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Gold Prices Hit Records Above $3,300/oz

FILE PHOTO: Gold bars are displayed at a gold jewelry shop in the northern Indian city of Chandigarh May 8, 2012. REUTERS/Ajay Verma/File Photo
FILE PHOTO: Gold bars are displayed at a gold jewelry shop in the northern Indian city of Chandigarh May 8, 2012. REUTERS/Ajay Verma/File Photo
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Gold Prices Hit Records Above $3,300/oz

FILE PHOTO: Gold bars are displayed at a gold jewelry shop in the northern Indian city of Chandigarh May 8, 2012. REUTERS/Ajay Verma/File Photo
FILE PHOTO: Gold bars are displayed at a gold jewelry shop in the northern Indian city of Chandigarh May 8, 2012. REUTERS/Ajay Verma/File Photo

Gold prices pierced the $3,300 an ounce barrier to hit record highs as investors sought a refuge from the turbulence surrounding trade tensions between the United States and China.
Spot gold hit a record of $3,317.90 per ounce on Wednesday, resuming a rally based on US President Donald Trump's tariff policies, robust central bank buying and prospects of interest rate cuts by the Federal Reserve, Reuters reported.
"Gold is re-calibrating to reflect the current state of world affairs ... If the price is telling us something, then it’s a distinct warning bell," said independent analyst Ross Norman.
"High conviction buying that commenced about a year ago - likely unreported central bank buying - is being compounded by buying on price strength."
Bullion has gained around 26% so far this year, in a rise that has drawn comparisons with its 1980 rally during the Iranian Revolution, when prices shot up around 118% between November 1979 and January 1980.
Trump on Tuesday rolled out the latest of his tariff policies, ordering an investigation into potential new levies on all US critical minerals imports and other goods.
Gold is traditionally used to hedge against political turmoil.
"Some longer-term gold owners are taking profit at these fresh record highs, but new inflows are also running strong," said Adrian Ash, director of research at BullionVault.
Gold ETFs saw an inflow of 226.5 metric tons, worth $21.1 billion, in the first quarter of 2025, the largest amount since the first quarter of 2022, when markets were grappling with the consequences of Russia's invasion of Ukraine.
"ETF demand is the additional new component that had otherwise been missing and is certainly helping to fuel the rise," Norman added.
Gold has also gained from the lower dollar, near a three-year low, making bullion a more attractive investment for other currency holders.
"The next milestone for gold is $3,500. Expect that before too long," Norman added.
Central bank buying has further buoyed gold, with China's central bank adding to its reserves in March for the fifth straight month.
Gold posted 25 all-time highs this year, of which 13 are above the $3,000 level.

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Business

Saudi Industry Ministry Signs MoUs to Advance Manufacturing Empowerment

The agreements were signed during the "Industrial Transformation Saudi Arabia 2025” Exhibition. SPA
The agreements were signed during the "Industrial Transformation Saudi Arabia 2025” Exhibition. SPA
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Saudi Industry Ministry Signs MoUs to Advance Manufacturing Empowerment

The agreements were signed during the "Industrial Transformation Saudi Arabia 2025” Exhibition. SPA
The agreements were signed during the "Industrial Transformation Saudi Arabia 2025” Exhibition. SPA

The Ministry of Industry and Mineral Resources has signed a number of memoranda of understanding (MoUs) with leading local and international companies to advance advanced manufacturing, support local content, and strengthen national supply chains, enhancing the regional and global competitiveness of Saudi industry.

The agreements were signed during the "Industrial Transformation Saudi Arabia 2025” Exhibition, organized by the ministry in partnership with Deutsche Messe and Riyadh Exhibitions Company Ltd.

The ministry signed two memoranda to provide innovative financing solutions for industrial establishments, strengthen national supply chains, and support local content.

Additionally, the ministry's National Center for Advanced Manufacturing and Production signed several memoranda of understanding with local and international industrial and advisory companies to support the path of advanced manufacturing, develop supply chains, enhance technological innovation, and boost the competitiveness of national factories, in line with the National Industrial Strategy and Saudi Vision 2030.

These strategic partnerships are part of the ministry's ongoing efforts to develop the Kingdom's industrial ecosystem, enable manufacturers to access the latest industrial solutions, support supply chain development, and stimulate innovation, contributing to the building of a sustainable industrial sector that competes regionally and globally.

Business

China Says Working on Streamlining Rare Earth Export Licenses

FILE PHOTO: Workers transport soil containing rare earth elements for export at a port in Lianyungang, Jiangsu province, China October 31, 2010. REUTERS/Stringer/File Photo
FILE PHOTO: Workers transport soil containing rare earth elements for export at a port in Lianyungang, Jiangsu province, China October 31, 2010. REUTERS/Stringer/File Photo
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China Says Working on Streamlining Rare Earth Export Licenses

FILE PHOTO: Workers transport soil containing rare earth elements for export at a port in Lianyungang, Jiangsu province, China October 31, 2010. REUTERS/Stringer/File Photo
FILE PHOTO: Workers transport soil containing rare earth elements for export at a port in Lianyungang, Jiangsu province, China October 31, 2010. REUTERS/Stringer/File Photo

China said on Thursday it is working on streamlining rare earth export licenses - a key promised outcome after a meeting between US President Donald Trump and his counterpart Xi Jinping.

"The government is actively adapting," Commerce Ministry spokesman He Yadong told reporters at a weekly briefing, adding that authorities "were aligning themselves with general license mechanisms".

Reuters reported on Tuesday that at least three Chinese rare earth magnet makers had secured licenses enabling them to accelerate exports to some customers.

He did not say if new licenses had been issued.

China began designing the new rare earth licensing regime following a late October meeting between Trump and Xi that eased trade tensions between the two countries.

Business

Saudi Aramco's Jafurah Gas Plant Begins Output with 450 Million Cubic Feet Per Day

The resources at Jafurah are now estimated at 229 trillion standard cu ft of gas and 75 billion barrels of condensates. (Saudi Aramco)
The resources at Jafurah are now estimated at 229 trillion standard cu ft of gas and 75 billion barrels of condensates. (Saudi Aramco)
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Saudi Aramco's Jafurah Gas Plant Begins Output with 450 Million Cubic Feet Per Day

The resources at Jafurah are now estimated at 229 trillion standard cu ft of gas and 75 billion barrels of condensates. (Saudi Aramco)
The resources at Jafurah are now estimated at 229 trillion standard cu ft of gas and 75 billion barrels of condensates. (Saudi Aramco)

The first phase of oil giant Aramco's Jafurah gas plant is complete and production has begun with a capacity of 450 million cubic feet per day, the Saudi finance ministry said on Tuesday.

The finance ministry, in its 2026 budget statement, listed the milestone as an achievement reached in 2025.

Jafurah's gas output will be used for domestic power generation, freeing up crude for export that is currently used for power in the kingdom.

Aramco has said its unconventional gas program at peak production is expected to generate electricity equivalent to displacing 500,000 barrels per day of oil.

The $100 billion Jafurah project, estimated to contain 229 trillion standard cubic feet of raw gas, is central to Aramco's ambitions to become a major global player in natural gas and boost its gas production capacity.

Aramco's gas production was 12.6 billion cubic feet per day at the end of September, up from 12 bcfd a year earlier.

Aramco last month said it was boosting its gas growth target to 80% above 2021 levels from a previous targeted growth of 60%.

In its 2021 annual report, Aramco said it reached a single-day record gas output at the time of 10.8 bcfd.

Aramco CEO Amin Nasser, who has called Jafurah a crown jewel in the company's portfolio, said during an earnings call last month the first phase was on track for completion by the end of this year.