Gold prices fell for the seventh time in eight sessions on speculation that testimony by arms inspectors to the United Nations will support efforts to delay a US-led attack on Iraq to force the country to disarm.
Gold prices have dropped 7.3 percent from a six-year high on Feb. 4, halting a yearlong rally that was prompted partly by demand for the metal as a haven during war. Hans Blix, the UN's chief arms inspector, said that Iraq has failed to account for all its illicit weapons, even as the arms search proceeds without obstruction.
Gold for April delivery fell US$5.50, or 1.5 percent, to US$352.20 an ounce on the Comex division of the New York Mercantile Exchange, the lowest closing price since Jan. 15. Gold futures, which had reached a high of US$379.90, were 17 percent higher than at this time last year. The market closed early for the Presidents' Day holiday weekend.
The outlook for gold is "negative," said Ronald Daino, an analyst at Citigroup Inc's Salomon Smith Barney in New York, who uses historical price charts to gauge trends. The charts show a close below $350 an ounce for the April futures contract would prompt a further decline to US$342, he said.
The Philadelphia Gold & Silver Index of 11 mining companies dropped 2.37 to 72.15.
Advanced Micro Devices Inc (AMD) suffered its biggest stock decline in more than a month after the company unveiled new artificial intelligence (AI) chips, but did not provide hoped-for information on customers or financial performance. The stock slid 4 percent to US$164.18 on Thursday, the biggest single-day drop since Sept. 3. Shares of the company remain up 11 percent this year. AMD has emerged as the biggest contender to Nvidia Corp in the lucrative market of AI processors. The company’s latest chips would exceed some capabilities of its rival, AMD chief executive officer Lisa Su (蘇姿丰) said at an event hosted by
AVIATION: Despite production issues in the US, the Taoyuan-based airline expects to receive 24 passenger planes on schedule, while one freight plane is delayed The ongoing strike at Boeing Co has had only a minor impact on China Airlines Ltd (CAL, 中華航空), although the delivery of a new cargo jet might be postponed, CAL chairman Hsieh Su-chien (謝世謙) said on Saturday. The 24 Boeing 787-9 passenger aircraft on order would be delivered on schedule from next year to 2028, while one 777F freight aircraft would be delayed, Hsieh told reporters at a company event. Boeing, which announced a decision on Friday to cut 17,000 jobs — about one-tenth of its workforce — is facing a strike by 33,000 US west coast workers that has halted production
AI AIM: The chipmaker wants joint research and development programs with the Czech Republic, and the government is considering supporting investments in a Czech location Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is planning to build more plants in Europe with a focus on the market for artificial intelligence (AI) chips as the chipmaker expands its global footprint, a senior Taiwanese official said. “They have started construction of the first fab in Dresden; they are already planning the next few fabs in the future for different market sectors as well,” National Science and Technology Council (NSTC) Minister Wu Cheng-wen (吳誠文) told Bloomberg TV in an interview that aired yesterday. Wu did not specify a timeline for TSMC’s further expansion in Europe. TSMC in an e-mailed statement said it
TECH JUGGERNAUT: TSMC shares have more than doubled since ChatGPT’s launch in late 2022, as demand for cutting-edge artificial intelligence chips remains high Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday posted a better-than-expected 39 percent rise in quarterly revenue, assuaging concerns that artificial intelligence (AI) hardware spending is beginning to taper off. The main chipmaker for Nvidia Corp and Apple Inc reported third-quarter sales of NT$759.69 billion (US$23.6 billion), compared with the average analyst projection of NT$748 billion. For last month alone, TSMC reported revenue jumped 39.6 percent year-on-year to NT$251.87 billion. Taiwan’s largest company is to disclose its full third-quarter earnings on Thursday next week and update its outlook. Hsinchu-based TSMC produces the cutting-edge chips needed to train AI. The company now makes more
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