Gold prices struck record highs close to US$1,300 this week as investors sought alternatives to the US dollar amid heightened fears about the fragile state of the US economic recovery.
PRECIOUS METALS: Gold prices hit an all-time peak of US$1,282.97 an ounce on Friday as the US dollar waned on mounting expectations that the US Federal Reserve will pump more money into the US economy.
Silver meanwhile struck the highest levels in two-and-a-half years, at US$20.99 an ounce, on the back of gold’s record run higher.
Gold this week broke June’s record of US$1,265 an ounce.
By late on Friday on the London Bullion Market, gold had jumped to US$1,274.00 an ounce from US$1,246.50 a week earlier.
Silver grew to US$20.85 an ounce from US$19.90.
On the London Platinum and Palladium Market, platinum rallied to US$1,618 an ounce from US$1,545.
Palladium advanced to US$547 an ounce from US$518.
OIL: Crude traded mixed as supply disruptions gave way to concerns over weak demand.
By late on Friday on London’s Intercontinental Exchange, Brent North Sea crude for delivery in November stood at US$77.89 a barrel compared with US$77.63 for the October contract a week earlier.
On the New York Mercantile Exchange, Texas light sweet crude for October fell to US$73.76 a barrel compared with US$75.86.
BASE METALS: Industrial metals advanced across the board.
By late on Friday on the London Metal Exchange, copper for delivery in three months rose to US$7,723 a tonne from US$7,555.
GRAINS AND SOYA: Maize, or corn, prices hit the highest levels in nearly two years on supply worries amid keen demand.
By Friday on the Chicago Board of Trade, maize for delivery in December gained to US$5.06 a bushel from US$4.78 the previous week.
Wheat for December fell to US$7.31 a bushel from US$7.36.
November-dated soyabean meal — used in animal feed — rose to US$10.58 a bushel from US$10.31.
COFFEE: Coffee futures rallied in London, but fell in New York a week after striking 13-year highs on keen demand from speculators.
By Friday on the New York Board of Trade, Arabica for delivery in December fell to US$1.9075 a pound (0.45kg) from US$1.9260 the previous week.
On London’s futures exchange, Robusta for November jumped to US$1,660 a tonne from US$1,588.
NO HUMAN ERROR: After the incident, the Coast Guard Administration said it would obtain uncrewed aerial vehicles and vessels to boost its detection capacity Authorities would improve border control to prevent unlawful entry into Taiwan’s waters and safeguard national security, the Mainland Affairs Council (MAC) said yesterday after a Chinese man reached the nation’s coast on an inflatable boat, saying he “defected to freedom.” The man was found on a rubber boat when he was about to set foot on Taiwan at the estuary of Houkeng River (後坑溪) near Taiping Borough (太平) in New Taipei City’s Linkou District (林口), authorities said. The Coast Guard Administration’s (CGA) northern branch said it received a report at 6:30am yesterday morning from the New Taipei City Fire Department about a
IN BEIJING’S FAVOR: A China Coast Guard spokesperson said that the Chinese maritime police would continue to carry out law enforcement activities in waters it claims The Philippines withdrew its coast guard vessel from a South China Sea shoal that has recently been at the center of tensions with Beijing. BRP Teresa Magbanua “was compelled to return to port” from Sabina Shoal (Xianbin Shoal, 仙濱暗沙) due to bad weather, depleted supplies and the need to evacuate personnel requiring medical care, the Philippine Coast Guard (PCG) spokesman Jay Tarriela said yesterday in a post on X. The Philippine vessel “will be in tiptop shape to resume her mission” after it has been resupplied and repaired, Philippine Executive Secretary Lucas Bersamin, who heads the nation’s maritime council, said
REGIONAL STABILITY: Taipei thanked the Biden administration for authorizing its 16th sale of military goods and services to uphold Taiwan’s defense and safety The US Department of State has approved the sale of US$228 million of military goods and services to Taiwan, the US Department of Defense said on Monday. The state department “made a determination approving a possible Foreign Military Sale” to the Taipei Economic and Cultural Representative Office in the US for “return, repair and reshipment of spare parts and related equipment,” the defense department’s Defense Security Cooperation Agency said in a news release. Taiwan had requested the purchase of items and services which include the “return, repair and reshipment of classified and unclassified spare parts for aircraft and related equipment; US Government
More than 500 people on Saturday marched in New York in support of Taiwan’s entry to the UN, significantly more people than previous years. The march, coinciding with the ongoing 79th session of the UN General Assembly, comes close on the heels of growing international discourse regarding the meaning of UN Resolution 2758. Resolution 2758, adopted by the UN General Assembly in 1971, recognizes the People’s Republic of China (PRC) as the “only lawful representative of China.” It resulted in the Republic of China (ROC) losing its seat at the UN to the PRC. Taiwan has since been excluded from