Maersk Pauses Red Sea Sailings after Houthi Attack

(FILES) Containers of Danish shipping and logistics company Maersk are seen in Copenhagen, Denmark, on September 14, 2023. (Photo by SERGEI GAPON / AFP)
(FILES) Containers of Danish shipping and logistics company Maersk are seen in Copenhagen, Denmark, on September 14, 2023. (Photo by SERGEI GAPON / AFP)
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Maersk Pauses Red Sea Sailings after Houthi Attack

(FILES) Containers of Danish shipping and logistics company Maersk are seen in Copenhagen, Denmark, on September 14, 2023. (Photo by SERGEI GAPON / AFP)
(FILES) Containers of Danish shipping and logistics company Maersk are seen in Copenhagen, Denmark, on September 14, 2023. (Photo by SERGEI GAPON / AFP)

Iranian-backed Houthi militants attacked a Maersk container vessel with missiles and small boats, prompting the company to pause all sailing through the Red Sea for 48 hours, Maersk said on Sunday.

The crew of the Maersk Hangzhou crew was safe and there was no indication of fire onboard the vessel, which was fully maneuverable and continued its journey north to Port Suez, Maersk said.

The United States launched Operation Prosperity Guardian on Dec. 19, saying more than 20 countries had agreed to participate in the efforts to safeguard ships in Red Sea waters near Yemen.
In response, Maersk said on Dec. 24 it would resume sailings through the Red Sea. However, attacks have continued and US allies have proven reluctant to commit to the coalition, with nearly half not declaring their presence publicly.
Maersk, one of the world's major cargo shippers, said on Sunday it would delay all transits through the area for 48 hours, after the Maersk Hangzhou was struck by a missile at around 1730 GMT on Saturday 55 nautical miles southwest of Al Hodeidah, Yemen.
A US warship shot down another two anti-ship ballistic missiles fired from Houthi-controlled areas in Yemen, according to the US Central Command (CENTCOM).
Later at around 0330 GMT on Sunday, the same ship was attacked by Houthi militants in four small boats. An attempt by the attackers to board the vessel was averted after its security team and helicopters from the USS Eisenhower and USS Gravely, responding to distress calls, returned fire, according to statements by Maersk and CENTCOM.
The helicopters sank three of the militant boats, with no survivors, while the fourth boat fled the area, CENTCOM said in the statement.
The Singapore-flagged Maersk Hangzhou with capacity to carry 14,000 containers was en route from Singapore.



Gold Slips More Than 1% as China Considers US Tariff Exemption

FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo
FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo
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Gold Slips More Than 1% as China Considers US Tariff Exemption

FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo
FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo

Gold prices lost more than 1% on Friday and were heading for a weekly fall on signals of a potential de-escalation in the US-China trade war, including news that China was weighing tariff exemptions for some US goods.

Spot gold fell 1.5% to $3,299.69 an ounce as of 0830 GMT. US gold futures shed 1.1% to $3,310.20.

"Gold is facing challenges in sustaining upward momentum as optimism around a potential US-China trade agreement grows," said Zain Vawda, an analyst at MarketPulse by OANDA.

The dollar jumped reversing losses from the prior day while European shares rose after a media report that China was weighing tariff exemptions for some US goods, stoking hopes for a de-escalation in a spiraling trade war between the world's two largest economies.

A higher dollar makes the bullion more expensive for overseas buyers.

"A US-China trade agreement could push gold down toward $3,000/oz or lower, depending on other influencing factors," Vawda said.

US President Donald Trump asserted that trade talks with China are underway, pushing back against Chinese claims that no discussions have taken place to ease the ongoing trade war.

Gold, traditionally seen as a hedge against geopolitical and economic uncertainties has gained nearly 26% so far this year. It also touched a record high of $3,500.05 on Tuesday.

Meanwhile, Federal Reserve officials indicated they saw no urgency in revising the monetary policy as they sought more information to determine how the Trump administration's tariffs were affecting the economy.

Non-yielding bullion tends to thrive in a low interest rate environment.

"Now that the market's corrected it will be a good indicator if buying picks up in India," said Ross Norman, an independent analyst.

Spot silver fell 0.6% to $33.36 an ounce, platinum dropped 1.2% at $958.89 and palladium fell 1.6% to $938.78.

Silver was headed for a weekly gain while the other two metals were seen falling for the week.