exhaust emissions from cars, has risen this year due to the uncertainty surrounding U.S. trade tariffs and the rally in gold. Analysts at Mitsubishi say that the EU plan announced in December amounts to "a steroid injection" for PGMs by prolonging their use as catalytic convertors. "Not only will the extension be indefinite? but the EU will continue to require tighter emission standards, which will by extension require higher PGM loads." According to LSEG data, platinum, which is also used in a variety of industries, including jewellery, has risen by 33% in December. This is the biggest increase since 1986. The metal, which hit a record-high of $2,478.50 an ounce on monday, is on track to achieve its highest annual growth ever of 146%. Palladium and Rhodium, its sister metals In 2025,, and are up by 80% each. The physical markets in Europe and the United States are also tighter due to increased demand from the U.S. Washington added the metals to the U.S. Critical?minerals List. Market participants expect more clarity in January on U.S. Tariffs. A month ago, the start of PGMs futures trading in China gave another boost. It attracted heavy speculative flow and prompted the Guangzhou Futures Exchange to adjust its price limits. These contracts represent the first domestic price-hedging mechanism in the second-largest PGM consumer economy. This country is heavily dependent on imports and the largest PGM consumer. Analysts at Macquarie said that if Chinese spot imports remain high, the major test will come when there is clarity about U.S. Tariffs.
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Gold returns to top off the best year for over 40 years
The market focused on geopolitical and economical risks as it refocused precious metals. Gold's rally was reignited to end its best year in 1979. At 9:56 am, spot gold was up 0.8% at $4,365.86 an ounce. ET (1456 GMT). It recorded its largest daily percentage loss since November 21 as it was pushed down from the record high of $4,49.71 on Friday by profit taking. U.S. gold futures were up 0.8% to $4,380.10. "We experienced extreme volatility yesterday, with strong trading in Asia to the upside, followed by substantial profit-taking... But things have stabilized somewhat today and the trade remains generally favorable," said Peter Grant. The gold price, which is viewed as a safe-haven asset, has risen 66% since 2025, its steepest rise since 1979. This was fueled by a perfect storm of interest rate easings, geopolitical flashpoints, central bank purchases and a surge in bullion-backed ETFs. The U.S. Federal Reserve will release the minutes of its meeting in December later on Tuesday. The traders see two rate reductions next year. This could be a scenario which keeps the wind in gold's sails. Grant said that the market is still sceptical about the Russia-Ukraine deal and the geopolitical risks are high. This has supported the prices. Russia has accused Ukraine of attempting to attack the residence of President Vladimir Putin and promised retaliation. This will dent prospects for a peaceful peace agreement. Ukraine denied the claim. Silver rose by 4.6%, to $75.523 per ounce. It reached an all-time peak of $83.62 before recording its largest daily decline since August 2020. Analysts at Societe Generale pointed out that the CME raised its initial margin requirements for silver futures last Friday. Silver prices have risen 161% in the past year due to its inclusion on the U.S. Critical Minerals List, supply shortages, and increasing industrial and investor demand. Platinum increased 4.5%, to $2203.07 an ounce. Platinum also reached a record-high on Monday of $2,478.50 before experiencing its largest-ever drop in a single day. Palladium increased 2% to $1,648.75 after falling by around 16% Monday. ? (Reporting by Anjana Anil in Bengaluru; Editing by Susan Fenton)
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Gold returns to its best year since 1979
Gold and other precious metals prices rebounded on Tuesday from the sharp drop in the previous session as investors shifted their attention to persistent global risks, which have propelled gold bullion's strongest annual performance for more than 40 years. By 1311 GMT, spot gold had risen 1.6% to $4,398.94 per ounce. It posted its largest daily percentage loss for more than two month on Monday, a retreat away from Friday's high of $4,549.71. Analysts blamed this decline on profit-taking. U.S. Gold Futures rose 1.7% to $4,415.50. The selloff yesterday was a result of profit-taking and repositioning for the New Year. Buyers are likely to return as structural conditions of this rally, a weaker U.S. Dollar and geopolitical uncertainties continue. Bullion has risen by 66% in the past year, its largest annual gain since 1979. This is due to a combination of monetary easing and geopolitical tensions. The Federal Reserve will publish the minutes of its December meeting on Tuesday. Traders are pricing in two rate reductions next year. When interest rates are low, non-yielding investments tend to do well. Russia has accused Ukraine of attempting to attack the residence of President Vladimir Putin and promised retaliation. This is a blow to any peace talks. Silver increased 5.7% to $76.34 per ounce. It reached a record-high of $83.62 before recording its largest daily?drop in August 2020. Analysts at Societe Generale pointed out that the CME group raised its initial margin requirements for silver futures on Friday. CME Group increased the amount of security deposits that traders must maintain with the COMEX Silver Futures exchange by 13.6%, to $25,000 per contract. Silver prices have risen by 159% in the past year due to its inclusion on the U.S. Critical Minerals list, supply deficits, and increasing industrial and investor demand. Platinum rose by 5%, to $2214.15 per ounce. Platinum also reached a new record on Monday when it touched $2,478.50, before experiencing its largest one-day decline. Palladium is up 2.1% at $1,651 per ounce following a 16% drop on Monday.
Putin says Russia is eager to partner with Vietnam in energy and security
Russian President Vladimir Putin said throughout a see to Vietnam on Thursday that Russia was keen to partner with the southeast Asian nation in energy and security.
Russia, a significant energy, natural deposits and nuclear power, rotated to Asia after the West enforced sanctions on Moscow for the conflict in Ukraine.
A day after signing a shared defence arrangement with North Korea, Putin said that Moscow and Hanoi were interested in building what he called a trustworthy security architecture in the Asia-Pacific area.
We will also increase the performance of cooperation on these projects in the energy and gas sectors in order to develop favorable conditions for the work of our business, Putin stated.
The Russian leader made the remarks in a televised news rundown with Vietnamese President To Lam.
Putin stated individually at the conference with Vietnamese Prime Minister Pham Minh Chinh that Russia was all set to set up long-term products of LNG to the country, according to RIA Novosti news wire.
Russia has long worked together with Vietnam in the oil and gas sector with the state-run business Zarubezhneft being at the forefront of that company.
Vietsovpetro, a joint venture (JV) 49%- owned by Zarubezhneft and the rest by Vietnamese state oil company PetroVietnam, will produce 250 million barrels of crude oil from Vietnam's overseas fields by Friday, Vietnam's government stated late on Tuesday.
The JV, which has actually reported income of $88 billion given that its development in 1981, has, nevertheless, been facing shrinking oil reserves at its fields, the declaration stated.
According to the Kremlin, Zarubezhneft has actually likewise gotten a financial investment license for advancement of offshore hydrocarbon block 11-2, while Russia's biggest LNG producer Novatek and PetroVietnam signed a memorandum of understanding and cooperation.
Putin composed in an
opinion piece
published on Wednesday in the paper of Vietnam's. Communist Celebration that Novatek plans to release liquefied natural. gas (LNG) jobs in Vietnam, without elaborating.
Moscow-based BCS brokerage stated in a note that Novatek. is not likely to reveal a brand-new job in Vietnam in the next. 3 to five years as it would concentrate on its domestic tasks. in the Arctic.
(source: Reuters)