The price of gold struck a record high above US$1,250 an ounce this week as investors nervous about the weak state of the global economy sought safety in the precious metal.
PRECIOUS METALS: Gold rose to US$1,252.11 an ounce on Tuesday.
“Gold rallied to a new all-time high as worried investors continue to pile in to the precious metal,” said Rajesh Patel, head trader at financial betting firm Spread Co. “We are seeing continued signs of stress in the financial markets and investors, novice to expert are looking at gold now as a hedge against further turmoil.”
Prices fell late in the week “as the euro gained traction against the dollar and equity markets gathered upward momentum as macro data continue to set the tone of trading for the precious metals,” Barclay Capital analyst Suki Cooper said.
By late on Friday on the London Bullion Market, gold prices rose to US$1,220 an ounce from US$1,203.50 the previous week.
Silver climbed to US$18.31 an ounce from US$17.76.
On the London Platinum and Palladium Market, platinum gained to US$1,539 an ounce from US$1,527. Palladium advanced to US$449 an ounce from US$440.
OIL: Crude oil prices soared, briefly topping US$76 on Thursday, on the back of some optimism over the economy and world energy demand, traders said.
By late on Friday on the New York Mercantile Exchange, Texas light sweet crude for delivery in July leapt to US$74.69 a barrel from US$71.78 a week earlier.
On London’s Intercontinental Exchange, Brent North Sea crude for July delivery soared to US$75.04 from US$72.58.
BASE METALS: Base metals prices rose, aided by strong Chinese economic data.
By Friday on the London Metal Exchange, copper for delivery in three months climbed to US$6,480 a tonne from US$6,292 a week earlier.
Three-month aluminum rose to US$1,956 a tonne from US$1,890.
Three-month lead increased to US$1,690 a tonne from US$1,602.
COCOA: Cocoa futures slid, one week after reaching 33-year highs of £2,606 a tonne owing to tight supplies.
By Friday on London’s futures exchange, the price of cocoa for delivery in July fell to £2,455 a tonne from £2,581 the previous week.
On the New York Board of Trade, the September cocoa contract dipped to US$2,944 a tonne from US$2,982.
LONG FLIGHT: The jets would be flown by US pilots, with Taiwanese copilots in the two-seat F-16D variant to help familiarize them with the aircraft, the source said The US is expected to fly 10 Lockheed Martin F-16C/D Block 70/72 jets to Taiwan over the coming months to fulfill a long-awaited order of 66 aircraft, a defense official said yesterday. Word that the first batch of the jets would be delivered soon was welcome news to Taiwan, which has become concerned about delays in the delivery of US arms amid rising military tensions with China. Speaking on condition of anonymity, the official said the initial tranche of the nation’s F-16s are rolling off assembly lines in the US and would be flown under their own power to Taiwan by way
OBJECTS AT SEA: Satellites with synthetic-aperture radar could aid in the detection of small Chinese boats attempting to illegally enter Taiwan, the space agency head said Taiwan aims to send the nation’s first low Earth orbit (LEO) satellite into space in 2027, while the first Formosat-8 and Formosat-9 spacecraft are to be launched in October and 2028 respectively, the National Science and Technology Council said yesterday. The council laid out its space development plan in a report reviewed by members of the legislature’s Education and Culture Committee. Six LEO satellites would be produced in the initial phase, with the first one, the B5G-1A, scheduled to be launched in 2027, the council said in the report. Regarding the second satellite, the B5G-1B, the government plans to work with private contractors
MISSION: The Indo-Pacific region is ‘the priority theater,’ where the task of deterrence extends across the entire region, including Taiwan, the US Pacific Fleet commander said The US Navy’s “mission of deterrence” in the Indo-Pacific theater applies to Taiwan, Pacific Fleet Commander Admiral Stephen Koehler told the South China Sea Conference on Tuesday. The conference, organized by the Center for Strategic and International Studies (CSIS), is an international platform for senior officials and experts from countries with security interests in the region. “The Pacific Fleet’s mission is to deter aggression across the Western Pacific, together with our allies and partners, and to prevail in combat if necessary, Koehler said in the event’s keynote speech. “That mission of deterrence applies regionwide — including the South China Sea and Taiwan,” he
‘NARWHAL’: The indigenous submarine completed its harbor acceptance test recently and is now under heavy guard as it undergoes tests in open waters, a source said The Hai Kun (海鯤), the nation’s first indigenous defense submarine, yesterday began sea trials, sailing out of the Port of Kaohsiung, a military source said. Also known as the “Narwhal,” the vessel departed from CSBC Corp, Taiwan’s (台灣國際造船) shipyard at about 8am, where it had been docked. More than 10 technicians and military personnel were on deck, with several others standing atop the sail. After recently completing its harbor acceptance test, the vessel has started a series of sea-based trials, including tests of its propulsion and navigational systems, while partially surfaced, the source said. The Hai Kun underwent tests in the port from
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