The price of gold topped US$1,000 an ounce this week, reaching the highest level for 18 months, while oil futures rebounded as the dollar weakened significantly on economic recovery hopes.
PRECIOUS METALS: Gold prices soared to US$1,011.95 an ounce in London — the highest level since hitting a record high of 1,032.70 in March last year. The push higher was largely driven by weakness in the US currency, which makes dollar-priced commodities cheaper for holders of stronger currencies, boosting demand.
“Gold is the best, the natural hedge against everything — wars, inflation,” VTB Capital analyst Andrey Kryuchenkov said.
Gold’s rally helped silver hit a 13-month high of US$16.99 an ounce.
By late Friday on the London Bullion Market, gold jumped to US$1,008.25 an ounce from US$989 a week earlier.
Gold for December delivery rose US$9.60 to settle at US$1,006.40 an ounce on the New York Mercantile Exchange, its highest close since Feb. 20. On Aug. 27, gold finished below US$950.
On the London Platinum and Palladium Market, platinum advanced to US$1,292 an ounce at the late fixing on Friday from US$1,244. Palladium grew to US$292 an ounce from US$290.
OIL: Oil prices recovered on increased signs of economic recovery.
By Friday on London’s InterContinental Exchange, Brent North Sea crude for delivery in October jumped to US$69.80 a barrel from US$66.89 a week earlier.
On the New York Mercantile Exchange, light sweet crude for October rallied to US$71.98 a barrel from US$67.91.
GRAINS AND SOYA: Wheat and soya prices dropped while maize rose as the market responded to weather conditions.
By Friday on the Chicago Board of Trade, maize for delivery in December climbed to US$3.13 a bushel from US$3.06 a week earlier.
November-dated soyabean meal — used in animal feed — slipped to US$9.11 from US$9.22.
PATROL PARTNERS: The ‘Chiayi’ and the ‘Penghu’ departed for a two-day joint patrol of Palau’s exclusive economic zone, the CGA’s second diplomatic visit to the country The Coast Guard Administration (CGA) set a record for its southernmost deployment of a coast guard vessel as the vessels Chiayi and the Penghu reached Palau’s Pulo Anna Island on Saturday in a cooperative exercise between the two countries. The island, about 217 nautical miles (401km) southwest of Koror in the Palauan state of Sonsorol and 1,220 nautical miles from Taiwan’s southernmost point, Oluanpi (鵝鑾鼻), is the furthest south a CGA vessel has sailed. The two vessels are in Palau for the coast guard’s second diplomatic visit to the country. They docked at Malakal Harbor on Tuesday last week. The coast guard
BATCH 1: The military has plans to assign the weapons to the army to defend Taiwan proper, as well as outlying islands and the navy for the Marine Corps, the official said Taiwan is to receive 500 Stinger missiles and 178 launchers from the US by the end of the year, the first batch under a planned two-stage acquisition totaling 2,621 missiles and 763 launchers, a defense official said yesterday on condition of anonymity. The portable missiles would play a vital role in the nation’s air defense capabilities, the source said. The army plans to deploy 2,235 missiles and 657 launchers to defend Taiwan proper and outlying islands, they said, citing military documents. The navy is allotted 295 missiles and 85 launchers to arm the Marine Corps and some surface vessels that lack air defense
The European Parliament on Wednesday adopted a recommendation on EU-China political relations that rejected China’s efforts to restrict Taiwan’s participation in international organizations and exchanges. The recommendation, addressed to the European Council, the European Commission and EU High Representative for Foreign Affairs and Security Policy Kaja Kallas, includes several references to EU-Taiwan relations and expresses support for closer ties, saying they would bring positive benefits and have strategic importance. Describing Taiwan as a valuable partner in trade and technology, the European Parliament said it “rejects China’s attempts to coerce international organizations, third countries and other actors into restricting Taiwan’s international participation and
Former president Tsai Ing-wen (蔡英文) on Monday arrived in San Francisco, receiving a warm welcome from hundreds of overseas Taiwanese as she launched a week-long visit. Accompanied by Representative to the US Alexander Yui (俞大?), and head of Taiwan’s San Francisco office Wu Chih-hsiang (伍志翔), Tsai arrived at her hotel, waving, smiling and giving high-fives to Taiwanese compatriots amid cheers of “Taiwan’s democracy involves you and me” to welcome her to the San Francisco Bay Area. It is Tsai’s first visit to the US since she left office in May 2024 after serving two four-year terms as president. Tsai is today to deliver
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