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Gold prices rise as US tariffs and shutdown uncertainty boost demand
Gold prices rose on Thursday due to a weaker US dollar, a renewed demand for safe-haven assets and concerns about a long U.S. shutdown as well as uncertainty regarding tariffs. By 11:07 am, spot gold had risen 0.1% to $3,984.48 an ounce. ET (1607 GMT). The price of U.S. December gold futures remained unchanged at $3.992.10 an ounce. Dollar fell by 0.4%, after reaching a four-month peak in the previous session. This made gold more affordable for holders of other currencies. Benchmark U.S. Treasury yields for 10-year bonds were down by 1.6%. Peter Grant, senior metals analyst at Zaner Metals and vice president, said that the U.S. shutdown of government and the doubts of U.S. Supreme Court Justices about the legality and sweeping tariffs of U.S. Donald Trump are causing a "revival of the haven bid". "I'd say that a reasonable target for the end of the year is in the range between $4,300 and $4,400 per ounce." Gold is a good hedge in times of uncertainty. Gold is a non-yielding investment that also performs well in environments with low interest rates. Markets expect that the U.S. Federal Reserve will cut interest rates again in December. The monetary policy outlook may be revealed by a number of Fed officials who are scheduled to speak in the afternoon. The ADP report on Wednesday showed that private employers in the United States added 42,000 new jobs in October. This was above the forecast of 28,000, according to ADP. SP Angel wrote in a report that it would be surprising if gold remained rangebound at $4,000/oz, as speculative money exits the market. Central bank purchases will remain the main positive tailwind for the future. Other than that, silver spot fell by 0.3%, to $47.94 an ounce. Platinum was down 2.3%, at $1,526.55, while palladium dropped 2.8%, to $1,379.44. (Reporting from Noel John in Bengaluru and Pablo Sinha, with additional reporting by Kavya Baliaraman. Editing by Sahal Muhammad and Tasimzahid.
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Trump meets Central Asian Presidents in US bid to counter China and Russia Influence
Donald Trump, the U.S. president, will host five leaders from Central Asian countries at the White House this Thursday. The U.S. is seeking to gain influence in the region that has been dominated for decades by Russia but increasingly courted and influenced by China. The talks are taking place as the competition for Central Asia’s mineral resources intensifies. Western nations want to diversify their supply chains and move away from Moscow or Beijing. The U.S., in particular, is seeking new partnerships to secure vital minerals, energy supplies and overland trading routes that circumvent geopolitical competitors. The C5+1 platform, which was launched in 2015, brings together the United States with five Central Asian countries -- Kazakhstan, Kyrgyzstan Tajikistan Turkmenistan and Uzbekistan - to promote cooperation on issues of economics, energy, and security. They will also be attending a dinner at the White House with Trump on Thursday. According to the Kassym Jomart Tokayev news service, U.S. representatives and Kazakhs signed a Memorandum of Cooperation on Critical Minerals at a Washington meeting on Thursday. The statement did not provide any further details. The White House did not immediately comment on the report. Gracelin Baskaran, a director at the Center for Strategic and International Studies think tank, said the administration will pursue government-to-government engagement but also commercial deals that secure U.S. access to vital minerals. Baskaran stated that Washington was seeking to gain a foothold in the mining, infrastructure, and processing systems of the region as China and Russia consolidate their control. The five countries are rich in minerals and energy and remain economically linked to Russia, their former Soviet leader, while China, their neighbor, has increased its influence by large-scale infrastructure and mine investments. The countries together have 84 million inhabitants and vast deposits of strategic minerals such as uranium and copper. They also hold gold, rare earths, and other strategic elements that are essential for the global transition to greener energy sources. Kazakhstan, the largest economy in the region, will be the world's top uranium producer by 2024, with a production of nearly 40%. Uzbekistan is also ranked among the top five. Together, the two countries account for just under half of all uranium produced in the world. This is a crucial resource for U.S. Nuclear Power, and a major source of electricity for America. Russia supplies about 20% of America's imported Uranium. Diversification is therefore an urgent goal. Under Trump, America has adopted a multifaceted strategy to secure vital minerals and reduce its reliance on China. China dominates the global supply chain for strategic metals such as uranium and rare earth elements. It also dominates copper and titanium. China has at times used its dominant position to restrict exports. This highlights Washington's urgent need for alternative sources. (Reporting and editing by Jarrett Renshaw, Edwina gibbs, Alistair Bell and Ross Colvin)
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ICL may lose Dead Sea concession by 2030, according to government plan
ICL Group, a fertiliser manufacturer, has waived its right of first refusal in order to bid for the concession it holds at the Dead Sea. The Israeli government announced the plan on Thursday. However, if the permit expires and it is not renewed by ICL Group it will still receive $3 billion. ICL has had exclusive rights for minerals at the Dead Sea site since 1950. The permit expires in 2030. Finance Ministry, however, stated that it was preparing a "competitive international and fair tender" to ensure that the public and state receive their rightful share of this unique natural resource. ICL, the world's biggest potash producer, declined to comment, but previously stated that its Dead Sea assets are worth $6 billion. The Tel Aviv stock market closed Thursday with a loss of nearly 15%, while the New York Stock Exchange saw a 16% drop at 1557 GMT. ICL HANDING OVER ASSETS TO TENDER IN 2030 According to the ministry, under a deal with the government, ICL will transfer assets necessary for the full and continuous operation of the Dead Sea concession by 2030, in exchange for 2,54 billion dollars plus future actual costs for the project. It could also take part in the tender. Industry sources also believe that ICL stands a good shot of retaining the concession at the Dead Sea. Sources said that if it did not, it would be able to use the $3 billion state grant for expanding and strengthening other areas of the company's business, such as advanced farming, phosphates, bromines, and flame retardants. ICL began as a state owned firm, Israel Chemicals. It was then partially privatised. It bought Dead Sea Works in 1975. This company had held the Dead Sea concession, located on the Biblical site of Sodom, since 1961. Potash is a key component in fertilisers. Magnesium, which is also a key ingredient, accounts for 30% of ICL’s $7 billion annual revenue. ICL has potash supply agreements with customers in China, India and other countries. It has a mine for potash in Spain.
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Sources say that the Russian oil discount is increasing as Indian and Chinese refiners reduce their purchases.
Industry sources report that Russian oil has been trading at the steepest discount to Brent for an entire year in Asia as refiners in India and China reduce their purchases in response to new U.S. sanction against leading Russian producers. According to four sources in the Russian oil supply chain involved in trading and refining, the price gap between Brent for December arrival and Russia's Urals crude has widened from $2 to $4 per barrel, which is the largest discount in a little over a year. These discounts, while less severe than the ones seen in 2022 after the first wave of Western sanctions, when they were around $8 per barrel reflect increasing pressure on Russian oil revenue -- an essential lifeline for Moscow’s budget. The United States has recently imposed strict restrictions on Russian oil companies Lukoil & Rosneft. They have set a deadline of November 21 for all transactions to be completed with these entities. As a result, major Indian refiners such as Hindustan Petroleum Corp., Bharat Petroleum Corp., Mangalore Refinery & Petrochemicals, HPCL Mittal Energy and Reliance Industries halted their orders for Russian crude oil due to arrive in December. These five companies together account for approximately 65% of India’s Russian oil imports. Requests for comment from representatives of Indian refiners as well as Rosneft, Lukoil and Rosneft were not answered. ASIAN MARKET FOR RUSSIAN OIL DIVIDED Multiple sources reported on Thursday that Chinese state oil companies have also stopped purchasing seaborne Russian oil due to the U.S. sanctions against Rosneft, Lukoil and other oil firms. This has led to a discount in the ESPO Blend oil market at Chinese ports. Both Indian and Chinese refiners - Russia's largest buyers - have taken this step, which threatens to lead to more Russian oil remaining unsold. According to sources, the Asian market is divided. Barrels from non sanctioned entities are fetching a premium while cargoes tied to sanctioned ships or suppliers are sold at steep discount. The overall demand for Russian crude oil in India is down sharply and December imports will likely be significantly lower. The decline in Russian oil sales coincides with a visit to India by President Vladimir Putin and the ongoing Washington pressure on India and China to reduce Russian imports. Analysts warn deepening discounts may further strain Moscow's finances. Reporting by Nidhi verma from New Delhi, and reporters in Moscow. Editing by Alexandra Hudson.
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UN chief scolds countries for failing to meet climate goals as Brazil hosts COP30 Leader's summit
U.N. Secretary General Antonio Guterres ripped into nations for failing to limit warming to 1,5 degrees Celsius. Brazil hosted world leaders in Belem, a rainforest city for a summit before the COP30 Climate Conference. Scientists confirm that the world will cross the threshold of 1.5 C around 2030. This could lead to extreme warming and irreversible effects. Guterres stated in his speech that "too many corporations make record profits by destroying the climate, and billions are spent on lobbying, misleading the public, and obstructing advancement." "Too many politicians remain captive to entrenched interests." Subventions for fossil fuels amount to about $1 trillion per year. Guterres stated that leaders have two options: "We can either choose to lead, or we can be led into ruin." "ALARMING STREAK" OF RECORD HEAT The COP30 marks 30 years since the global climate negotiations started. In the past three decades, countries have made some progress in reducing emissions, but not nearly enough to stop what scientists call extreme global warming within the next few years. The World Meteorological Organization has announced that this year will likely be the second or third warmest in history, with temperatures averaging 1.42 C higher than the preindustrial norm through August. This follows record heats in 2023 and 2020. WMO Secretary General Celeste Saulo stated that "the alarming streak" of extreme temperatures continued with the release of the report. A small group of indigenous folk sang and marched around the venue, which is still being built ahead of the summit's start next week. They also urged the protection of forests and peoples worldwide. The flotilla that was to bring indigenous leaders and activists from the Amazon Basin down the rivers to the conference has been delayed. It will arrive next week. About 150 leaders of subnational governments, international organizations, and heads of state were scheduled to give speeches on the summit's Thursday and Friday. These speeches would be broadcast around the world. Only the European Union leader was present, as the leaders of China, the United States and India, four of the five world's most polluting economies, were absent. Unlike the other countries, the U.S. government has chosen not to send anyone to the talks. Top U.S. officials instead were in Greece on Thursday, alongside fossil fuel giant Exxon Mobil(XOM.N), as they signed a deal to explore offshore natural gas. Some people said that the absence of the United States at COP30 could allow countries to discuss actions without a single player dominating the result. "Without the U.S., we can see a true multilateral conversation taking place," said Pedro Abramovay. He is vice president of Open Society Foundations, and was a former minister of justice under President Luiz inacio Lula da So. 'NEW SPACE FOR MULTILATERALISM' Lula had planned to meet bilaterally with UK Prime Minister Keir Mermer, French President Emmanuel Macron, and German Chancellor Friedrich Merz on Thursday, following a one-on-one meeting on Wednesday with Chinese Vice Premier and leaders from Finland, the European Union, and China. Abramovay stated, "At a time when many people claim that multilateralism is dead, I believe there is room for a new multilateralism which isn't built top-down from powerful countries to poor countries." Brazil hopes that the World Leaders Summit can deliver at least 10 billion dollars of its $125 billion target for its newly established Tropical Forest Forever Facility. It estimates that this would be sufficient to begin generating funds for conservancy. China, Norway, and Germany were all expected to announce their contributions at Belem after Brazil announced the first investment, and Indonesia matched it. The United Kingdom, who helped define the structure of the fund, disappointed the world on Wednesday by announcing that there would be no cash offered.
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TSX pauses following strongest rally in 3 weeks; commodities drive sentiment
Canada's main index of stocks remained mostly unchanged on Thursday as higher commodity prices countered broader market caution, and disappointing earnings following the benchmark's best session in three week. At 9:57 am. After closing Wednesday's trading day 1.1% higher, the S&P/TSX Composite index in Toronto was down by 0.1% to 30,075.80. This is its largest single-day increase since October 14. The rally was backed by positive economic data from the United States, where services sector activity rose to an eight-month peak in October and private pay exceeded expectations. The data eased investor concerns following top Wall Street banks' warnings of overvalued valuations that pushed the TSX down to a 1-month low on Monday. "I don’t think there is much direction. It's hard to predict where the next catalyst will come from. "We don't know exactly what will drive this market higher," Allan Small, senior advisor at Allan Small Financial Group and iA Private Wealth said. Copper prices recovered after a 4-day decline and selling pressure eased. Due to fears over an extended U.S. shutdown, gold prices rose above $4,000 per ounce. Oil prices also increased. The U.S. Supreme Court has raised questions about the legality and sweeping nature of President Donald Trump's tariffs. This case could have global implications. Bombardier's shares dropped 1.6%, despite exceeding Wall Street's forecasts for third-quarter revenues, while Canada Goose fell 14% due to a revenue shortfall. TC Energy's shares fell 0.6% following a disappointing profit. TransAlta dropped 16% and landed at the bottom of S&P/TSX Composite Index after the power-generation firm reported a decrease in revenue for the third quarter. Equinox Gold, meanwhile, jumped 15.9% up to the top spot on the index as BMO raised its target price for the stock from C$18 to C$20. (Reporting and editing by Vijay Kishore in Bengaluru, Avinash P. and Pranav Kashyap from Bengaluru)
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EDF plans to build 30 small modular reactors in 2050. The design is planned for 2026.
A senior executive at the state-owned French utility EDF said that the company aims to complete the conceptual design for a small modular nuclear reactor by the end of next year. The goal is to be able to compete on a global market where the demand for this new technology has been increasing. Julien Garrel is the CEO of Nuward's small modular reactor division. He said that by 2050 the company hopes to have 30 small reactors operational. EDF will pull back from the international markets with its larger reactors. However, small modular reactors are marketed to industries that require a lot of power such as metallurgy or data centres. A SMALL MODULAR RACTOR HAS NOT BEEN PRODUCED IN MASS. The small modular reactor is not yet mass-produced, but dozens are racing to put their technology on the market. This smaller scale is seen as an effective power supply solution that has a lower entry barrier than expensive traditional reactors. EDF announced last year that they had abandoned their own design of small modular reactors in favor of proven technologies. Garrel said that Nuward's small nuclear reactor will produce 400 megawatts and 115 Megawatts heat. This makes it suitable for providing stable baseload electricity to industry. The first prototype is expected to be online in 2035 Garrel stated that the first prototype should be operational in 2035. Garrel added that one reactor per year will follow until there are four in both countries. He said: "We're confident that we can deliver electricity and heating at a price competitive with the market, and there will be a demand for us." Thorizon, a competitor in Europe, is aiming to have a reactor operational by 2030. Newcleo has a 2031 prototype deadline. OPG Canada has already begun work on its first prototype of its boiling water nuclear reactor. EDF's spokesperson stated that there is no guarantee that the small modular reactors would be built in France, and they could also be built elsewhere in Europe. Garrel stated that the French government, industrial clients, banks, and private investment funds are expected to provide funding. EDF plans to make its final investment decision in its six EPR2 large-scale reactors, for the home market. The company expects to deliver these by the second half 2026. (Reporting and editing by Conor Humphries; Forrest Crellin)
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Gold prices rise as US tariffs and shutdown uncertainty boost demand
Gold prices rose Thursday, just below $4,000 an ounce. This was due to a weaker US dollar, a surge in demand for safe-haven assets, and concerns about a prolonged U.S. shutdown, as well as uncertainty regarding the legality and validity of tariffs. By 09:43 am, spot gold had risen 0.4% to $3.998.65 an ounce. ET (1207 GMT). U.S. Gold Futures for December Delivery gained 0.3% to $4.005.40 an ounce. Dollar fell by 0.3%, after reaching a four-month peak in the previous session. This made gold more affordable for holders of other currencies. Benchmark U.S. Treasury yields for 10-year securities were down by 1.3%. Peter Grant, senior metals analyst at Zaner Metals and vice president, said that the U.S. shutdown of government and the doubts of U.S. Supreme Court Justices about the legality and sweeping tariffs of U.S. Donald Trump are causing a "revival of the haven bid". "I'd say that a reasonable target for the end of the year is in the range between $4,300 and $4,400/oz." Gold is a good hedge in times of uncertainty. Gold is a non-yielding investment that also performs well in environments with low interest rates. Markets expect that the U.S. Federal Reserve will cut interest rates again in December. The monetary policy outlook may be revealed by a number of Fed officials who are scheduled to speak in the afternoon. The ADP report on Wednesday showed that private employers in the United States added 42,000 new jobs in October. This was above the forecast of 28,000, according to ADP. SP Angel wrote in a report that it would be surprising if gold remained rangebound at $4,000/oz, as speculative money exits the market. Central bank purchases will remain the main positive tailwind for gold going forward. The price of spot silver increased by 0.4%, to $48.24 an ounce. Platinum was down 0.2%, at $1,568.26. Palladium dropped 1.3%, to $1401.14. (Reporting from Noel John in Bengaluru and Pablo Sinha, with additional reporting by Kavya Baliaraman. Editing by Sahal Muhammad)
NFL-Cowboys Defensive End Kneeland Dead at 24
The Dallas Cowboys and the NFL announced that Marshawn Kneeland, a defensive end for the Dallas Cowboys, died Thursday morning at age 24. He was in the second season of his career with the team.
No details were immediately available about the cause of his death. It occurred three days after he had scored his first touchdown in a career.
The Dallas Cowboys posted a statement on their website expressing the extreme sadness they felt at the news that Marshawn Knieland had tragically died this morning.
"Marshawn is a beloved member of our team and organization. Marshawn's girlfriend Catalina, and his family are in our thoughts and prayers.
Kneeland, a 2024 second-round pick from Western Michigan, was selected by the draft board in the second round.
The NFL released a statement saying that it was "deeply saddened" by the news of Marshawn's death. (Reporting from Amy Tennery, New York; additional reporting by Rohith Niair; editing by Alex Richardson).
(source: Reuters)