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Gold gains are reduced as peace talks with Ukraine progress. US jobs data is the focus.
Spot gold retreated from its earlier gains after progress was made in the crucial?talks' between U.S. officials, and Ukrainian President Volodymyr Zelenskiy?aimed at ending?the war. Traders awaited important U.S. employment data. By 01:55 pm, spot gold had risen 0.2% to $4,309.82 per ounce. ET (18:55 GMT), following a rise of more than 1% in the earlier session. U.S. Gold Futures closed 0.2% higher, at $4335.2 per ounce. Jim Wyckoff, senior analyst at Kitco Metals, says that the progress in Russia-Ukraine talks appears to be dampening demand for safe-haven gold. He also added that the gold market is under pressure due to profit-taking, and liquidation of futures contracts by traders who purchased them earlier. Steve Witkoff, the U.S. Special Envoy to Ukraine, said that "a lot of progress has been made in Ukraine discussions," while an?U.S. Officials from both sides said that they have made progress in reducing the differences between Russia, Ukraine and other countries. The Federal Reserve will release its non-farm payrolls and retail data on Tuesday. This information could provide traders with more clues about the direction of the Fed's policy. According to CME FedWatch Tool, the markets are pricing in 78% of a rate reduction in January 2026. Gold is traditionally seen as a safe haven asset. It tends to do well in times of geopolitical or economic uncertainty. Silver spot rose 2.6%, to $63.61, from a record high of $64.65 reached on Friday. It is still within striking distance of the $65/oz mark. Silver is the most popular precious metal. Bob Haberkorn, senior market strategist at RJO Futures, said that by the end of next year we could be trading above $65 and as early as quarter one of the following year I could see up to $70. While spot platinum rose 2.5%, to $1.788.55, its highest level since Sept. 2011, palladium also reached a new two-month high with a nearly?5% increase to $1.560.25 an ounce. Nornickel of Russia, the largest palladium producer in the world, stated that the market for palladium could be deficient by 0.2 million ounces, including investment demand.
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Sources: U.S. Treasury rejects Xtellus' bid for Lukoil Assets
Four people familiar with the matter said that the U.S. Treasury rejected an 'offer' from a group headed by U.S. Bank Xtellus Partners to buy foreign assets of Russian Oil Company Lukoil. Xtellus was in a race with Exxon Mobil, Chevron and Abu Dhabi Group International Holding Company. MOL from Hungary and the U.S. Private Equity firm Carlyle are also still involved. The U.S. Treasury declined comment. Lukoil was willing to sell its assets in October after the U.S. sanctioned it and Kremlin controlled rival Rosneft to encourage Russia to reach a peace deal with Ukraine. Over a dozen companies bid on the assets of Lukoil, valued at approximately $22 billion. The assets include upstream gas and oil projects, refinery and more than 2,00 filling stations in Europe, Central Asia and the Middle East. Sources said that Xtellus offered to arrange a swap between Lukoil securities owned by U.S. 'investors, in a cashless transaction? to return them to Lukoil for the Russian firm's global assets. Sources said that Lukoil preferred the Xtellus offer, but that it was difficult to implement. Xtellus advises bid partners Todd Boehly, an American billionaire, and Allied Investment Partners, a group of Emirati investors. According to one source, Lukoil has already signed a purchase agreement with the Xtellus led group. Source: The Treasury informed the group it didn't have permission for them to use sanctioned security in a transaction. This was the reason their proposal was turned down. The plan now is to take?their proposal to a senior decision maker and try to reverse the rejection. They said the group would also apply for a licence to access these securities. U.S. investment fund owners have large Lukoil?shares which were written off and frozen after Russia's invasion of Ukraine in 2022, costing them billions of dollars. The plan was to sell the assets and then pay investors, or to return the shares to Lukoil as an exchange for the assets. The U.S. last week extended the deadline to negotiate with Lukoil until January 17. Reporting by Jarrett Renshaw and David Gauthier Villars, Writing by Dmitry Zhdannikov, Editing by Tomasz and David Goodman
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Sources: U.S. Treasury rejects Xtellus' bid for Lukoil Assets
Three people familiar with the matter said that the U.S. Treasury 'has rejected the offer of a group led U.S. -based Xtellus Partners to purchase the foreign assets owned by Russian oil.company Lukoil. Xtellus was competing with U.S. oil giants Exxon Mobil, Chevron and Abu Dhabi Group International Holding Company. Hungary's MOL, and U.S. Private Equity firm Carlyle are also still in the race. The U.S. Treasury declined comment. Lukoil was willing to sell its assets after the U.S. sanctioned it in October, along with the Kremlin controlled rival Rosneft to try to?push Russia towards a peaceful deal with Ukraine. Over a dozen companies bid on the assets of?Lukoil, valued at approximately $22 billion. Assets include upstream oil and gas projects, refining, and more than 2,00 filling stations in Europe, Central Asia and the Middle East. Sources said that Xtellus offered to arrange a swap between Lukoil securities owned by U.S. shareholders and the Russian?company’s global assets in exchange for a cashless transaction. Sources said that Lukoil preferred the Xtellus offer, but execution was difficult. Xtellus advises bid partners Todd Boehly, an American billionaire, and Allied Investment Partners of Emirati investors. U.S. investment fund owners have large amounts of Lukoil stock that was frozen and written off?after Russia’s invasion of Ukraine in 2022, resulting in a loss of?billions? of dollars. The plan was to sell the assets and then pay investors. The U.S. last week extended the deadline to negotiate with Lukoil until January 17. Reporting by Jarrett Renshaw and David Gauthier Villars, Writing by Dmitry Zhdannikov, Editing by Tomasz and David Goodman
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Gold gains are reduced as peace talks with Ukraine progress. US jobs data is also being watched.
Spot gold pared gains made earlier on Monday, despite progress in crucial talks between U.S. officials &?Ukrainian President Volodymyr?Zelenskiy to end the war. Traders awaited important U.S. employment data. Spot gold was steady at $4,295.20 per ounce as of 12:16 pm. ET (17:16 GMT), following a rise of more than 1% in the earlier session. U.S. Gold Futures dropped 0.1% to $4325.60 per ounce. Jim Wyckoff, senior analyst at Kitco Metals, says that the progress in Russia-Ukraine talks appears to be dampening demand for safe-haven gold. He also added that the gold market is under pressure due to profit-taking, and a week-long liquidation of some traders who have bought?futures in the past. Steve Witkoff, the U.S. Special Envoy to Ukraine, said that "a lot of progress has been made in Ukraine discussions," while an official from the U.S. told reporters that both sides are moving closer to reducing differences between Russia and Ukraine. The Federal Reserve will release its non-farm payrolls and retail data on Tuesday. This report should provide traders with more information on the Federal Reserve’s policy direction. According to CME FedWatch Tool, the markets are pricing in 78% of a rate reduction in January 2026. Gold is traditionally seen as a safe haven asset. It tends to do well in times of geopolitical or economic uncertainty. Silver spot rose 2.2%, to $63.39 after hitting a record high of $64.65 last Friday. It is still within striking distance of the historic $65/oz mark. Silver is the most popular precious metal. Bob Haberkorn, senior market strategist at RJO Futures, said that by year's end we will be trading above $65 and could even see $70 early in quarter one of?next years. The spot price of?platinum rose 2.6% to reach $1,789.80. This is the highest since September 2011. Palladium also reached a new high with a?5% increase to $1.569.68 an ounce. Nornickel of Russia, the largest palladium producer in the world, stated that the market for palladium could be deficient by 0.2 million ounces, including investment demand.
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Italy's Competition Authority drops investigation into Eni Plenitude
The Italian Competition Authority (AGCM), in its weekly bulletin, announced that it had closed the investigation into alleged unfair commercial practices involving Eni's Plenitude unit. Eni's retail and renewable business was investigated in the investigation launched in March. The authority stated that between May and September 2024, customers complained about their contracts for electricity and gas being renewed without any prior notice and with new terms and conditions. The Italian competition watchdog also enforces consumer rights. The AGCM bulletin stated that Eni would intensify its efforts to alert customers to changes in terms and conditions and compensate those who have suffered a loss. The regulator stated that approximately 90,000-110,000 Eni customers would be eligible for compensation at a cost of?2-6?million euro ($2.35-7.05million). The agency concluded that "the commitments proposed by Eni?Plenitude (...) will be suitable to remedy the potential illegality (of the commercial practice in March)". Reporting by Alvise Armell, Editing by Gavin Jones. $1 = 0.8511 euro
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Health ministry reports that Israeli forces killed a Palestinian teenager in West Bank.
According to the Palestinian Health Ministry, an Israeli soldier shot and killed a 16-year old Palestinian on Monday during a raid in Tuqu', marking the latest in a spate of violence in Israel-occupied West Bank. According to a report from the Palestinian state news agency WAFA, the boy was shot when?Israeli militay forces gathered late Monday in the town centre and started firing "indiscriminately". According to the report, the military fired a live bullet into the chest of the Ammar Yaser Sabah. The report said that he was taken to hospital, but sadly he did not survive. The Israeli military did not respond immediately to a comment request. Since the beginning of the Gaza war, in October 2023, violence has increased in the West Bank. Israeli settler attacks against Palestinians are on the rise, and the military is tightening restrictions on movement. According to the United Nations, more than a thousand Palestinians were killed in the West Bank from October 7, 2023 until November 14, 2025. In the West Bank, 59 Israelis were killed over the same time period. According to official Palestinian statistics, 53 Palestinian minors were killed by Israeli forces this year in the West Bank. The West Bank is home for 2.7 million Palestinians, who enjoy limited autonomy under Israeli military occupation. There are hundreds of thousands of Israelis who have settled in the West Bank. Many world powers consider Israel's settlements, on land it gained in a war of 1967, illegal. Numerous U.N. Security Council Resolutions have also called for Israel to cease all settlement activities. Israel denies that the settlements are illegal, citing historical and biblical connections with the land. Israeli forces have cleared refugee camps and forced thousands of Palestinians to leave their homes. They are also maintaining a presence in some West Bank cities that they've had for decades. Human Rights Watch accused Israel of war crimes in November, and crimes against mankind for what it called forced expulsions from the West Bank. Israel denies that it has committed such crimes. Reporting by Ali Sawafta, Pesha Magd and Aidan Lewis; writing by Pesha Magd. Editing by Aidan Lewis.
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Official: White House to continue 'historic' deals with mining sector
A senior official revealed on Monday that the Trump administration is planning to make more "historical deals" with U.S. mines in order to increase?production and supply of minerals critical for national defense, high-tech, and other sectors. The administration acquired equity stakes earlier this year in MP Materials Lithium Americas, and Trilogy Metals. These transactions were made as part of President Donald Trump’s efforts to increase domestic production and use of minerals for the national defense. Jarrod Agen is executive director of White House National Energy Dominance Council. He said that the U.S. should be able to control its own destiny, especially when it comes to the supply chain and critical minerals. "We have set a good pace, but it is only the first year." Korea Zinc announced on Monday that it would build the first U.S. mineral refinery in many years with Washington's financial assistance. Agen said at a conference on critical'minerals' hosted by the Center of Strategic and International Studies (CSIS) in Washington D.C., "You will see historic deals in the area of critical minerals throughout this administration, as well as historic partnerships with private sector companies, which will lead to a real revitalization in mining in the United States." The remarks were broadcast on the web. Agen, a former employee of?defense contractor Lockheed Martin who has held various roles, stated that Trump wants to "jumpstart' mining projects in Alaska as well as in Arizona where Rio Tinto BHP plan to build the largest copper mine in the world.
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Gold prices rise on expectations of rate cuts and a weaker dollar ahead of US employment data
Spot gold hovered near a seven-week high on Monday, buoyed by a weaker dollar and expectations of U.S. rate cuts before the release of important jobs data. Silver held below its record high set on Friday. By 10:21 am, spot gold had risen 0.4% to $4.321.25 per ounce. ET (1521 GMT), following a rise of more than 1% in the earlier session. U.S. Gold Futures increased?0.6% at $4,352.90 per ounce. Dollars are nearing a two-month-low, which makes greenback-priced gold?more appealing for overseas buyers. Tomorrow, the U.S. Non-Farm Payrolls Report and Retail Data will be released. Traders will examine these data to get a better idea of Federal Reserve policy. Bob Haberkorn, senior market strategist at RJO Futures, said that traders are attempting to get ahead of the Fed. They expect the data to be better than expected and the Fed will be more likely to continue to cut rates. In a low-interest rate environment, gold, which is a nonyielding investment, thrives. Last week, the Fed delivered its third and final quarter-percentage-point rate cut of the year, while signaling a pause on further easing until more data emerges. According to CME FedWatch Tool, the markets are pricing in two rate cuts next year with a 73% probability of a move by January 2026. Spot silver increased 2.6% to $63.64 after hitting a record high of $64.65 last Friday. It is still within striking distance of the historic $65/oz mark. The metal has grown 120% in the past year. Silver is the most popular precious metal. Haberkorn said that by the end of this year, silver will be trading at $65 or more. He added that he could even see $70 as early as quarter one of next year. Spot platinum rose 2.8% to $1.793.69 and reached its highest level since Sept.?2011. Palladium also hit a new two-month high with a 5.2% increase to $1.564.25 an ounce. Nornickel, world's biggest palladium producer said in a review of the metals market that the palladium industry could experience a deficit this year, including investment demand.
Canada's farmers produce record crops despite droughts, floods and other natural disasters
After a year of flooding and a long dry spell, Simon Ellis expected "catastrophic" failure when he first drove his combine through this crop.
Instead of shriveled seeds, plump grains of wheat, oats, and soybeans were poured into the combine.
Ellis, 38, who is a fourth generation farmer in Wawanesa (Manitoba), credits the investment made into expensive systems, such as minimum- and zero-till agriculture, for helping to protect soil.
Tile drainage is an underground system that prevents flooding. It also contains pellets of fertilizer with a slower release rate, which are more efficient. A professional agronomist can provide advice on weedkillers.
He said, "We're always making small tweaks." "That's the only way we can continue to fight against climate change."
Farmers like Ellis are common in western Canada.
According to Canadian government statistics, farmers have produced better crops in spite of 'hotter and dryer' conditions. This is a far cry from what they could have achieved in better weather years ago.
While higher yields in Canada, and elsewhere, are depressing the global price for grains they keep many farmers in business.
A RECORD HARDEST HARVEST EVEN IN THE MIDST OF A DROUGHT
Many farmers have been able to survive the drought that started in 2020 by using adaptation practices, which are expensive and require cutting-edge technologies. The Canadian government announced earlier this month that it would be harvesting record amounts of canola and spring wheat by 2025. Because most grains produced in Canada is shipped and consumed overseas, these gains will have a major impact on the ability of the rest of world to feed themselves affordably. Australia, a large grain exporter in the world, also reported higher crop yields, despite dry conditions. According to interviews with 25 farmers, scientists, and leaders in the agriculture industry, as well as a review of over a dozen academic articles, this combination of technology and methods is helping Canadian growers not only keep up with climate changes, but also stay ahead of their ravages. According to government data, spring wheat used for high-quality bread yielded 58.8 bushes per acre in 2018. Based on a three year average, this is a 77% increase from 30 years ago. Canola yields have nearly doubled to reach 44.7 bushels an acre based on the same average of 1994-1996.
The agricultural experts interviewed in Nature said that climate adaptation strategies can help the prairies continue to produce larger and larger crops in the future. Rob Saik is a Canadian agronomist and has advised governments around the world. "Now, it's a complete failure."
A REGION WORLDWIDE RECOGNIZED FOR BEING DIFFICULT
Western Canada was experiencing extreme weather even before the climate change.
It was a notoriously hard region to farm.
Central prairies are a land of golden and green short grasses and thin, scrubby brushes. They receive half the amount of rainfall that Iowa does and have a shorter growing season.
Climate change has made it harder. Environment and Climate Change Canada
According to the report, extreme weather events are becoming more common and the country is warming twice as fast as the global average.
. On the prairies annual snowfall has decreased, and extremes in summer rain and drought are increasing. Rain often comes as torrents or even not at all.
In a report dated 2024, the federal department stated that extreme events such as floods, heatwaves or wildfires are damaging our economy, ecosystems, and built environment.
Not Miracles, but INCREASED GAINS
Scientists and agronomists agree that Canada's gains are not the result of a single, dramatic event, but rather from incremental, steady progress in farming techniques and inputs.
Now, many seeds are coming.
Thanks to genetic modification and conventional breeding, these plants are resistant to insects, diseases, and weeds. The application of fertilizer is timed to coincide with the planting of seeds to minimize soil disturbance.
The use of weedkillers, ungicides and nutrients allows crops to compete with their natural enemies.
Some strategies are reminiscent of pre-industrial techniques, like intercropping or growing multiple crops simultaneously.
Experts are also credited
Automation such as self-guiding tractor that applies fertilizer at different rates depending on soil testing and satellite mapping.
A FAMILY'S EVOLUTION IN ADAPTATION
The Mowbray Family began adapting practices with tile drainage four decades ago. They laid a small length of perforated pipes designed to allow the water to drain into the soil instead of spreading it on the surface.
In the past 12 years, Scott Mowbray (46), has increased the drainage system on his 800-acre property.
The Mowbrays, meanwhile, gradually reduced their tilling. In 2010, the 2,000 acres of farm were no-till. The soil was left unplowed, and stubble remained to act as a moisture-trap and barrier against the wind which would otherwise carry the topsoil.
Mowbray says that the innovations have allowed him to produce "incredible" quantities of spring wheat and peas, while using half as much rainfall.
TECHNOLOGY'S STEEL PRICE TAG
Many of the tools that have helped Canadian farmers deal with climate changes are expensive and complex. A smart combine can cost upwards of C$1,000,000 ($722,125.94). A high-speed-data-enabled tractor and seeding drill cost around C$2 ?million ($1.44 million).
Kip Eideberg is the senior vice president of government relations and industry relations at the Association of Equipment Manufacturers (AEM), which represents John Deere, Case New Holland, and other manufacturers. He said that precision systems are important.
The Canadian farmers have been able to save 9% on herbicides and pesticides. They also saved 6% on fuel and 4% on water. He said that this saves money for farmers who are operating on razor thin margins.
Terry Griffin, an agricultural economist at Kansas State University, says that most large-scale farms have such technology available in their 'tractors, combines and sprayers, as well as management computers. A younger generation of farmers may not have the funds to purchase machines or receive agronomic guidance.
Rural broadband access is one of the biggest obstacles to adoption. Mowbray cannot rely on his farm machinery to provide a continuous stream of data. He can't call his farm from his phone. He relies on radios to communicate with his farm.
He said that it was a simple but important thing to have when you're out in the field, and need a pickup but are unable to call home.
SEED SCIENCE: THE INVISIBLE Factor
Breeding genetically superior crops, which are drought-tolerant, hardier and yield more, is also important for farmers. "We're just starting down that path," said Rick Mitzel, CEO of farmer-and-industry-funded mustard seed development organization Mustard 21. The company is working on drought-tolerant plants to replace canola. Mitzel said in an interview that the varieties "develop roots faster, come out of ground quicker and get leafing quicker."
South East Research Farm, a farmer-controlled farm in Redvers in Saskatchewan, has been testing crops like camelina that is likely to be planted for sustainable aviation fuel in Canada. This could offer farmers higher yields and greater resilience.
Lana Shaw, executive director of the Canadian Farm Community Association, believes that climate change will not occur without causing losses to Canadian farmers. Some farmers will retire and not adapt. Some farmers will fail to adapt. Some farmers will thrive and adapt.
She said that "under pressure, they can adapt very quickly."
(source: Reuters)