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India limits duty-free imports of gold for jewellery exporters in order to curb demand
India tightened the rules on duty-free gold imports for jewelry exports, capping the imports at only 100 kilos per license, according to an order from the government. The country is the second largest consumer of precious metals in the world. This week, the South Asian nation raised its import tariffs for gold and silver from 6% to 15% as part of an effort to reduce foreign purchases of these metals. It also aims to ease pressure on reserves of foreign currency due to higher oil prices. India is one of the leading exporters in the world of gold jewellery. New Delhi allows manufacturers and jewellers, under the scheme of advance authorisation, to import gold for export without paying any duty. On Thursday, the?government changed import rules for jewellers by capping gold imports at 100 kilograms per license and tying future licences with fulfilling at least 50% earlier export obligations. According to the order, first-time applicants must also undergo a physical inspection of the manufacturing facility by regional authorities in order to verify its existence, production capability and operational status. The holders of licences are also required to submit fortnightly, independent, chartered accountant-certified reports detailing the gold imports or exports that were conducted under this scheme. The new rules have excessive compliance requirements. The government appears to be trying to discourage gold imports even though this could result in a decrease in jewellery exports. According to the data collected by the Gem and Jewellery Export Promotion Council, India's gold jewellery exports in 2025/26, which included both plain and studded segments, stood at $11.36 Billion in fiscal year 2025/26, which ended in March. "The government appears determined to reduce gold imports." "The government is increasing import barriers, one by one," said an Indian bullion dealer based in Kolkata. (Reporting and editing by Mark Potter, Ros Russell and Rajendra Jadhav)
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Gold prices steady as investors turn their attention to the Middle East and Trump-Xi summit
Gold 'prices remained steady on Thursday as investors focused on the latest developments of the U.S. and Israel war against Iran, and the signals from President Obama's meeting with Chinese president Xi Jinping. Dollars other than the greenback rose by 0.2%. This makes bullion priced in greenbacks more expensive. At 1043 a.m. (1443 GMT), spot gold was unchanged at $4,689.99 an ounce. U.S. Gold Futures for June Delivery fell by 0.2% to $4695.80. The price of oil dropped after Iran's?state media reported that 30 vessels had recently crossed the Strait of Hormuz. Attacks on vessels were also reported in the area. Bart Melek is the global head of commodity strategies at TD Securities. He said that if the Middle East conflict doesn't end, there is a risk of a major downturn in gold. He added that if the Middle East conflict is not resolved, there could be a significant downturn in gold prices. According to CME Group’s FedWatch tool the price of a U.S. rate cut has been priced in at any time this year. This is due to an energy-driven sharp rise in U.S. consumer and producer prices in April. Gold is considered a hedge against rising inflation but higher interest rates can weigh down on this non-yielding material. In a recent note, Nikos Tzabouras of Tradu.com said that gold is lacking a firm direction. Markets are weighing lingering geopolitical uncertainties,?the economic impact from the Middle East conflict, and the hope that the 'Trump-Xi' meeting will?help broker a solution. Xi also told Trump on Thursday that the trade talks were progressing but warned against a disagreement about Taiwan which could cause'relationships to fall apart, or even lead to conflict. Taiwan was not mentioned in the U.S. summary. The Indian government has announced a 100-kilogram limit on imports of gold under its advance authorization program, which allows Indian exporters to benefit from certain exemptions. Silver spot fell by 3.5%, to $84.88 an ounce. Platinum fell by 3.4%, to $2,065.05, while palladium fell by 3.7%, to $1,443.62. (Reporting and editing by Paul Simao, Nick Zieminski and Ishaan arora in Bengaluru)
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Iraq requested financial assistance from IMF in response to the Iran war, a source said
A source close to the IMF confirmed that Iraqi officials had approached the IMF about financial assistance due to the conflict in the Middle East. The source stated that initial discussions took place 'last month at the spring meetings of IMF and World Bank, in Washington. Discussions are still ongoing on how much funding Iraq will need, and how a loan will be structured. The massive U.S. and Israeli bombing campaign that began February 28 against Iran, which prompted Tehran to close the Strait o'Hormuz, has rocked Middle East and caused damage to infrastructure and economies. Iraq has been 'hard hit' by the war. The majority of its oil exports, which represents nearly all of government income, have been cut off due to the closure of a critical waterway that previously carried around?one fifth of the world?s crude oil. IMF spokeswoman Julie Kozack stated that the IMF worked with the World Bank, the International Energy Administration and other organizations to assess the effects of the war on its member countries. She added that the Fund is also actively engaged in discussions with its member countries, many of whom are seeking policy advice. She said that IMF Director Kristalina Georgeieva had stated the IMF had received requests for help from "at least 12" countries, but refused to give any details on which countries requested assistance. The Iraqi government and its embassy in Washington did not immediately comment. Iraq's economy is heavily dependent on oil exports. Iraq's latest financial deal with IMF was a $3.8 billion standby agreement that expired in July 2019. Of this amount, $1.49bn was drawn. Iraq is owed $2.39 billion by the global lender, which includes $891 million that was provided through a rapid funding instrument. (Reporting and editing by Louise Heavens, Chizu Nomiyama, and Andrea Shalal)
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US Wireless carriers launch joint venture to address rural "dead zones"
Verizon, AT&T, and?T-Mobile announced on Thursday they had agreed in principle to form a joint venture to address coverage gaps that have existed for years - especially in rural areas - by using satellite-based technology. The plan, according to the largest wireless companies in the United States, aims to eliminate nearly all dead zones that lack mobile service. The plan aims to improve network performance and ensure redundant connectivity in natural disasters using "direct-to-device" satellite technology. The Federal Communications Commission has approved EchoStar’s $40 billion sale to SpaceX and AT&T of wireless spectrum. EchoStar will sell?65 Megahertz to SpaceX at a cost of $17 billion in order to enhance SpaceX’s Starlink’s next-generation device-to device offering. The joint venture will invest in satellite-based direct-to device technologies to fill coverage gaps. Analysts also believe that the joint venture could be defensive, as some are concerned SpaceX will eventually compete directly with U.S. wireless providers. FCC Chairman Brendan Carr said in an interview that the sale of $40 billion worth of spectrum provides Starlink with a clear path to "enter direct into the cell market." Elon Musk, CEO of SpaceX, has stated that the company has deployed over 650 Starlink satellites to support a new direct-to device business. Musk said that the company's goal was to "deliver complete cellular coverage on Earth." Carr said Starlink would be able to deal with dead zones on its own, or in partnership traditional carriers. SpaceX will gain 'exclusive-use spectrum to develop a Starlink service that connects devices or directly to cell phones, among other services. The FCC stated that AT&T’s low-band spectrum would expand coverage throughout the United States, particularly in rural and underserved regions. Carr said, "We are fundamentally reshaping wireless industry with this approval." "As regulators, our job is to give the market a fair chance at settling itself." Direct to cell is not a "winner", but neither are we putting it aside and declaring it as a "loser". The FCC has also granted SpaceX waivers to address the convergence of satellite and wireless broadband. The FCC's announcement allows SpaceX to use their new spectrum in a flexible manner for hybrid, terrestrial and space-based network architectures. The FCC has ordered EchoStar to set up an escrow fund of $2.4 billion, which would cover any amount that EchoStar may owe as a result of disputes over the work done under licenses. (Reporting and editing by Sharon Singleton, Nick Zieminski and David Shepardson)
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Investors focus on Middle East and Trump-Xi Meeting as gold prices ease
?Gold prices dipped on Thursday as investors focused mainly?on a?recent development in the Middle East conflict and signals from U.S. president Donald Trump's recent meeting with Chinese president Xi Jinping. At 9:42 am EDT (1342 GMT), spot gold was down by 0.4% to $4,668.34 an ounce. U.S. Gold Futures for June Delivery fell by 0.7% to $4672.70. The dollar?U.S. The dollar rose 0.1% and made metals priced in greenbacks more expensive to holders of other currencies. Oil prices fell after Iran's official media reported that 30 vessels had recently crossed the Strait of?Hormuz. This report briefly boosted gold prices. Bart Melek is the global head of commodity strategy for TD Securities. He said that if this Middle East conflict doesn't end, there is a risk of a "significant downturn" in gold. He said that if inventories and supplies of energy products are reduced, prices could rise dramatically, resulting in an increase in inflation. According to CME Group’s FedWatch tool the U.S. rate cuts are largely priced in at this point in the year due to an 'energy-driven increase in U.S. consumer and producer prices in April. Gold is considered to be a hedge against rising inflation. However, as interest rates rise, the metal tends to lose its appeal. The data released on Thursday revealed that?U.S. Retail?sales increased in April but some of this increase was due to higher prices. Xi reassured Trump on Thursday that the trade talks are progressing, but warned that disagreements over Taiwan could lead to a 'dangerous path' and even conflict. Taiwan was not mentioned in the U.S. summary. Spot silver dropped 3.8% to $84.00 per ounce. Platinum fell 3.4% at $2,065.50 and palladium fell 3.7% to $1,443.74. (Reporting by Ishaan Arora in Bengaluru; editing by Paul Simao)
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Iraq requested financial assistance from IMF in response to the Iran war, a source said
A source close to the IMF confirmed on Thursday that Iraqi officials had approached the International Monetary Fund in order to?secure financial assistance due to the conflict in the Middle East. Sources said that initial discussions took place during the spring meetings in Washington of the IMF and World Bank, and are continuing about how much funding Iraq will need and the structure of any loan. The Middle East has been rocked by the war that began February 28 with a massive U.S. and Israeli bombing campaign on Iran. This led to the closure of the Strait of Hormuz. Iraq was hard-hit by the war. Its oil exports, which make up nearly all of its government revenue, were cut off due to the closing of the crucial waterway that?previously transported about one-fifth the world's crude oils. The?IMF and the Iraqi Embassy did not immediately comment. Iraq's economy is heavily dependent on oil exports. It has the?fifth-largest?petroleum reserve in the world. Iraq's latest financial?deal was a $3.8 billion standby agreement that expired in July 2019. Of this amount, $1.49billion was drawn according to the IMF website. Iraq is owed $2.39 billion by the global lender, according to the website. This includes $891 million that was provided through a rapid funding instrument. (Reporting and editing by Louise Heavens, Chizu Nomiyama, and Andrea Shalal)
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Venezuelan bonds rise after debt restructuring by government
Venezuela's bonds rose on Thursday, after the country began a restructuration exercise that is expected to be one of the largest and most complex sovereign debt restructuring exercises undertaken. Venezuelan government announced that it has appointed U.S. consulting firm Centerview Partners to rework what is estimated at hundreds of billions dollars in sovereign and state-owned debt. The dollar-denominated bonds of the country, which have been in default for years but still trade on financial markets, reached their highest level since more than a decade. Data from Tradeweb showed that the bonds of Petroleos de Venezuela, a state oil company, were at a decade high, at 40 to 50 cents. Jean-Charles 'Sambor is the head of EM Debt at TT International, London. He viewed it as a signal that a restructured debt was now a top priority for both Caracas, and the White House. He added that "the recovery rate will high" because we are dealing with a country whose oil production and debt sustainability has improved sharply. COMPREHENSIVE & ORDERLY Venezuela, the South American nation with the largest oil reserves in the world, and Petroleos de Venezuela (the state oil company) owe between $150 and $170 billion dollars of debt and interest. This burden must be reduced for the economy to remain viable. The government announced late Wednesday that it aimed for a "comprehensive" and "orderly" overhaul of the debt burdens, which would include both sovereign debt as well as that of PDVSA. Venezuela defaulted on its debts due to U.S. sanction pressure in 2017. However, its bonds have steadily increased since U.S. president Donald Trump returned the White House at the beginning of last year. Since the U.S. ousted President Maduro, in January, momentum has picked up and Washington's relations with acting Venezuelan president Delcy Rodrguez have become closer. In a client note, JPMorgan analyst Benjamin?Ramsey stated that the goal is to move "expeditiously" with financial advisers. "We remain MW (marketweight), Venezuela in our portfolio model, pending an?improved assessment of a framework for debt sustainability." Ramsey said that although the process was questioned, it is worth noting that it began before the International Monetary Fund provided its assessment of Venezuela's economic prospects or debt sustainability metrics.
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Markets focus on Trump-Xi Meeting
?Gold was largely stable?on Friday, as investors focused mainly on a meeting between U.S. president Donald Trump and his Chinese equivalent Xi Jinping. They also digested a rise in U.S. prices due to increased energy costs associated with the Iran War. As of 1112 GMT, spot gold was up 0.2% to $4,696.36 an ounce. U.S. Gold Futures for June Delivery fell 0.1% to $4,703.70. China's Xi said that the trade talks are?making good progress? at the beginning of a two day summit on Thursday, but that a disagreement over Taiwan might?damage relationships and even lead conflict? Gold is still hovering at $4,700 while markets digest the latest U.S. inflation figures. It is very evident that we are now in a phase of consolidation," said Swissquote analyst Carlo Alberto De Casa. Data on Wednesday revealed that U.S. Producer prices had posted their largest increase in four-years in April. This is the latest indication of an accelerating inflation. On Tuesday, data showed that the annual U.S. consumer inflation had posted its biggest gain in three year. According to CME Group’s FedWatch tool, traders have priced in a large amount of interest rate increases this year. This is due to the rising cost of energy. The?U.S. The Senate has approved Kevin Warsh to be the chair of the Federal reserve. Gold is considered to be a hedge against rising inflation. However, as interest rates rise, the metal becomes less attractive. HSBC has raised its forecasts for silver prices to $75 an ounce by '2026. The bank cited the weaker U.S. -dollar. However, the bank believes that there is only limited room 'to the upside as silver remains too overvalued. Silver spot fell by 1.3%, to $86.86 an ounce. Platinum fell by 1.3%, to $2,110.70. Palladium fell 2.2%, to $1,467.03. (Reporting and editing by Barbara Lewis in Bengaluru, Noel John)
Sources say that US refiners Phillips 66 and Citgo are looking to purchase crude oil directly from Venezuela.
According to sources who are familiar with these efforts, Phillips 66, Citgo Petroleum, and other U.S. refiners want to purchase heavy crude oil directly from Venezuelan oil giant PDVSA in order to maximize their profits. They do not plan to use trading houses or the U.S. oil giant Chevron. Trafigura Trading and Vitol secured the first U.S. export licenses for Venezuelan oil in January as part of a $2 Billion deal between Caracas & Washington. Chevron holds an authorization to ship and operate in Venezuela since last year.
Refiners have purchased cargos from these three companies in the U.S. as well as other countries. The pool of buyers will gradually expand after the U.S. President Donald Trump issued a general licence late last month, which authorized broader oil imports from the OPEC nation.
Three sources confirmed that Phillips 66 is a major refiner in the United States and has been seeking internal approval to buy directly from PDVSA. One of the sources said that once the company is ready to go, they plan to charter tankers and load crude oil at PDVSA terminals. Sources spoke anonymously due to commercial sensitivities.
A Phillips 66 spokeswoman declined to comment on 'commercial activity, but stated that the refiners Gulf Coast facilities are capable of processing a variety of crude oils and access to heavy oil presents a valuable business opportunity.
Last month, the company purchased Venezuelan oil at a price of $9 per barrel less than Brent crude.
The White House announced on Friday that the Trump administration is responding in large part to the overwhelming interest of oil and gas companies.
Taylor Rogers, a spokeswoman for the president's office, said that "the team works around the clock" to respond to requests from oil companies.
CITGO WANT OIL DELIVERED - TO U.S. GULF
Citgo Petroleum, a Venezuelan-owned U.S. refining company, is also in discussions to buy crude from Venezuela directly. However, the company wants to have it delivered to U.S. Gulf Coast. This is difficult due to PDVSA’s limited number vessels, according to another source.
Citgo intends to use the opportunities under the general licence to purchase crude from Venezuela directly, the company stated in an email statement. It added that it plans to process Venezuelan oil in the coming month at its Gulf Coast refining facilities. Citgo bought from Trafigura in January a cargo of Venezuelan heavy oil for delivery in February. This was its first Venezuelan import since 2019.
Three other sources confirmed that Valero, which is the second largest U.S. refiner, and the top buyer of Venezuelan crude oil from Chevron in the United States, will buy directly from PDVSA after assessing the state of Venezuela's loading facilities. The company had previously purchased Venezuelan crude for delivery to the U.S. Gulf Coast from Vitol. Valero will increase its imports of Venezuelan Oil. Up to 6.5 Million barrels of Venezuelan Crude are expected for delivery in March at its Gulf Coast Refineries, making Valero the largest foreign refiner. Chevron is expected to make the bulk of these purchases.
Valero and PDVSA didn't immediately respond to requests for comment.
Chevron and Vitol have not responded to requests to comment on the impact of refiners buying directly. Trafigura declined a comment.
CHALLENGES Ahead
Washington is adjusting regulations to do business with Venezuela which remains under sanctions. This could cause refiners to face difficulties in the weeks ahead when trading for April delivery starts. PDVSA told potential buyers that they needed individual licenses from the US or clearance specific to their business. Four sources reported last week that the Treasury's Office of Foreign Assets Control lifted cargoes in its ports. Three sources also said that many U.S. Banks were reluctant to finance Venezuelan oil transactions. Many refiners, in addition to the general license that they intend to use over the next few months, have also submitted individual license requests.
Venezuelan crude oil prices have fallen in recent days, as more Venezuelan oil is heading to the U.S. and not China.
Sources say that Vitol and Trafigura 'offered Venezuelan Merey Cargoes at $10 Per Barrel Below Brent' in the last few days. This is cheaper than prices as low as $6-$7.50 Per Barrel below Brent from last month. Vitol and Trafigura, according to the U.S. Energy Secretary Chris Wright, have negotiated prices that are around $15 below Brent per barrel for initial Venezuelan crude purchase. This has resulted in $500 million of sales in a single month. Estimates claim that they made up to $4 profit per barrel, after transport and storage costs. Reporting by Nicole Jao, Marianna Pararaga and Arathy Smasekhar from Houston. Editing and editing by Nathan Crooks, Rod Nickel and Rod Nickel.
(source: Reuters)