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Silver reaches new highs; gold falls after Fed split vote on rate cuts
Gold edged lower on Thursday, as traders weighed ?the U.S. Federal Reserve's divided vote on a quarter-percentage-point ?interest ?rate cut, while silver climbed to yet another record high. As of 1248 GMT, spot gold dropped 0.3% to $4216.49 an ounce. U.S. Gold Futures for February Delivery gained 0.5%, to $4244.40 an ounce. Ross Norman, an independent analyst, said that the fundamentals of gold remained unchanged. The Fed cut rates by a quarter percentage point in a rare, divided vote on Wednesday. However, officials signaled a pause before further easing. They are assessing the future direction of the job market as well as inflation which "remains slightly elevated." Gold and other non-yielding investments are typically benefitted by lower interest rates. The projections released after the two-day conference showed that most policymakers only see one rate reduction in 2026. Fed Chair Jerome Powell did not give any indication as to when a second rate cut could occur. Donald Trump, the U.S. president, said that on Wednesday the Fed could have cut rates even more. Trump will announce the new Fed Chair early next year. White House Economic Advisor Kevin Hassett is seen as the frontrunner. Investors will be watching for the non-farm payrolls data and unemployment rate figures due on 16th December to get more clues about what next moves the Fed is likely to make. Spot silver increased 0.6% to $62.16 an ounce after hitting a new record high at $62.88 in the previous session. This brings its year-to date gain to 115% due to strong industrial demand, declining stocks and its inclusion on the U.S. Critical Minerals list. Silver's fundamentals are still incredibly strong. The critical minerals list is a huge tailwind, and there's a possibility we could see some stockbuilding. This would increase the market's tightness. Norman said. Palladium dropped 0.9%, to $1.463.97, and platinum rose 0.5%, to $1.665.99. (Reporting and editing by Kate Mayberry, Shalesh Kuber and Pablo Sinha from Bengaluru)
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MOL is close to a deal with MOL to purchase more Azeri Gas, says the Foreign Minister
Hungary has signed a framework deal with Azerbaijan to purchase up to 800,000,000 cubic meters of gas over a period of two years. Peter Szijjarto, Hungary's foreign minister, announced this at a press conference on Thursday. Hungary has signed a framework agreement with Azerbaijan for the purchase of up to 800 million cubic meters of natural gas over a two-year period, Peter Szijjarto, the Foreign Minister in Hungary told?a briefing on Thursday. This is a framework contract that allows up to?800 million cubic metres in deliveries to be realized. How much of the agreement will be completed in the next two-years depends on market conditions, Szijjarto explained. Hungarian wholesaler MVM CEEnergy has agreed to purchase 400 million cubic meters of gas per year from a company called. Engie, a French company Between 2028 and 2038. Hungary had earlier agreed to Shell to buy 200 mcm The country will consume around 8 billion cubic meters of gas per year, or around 2.5%. Last Week MVM CEO Karoly Mattrai MVM's chief executive said that the group would be able to provide enough gas for the country even if Russian imports were stopped, but prices are likely to rise. Even after the beginning of the Ukraine war, Hungary's reliance on Russian oil and gas has not changed. Viktor Orban, Prime Minister of Hungary, said that "Hungary imported" a number of products. 7,5 billion cubic meters Gas from Russia? Szijjarto said at the briefing held on Thursday that Hungary's MOL oil and gas company was "close to signing a deal" on participation in Azerbaijan's new large exploration and production project. MOL didn't immediately respond to questions about the possible deal. Reporting by Krisztina than and Anita Komuves, edited by Chizu nomiyama
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EU reaches provisional deal on screening foreign investment
The European Union has reached a provisional agreement on Thursday regarding new rules that will require all of its members to screen foreign investments into the EU?in sensitive sectors like defence, AI, or critical minerals to determine if it threatens economic security. Representatives from the European Parliament and Council, the grouping EU governments, have reached agreement on a draft text for re-evaluating its?existing FDI screen regulations. The text will still need to be approved by both bodies. All EU countries will be required to screen investments and block them if they pose a risk. The screening will extend to investments made within the EU, if an investor is controlled by a foreign firm. The original proposal?did not name any countries,?but contrasts'reliable partners' with 'countries of concern,?and highlights "de-risking", which is the policy of the bloc to reduce economic dependence on China. Export restrictions Rare earths and Chips Foreign investments in critical raw materials and energy, voting systems and databases, and critical raw materials and technologies, such as AI and quantum?technologies, will need to be screened. Included are central counterparties, central securities depositories, operators on regulated markets, payment systems, and systemically significant financial institutions. The screening decisions are still the responsibility of EU member states where the investment is being made. However, the European Commission may give its opinion. Morten Bodskov (Danish Business and Industry Minister), whose country currently holds the rotating EU Presidency, made a statement. (Reporting and editing by Inti, Landauro, and Toby Chopra.)
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Yonhap reports two deaths after collapse on South Korea library construction site
Yonhap News Agency reported that two workers were killed and two others were missing, and believed to be buried, at a library building site in the city of Gwangju, South Korea, on Thursday after an iron structure collapsed. Yonhap reported that authorities found a dead body in a building, citing?Gwangju Fire agency. Fire authorities told reporters in a press briefing that the collapse happened while concrete was?poured on the construction site. A fire official stated that the rescuers are attempting to remove concrete slabs and steel pipes believed to be burying workers.
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Ghana bans mining on forest reserves in order to reduce environmental damage
Ghana has banned mining within forest reserves, as part of an environmental protection program aimed at protecting water bodies and halting the deforestation. Africa's leading gold producer, which is also the world's largest, is fighting a "surge" in?poorly-regulated small-scale mining, which is destroying cacao farms, degrading rivers and forests, and increasing sustainability risks for its mining industry, sparking protests. Industrial miners have reported frequent incursions of illegal operators on concessions. This has forced key operators such as Gold Fields AngloGold Ashanti Newmont and Asante Gold, to increase their investments in surveillance drones, security systems, and community engagement programmes. According to data from the government, illegal mining has spread across 13 of Ghana's sixteen regions, including important cocoa belts in Ashanti, Western, and Eastern. The authorities have overhauled the sector, licensing artisanal miners, creating community schemes and providing security to stop illegal mining and gold trading. Introduced in 2022, the Environmental Protection (Mining in Forest Reserves Regulations) allows controlled mining in forests reserves. The ministry announced in a late-Wednesday statement that the repeal went into effect after a constitutional period of 21 days. It will give the second largest cocoa producer in the world stronger legal tools for protecting forests, water resources and farmland. Healthy forests protect our farms and give life to communities. "Clean rivers ensure our drinking water and future," said Acting Environment Minister Emmanuel ArmahKofi Buah. Daryl Mensah Bonsu, an environmental advocate, explained that the move represents a'major shift' in Ghanaian environmental policy. It restores protections for forest after opening up nearly 90% of reserves to mining. "The repeal will not solve all problems. We have the opportunity to address teething issues arising from logging, farming and to implement a national development program to restore and grow forests for present and future generations." Christian Akorlie is the reporter. Maxwell Akalaare Adombila is the author. Mark Potter (editing)
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Utilities win contracts at Poland's 2030 Capacity Market Auction
Grid operator PSE announced that Poland's main capacity market auction was completed on Wednesday. The closing prices ranged between 465.03 and 511.51 Zlotys ($128.74?and $141.61) for a kilowatt of power per year. PGE, Poland's largest state-controlled utility, said it had secured 1,399.218 Megawatts of capacity obligations. This included 1,097.718MW under 15-year contracts. PGE announced earlier that it would be submitting?its planned power plants powered by gas to the auction but didn't disclose the outcome of those specific projects. Energa is another major Polish utility that won contracts with a mix of one-year and 7-year terms. Enea won a total of 661 MW in one-year contracts, the company said. Tauron, a state-controlled company, estimated that the total revenue could range between 3.83 billion and 4.22 billion Zlotys in 2030-2046. Tauron announced in a separate filing that it would construct a 600-MW gas-fired plant in Jaworzno, southern Poland, after securing?capacity agreements. It said that the plant would cost between 2 and 3 million Polish zlotys for each?MW. Poland is reducing its dependence on coal and using capacity markets to encourage investment. The mechanism helps conventional power plants to produce electricity in times of low intermittent renewable generation. However, under current EU rules, payments for sources with high emissions are "set to be prohibited from 2028." Warsaw called for the creation of a new EU-supported mechanism in order to prevent a power gap that could occur from 2029.
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Silver reaches new highs; gold falls after Fed split vote on rate cuts
Gold edged lower on Thursday, as traders ?weighed the U.S. Federal Reserve's divided vote on a quarter-percentage-point ?interest ?rate cut, while silver climbed to yet another record high. As of 1111 GMT, spot gold dropped 0.3% to $4217.09 an ounce. U.S. Gold Futures for February Delivery gained 0.5% per ounce to $4,244.70. It's simply an over-positioning in gold due to the expectation of a rate cut which didn't?happen. Therefore, you're experiencing some selling pressure," said Ross Norman, independent analyst, adding that gold fundamentals were unaltered. In a rare split vote on Wednesday, the Fed cut rates by a quarter percentage point. However, officials signaled a pause in further easing while they assess?the future direction of the economy and inflation which "remains elevated." Gold is a non-yielding asset that benefits from lower interest rates. After the two-day conference, most policymakers projected that there would only be one rate reduction in 2026. Fed Chair Jerome Powell did not give any indication as to when a second rate cut could occur. Donald Trump, the U.S. president, said that on Wednesday the Fed could have cut rates even more. Trump will announce the new Fed Chair early next year. White House Economic Advisor Kevin Hassett is considered a frontrunner. Investors will be watching for the November non-farm payrolls data and unemployment rate on December 16 to get more clues about what the Fed is going to do next. Spot silver increased 1% to $62.39 an ounce after hitting a new record high of $62.99 earlier in the session. This brings its year-to date gain to 116%. Silver's fundamentals are still incredibly positive. The critical minerals list is a huge tailwind, and there's a possibility we could see some stockbuilding. This would increase the market's tightness. Norman concluded. Palladium dropped 1%, while platinum rose 0.4%, to $1.662.15. (Reporting from Bengaluru by Pablo Sinha; editing by Kate Mayberry.)
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Cenovus Energy predicts increased production in 2026
Cenovus Energy, a Canadian company, forecast a higher crude oil production in 2026 due to the completion of major oil sands project. The company anticipates an upstream production of between 945,000 and 985,00 barrels of oil-equivalent per day (boepd), exceeding its forecast of 805,000 to 845,00 boepd for 2025. The producer said that it would spend C$850,000,000 on the newly acquired Christina Lake North assets acquired from MEG Energy. The Calgary-based company had previously?stated that its capital expenditure will fall to C$4 billion in the next year as major expansion projects are completed, excluding assets of its high-profile C$6 billion takeover MEG Energy. The Canadian oil and gas producer anticipates that total expenditures will be between C$5.0 billion and C$5.3billion in 2026. The projects will also boost production. By 2028, the output is expected to reach about?950,000 Bpd. After delays caused by a regulatory investigation, the deal will bring one of Canada's few remaining oil sands companies into Cenovus.
Draft COP30 deal drops effort for fossil fuel transition agreement
Brazil, the COP30 summit's president, released a draft of a proposed agreement for this year’s U.N. Climate Summit early on Friday. It dropped a proposal that was included in a previous version to develop a plan to move away from fossil-fuels.
This issue was one of the most controversial at the two week conference in the Brazilian Amazon city of Belem, attended by nearly 200 government officials.
The nations have been arguing over the future for fossil fuels. Their burning releases greenhouse gases, which are the biggest contributors to global warming.
The first draft of the deal, which was released earlier this week, included a number of possible options on how to phrase the issue.
Dozens nations, including Germany and Kenya, as well as low-lying islands states, have been pressing for a roadmap that outlines how countries can follow through on a promise they made two years ago at COP28 to move away from fossil fuels.
In the text that was released on Friday morning, fossil fuels were completely omitted.
To adopt the text, which remains subject to further negotiations, it would be necessary to reach consensus.
Brazil's COP30 presidency held consultations on Thursday with key negotiating groups, after an emergency evacuation forced by a fire in the summit venue disrupted hours of talks.
Although the conference is expected to end later on Friday, it is possible that the talks may continue into the weekend. This is not uncommon at annual climate conferences around the world.
CLIMATE FINANCE & TRADE
The draft also calls for global efforts to triple funding available to assist nations adapt to climate changes by 2030 from levels in 2025.
It did not specify if the money would come directly from wealthy governments or from other sources, such as development banks or private sector.
This may disappoint those nations that are poorer and want to be sure of the public funds' use in this area.
Adaptation investments - such as improving infrastructures to deal with extreme heat or strengthening buildings to withstand worsening storms, are often crucial for saving lives, but offer little return on investment, making it hard to attract private financing.
The draft agreement would also initiate a "dialogue", involving governments, other actors and the World Trade Organization at the three next COP climate summits.
This would be a victory for many countries, including China, who have demanded long-term that the climate summit include trade issues. It may not be comfortable for the European Union as such discussions are often centered around the EU border carbon levy. South Africa and India criticised the tax and called for its scrapping. (Reporting and editing by Katy Daigle, Hugh Lawson and William James)
(source: Reuters)