The price of gold soared to a record high above US$1,060 an ounce in the past week, spurred on by a weakening dollar and doubts about the greenback’s future as the world’s leading reserve currency.
PRECIOUS METALS: The price of gold struck a series of all-time highs this week, beginning on Tuesday, as the dollar slid on a reported plan by Gulf states to stop using the greenback for oil trading.
Gold hit US$1,061.52 an ounce on Thursday, beating the all-time peak of US$1,032.70 struck in March last year.
“Gold prices hit an all-time high as the dollar weakened,” Barclays Capital precious metals analyst Suki Cooper said.
“The dollar weakness appears to be related to ... [reported] secret talks about oil being priced in a basket of currencies including gold rather than the dollar, which has added to concerns about the future role of the dollar in international financial markets,” she added.
By late Friday on the London Bullion Market, gold surged to US$1,051.50 an ounce from US$1,003.50 a week earlier.
Silver jumped to US$17.63 an ounce from US$16.21.
On the London Platinum and Palladium Market, platinum rose to US$1,337 an ounce at the late fixing on Friday from US$1,269.
Palladium advanced to US$323 an ounce from US$292.
OIL: World oil prices rallied as the dollar weakened on the report that Gulf states considered dropping the greenback for oil transactions.
By Friday on the New York Mercantile Exchange, light sweet crude for delivery in November jumped to US$71.89 from US$69.77 a week earlier.
On London’s Intercontinental Exchange, Brent North Sea crude for November advanced to US$70.14 a barrel from US$67.93 a week earlier.
BASE METALS: Base metals prices rallied, boosted by a falling dollar. Aluminum won additional support on Alcoa’s results, while tin was in focus after a single investor bought up more than 90 percent of the metal traded in London.
By Friday on the London Metal Exchange, copper for delivery in three months jumped to US$6,260 a tonne from US$5,853 a week earlier. Three-month aluminum gained to US$1,895 a tonne from US$1,812. Three-month lead increased to US$2,260 a tonne from US$2,100. Three-month tin advanced to US$14,700 a tonne from US$14,175.
RETHINK? The defense ministry and Navy Command Headquarters could take over the indigenous submarine project and change its production timeline, a source said Admiral Huang Shu-kuang’s (黃曙光) resignation as head of the Indigenous Submarine Program and as a member of the National Security Council could affect the production of submarines, a source said yesterday. Huang in a statement last night said he had decided to resign due to national security concerns while expressing the hope that it would put a stop to political wrangling that only undermines the advancement of the nation’s defense capabilities. Taiwan People’s Party Legislator Vivian Huang (黃珊珊) yesterday said that the admiral, her older brother, felt it was time for him to step down and that he had completed what he
Taiwan has experienced its most significant improvement in the QS World University Rankings by Subject, data provided on Sunday by international higher education analyst Quacquarelli Symonds (QS) showed. Compared with last year’s edition of the rankings, which measure academic excellence and influence, Taiwanese universities made great improvements in the H Index metric, which evaluates research productivity and its impact, with a notable 30 percent increase overall, QS said. Taiwanese universities also made notable progress in the Citations per Paper metric, which measures the impact of research, achieving a 13 percent increase. Taiwanese universities gained 10 percent in Academic Reputation, but declined 18 percent
CHINA REACTS: The patrol and reconnaissance plane ‘transited the Taiwan Strait in international airspace,’ the 7th Fleet said, while Taipei said it saw nothing unusual The US 7th Fleet yesterday said that a US Navy P-8A Poseidon flew through the Taiwan Strait, a day after US and Chinese defense heads held their first talks since November 2022 in an effort to reduce regional tensions. The patrol and reconnaissance plane “transited the Taiwan Strait in international airspace,” the 7th Fleet said in a news release. “By operating within the Taiwan Strait in accordance with international law, the United States upholds the navigational rights and freedoms of all nations.” In a separate statement, the Ministry of National Defense said that it monitored nearby waters and airspace as the aircraft
UNDER DISCUSSION: The combatant command would integrate fast attack boat and anti-ship missile groups to defend waters closest to the coastline, a source said The military could establish a new combatant command as early as 2026, which would be tasked with defending Taiwan’s territorial waters 24 nautical miles (44.4km) from the nation’s coastline, a source familiar with the matter said yesterday. The new command, which would fall under the Naval Command Headquarters, would be led by a vice admiral and integrate existing fast attack boat and anti-ship missile groups, along with the Naval Maritime Surveillance and Reconnaissance Command, said the source, who asked to remain anonymous. It could be launched by 2026, but details are being discussed and no final timetable has been announced, the source