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Gold Rises as Diplomatic Efforts offer hope of de-escalation in Middle East

AFP_Gold bars weighing 1000 grams each are displayed at the Austrian Gold and Silver Refinery _Oegussa_ in Vienna
AFP_Gold bars weighing 1000 grams each are displayed at the Austrian Gold and Silver Refinery _Oegussa_ in Vienna
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Gold Rises as Diplomatic Efforts offer hope of de-escalation in Middle East

AFP_Gold bars weighing 1000 grams each are displayed at the Austrian Gold and Silver Refinery _Oegussa_ in Vienna
AFP_Gold bars weighing 1000 grams each are displayed at the Austrian Gold and Silver Refinery _Oegussa_ in Vienna

Gold gained more than 1% on Tuesday as investors weighed reports of fresh mediation efforts in the Middle East, which could weigh on energy prices and tame jitters about higher-for-longer interest rates to contain inflation.

Spot gold gained 1.5% to $4,064.89 per ounce by 0911 GMT, while US gold futures for August delivery rose 1.4% to $4,069.70.

"Gold has been in search of a price floor after its epic rally in January this year when it hit an all-time high and there is some sense the worst in terms of a sell-off may now be behind us," independent analyst Ross Norman said, Reuters reported.

"That said, gold does struggle to discover any upside momentum just now and caution remains the watchword," Norman added.

A senior Iranian official told Reuters on Monday that Tehran had received a proposal from mediators for a 10-day ceasefire in efforts to salvage the interim deal.

Also, lower oil prices can reduce inflationary pressures and the likelihood of central banks keeping interest rates elevated. While gold is seen as a long-term hedge against inflation, high interest rates raise the opportunity cost of holding the non-yielding metal.

Traders are now pricing in about a 63% chance of a rate hike in September, according to the CME FedWatch Tool.

Among other metals, spot silver rose 4.8% to $59.11 per ounce, platinum inched up 1.9% at $1,624.88, and palladium gained 2.3% to $1,281.75.

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Business

S&P Affirms IsDB’s 'AAA' Rating

S&P Affirms IsDB’s 'AAA' Rating
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S&P Affirms IsDB’s 'AAA' Rating

S&P Affirms IsDB’s 'AAA' Rating

Standard & Poor’s (S&P) has affirmed the Islamic Development Bank’s (IsDB) long-term issuer credit rating at “AAA,” with a stable outlook, and its short-term issuer credit rating at “A-1.”

The ratings reflect S&P’s assessment of IsDB’s strong financial position, supported by high levels of capital and liquidity, as well as continued support from its shareholders.

S&P highlighted IsDB’s vital policy role in advancing economic development and social progress in its member countries.

It noted the targeted growth in financing under IsDB’s strategy for the next decade, which focuses on promoting inclusive growth, climate action, and strengthening partnerships among member countries.

Despite geopolitical tensions, IsDB has demonstrated a strong capacity to fulfill its mandate, reflecting the shareholders’ ability and commitment to providing the necessary support.

S&P expected any potential risks to be contained through the diversification of IsDB’s portfolio, prudent capitalization policies, and the strength of its financial position.

Business

Chinese Ship Sets off for Europe Through Arctic, Halving Travel Time

This handout photo taken and released on August 15, 2026 by the Ningbo Zhoushan Port Group shows the Dubai Tower container ship, operated by Chinese shipowner Sea Legend, setting sail from the port of Ningbo headed to the port of Felixstow, England. (Handout / Ningbo Zhoushan Port Group / AFP)
This handout photo taken and released on August 15, 2026 by the Ningbo Zhoushan Port Group shows the Dubai Tower container ship, operated by Chinese shipowner Sea Legend, setting sail from the port of Ningbo headed to the port of Felixstow, England. (Handout / Ningbo Zhoushan Port Group / AFP)
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Chinese Ship Sets off for Europe Through Arctic, Halving Travel Time

This handout photo taken and released on August 15, 2026 by the Ningbo Zhoushan Port Group shows the Dubai Tower container ship, operated by Chinese shipowner Sea Legend, setting sail from the port of Ningbo headed to the port of Felixstow, England. (Handout / Ningbo Zhoushan Port Group / AFP)
This handout photo taken and released on August 15, 2026 by the Ningbo Zhoushan Port Group shows the Dubai Tower container ship, operated by Chinese shipowner Sea Legend, setting sail from the port of Ningbo headed to the port of Felixstow, England. (Handout / Ningbo Zhoushan Port Group / AFP)

A Chinese container vessel has set sail for Europe through the Arctic, part of new weekly service on a route that cuts shipment times in half but which environmental groups warn could speed up the melting of polar ice.

The "Dubai Tower" left the eastern port city of Ningbo on Saturday evening heading north, where it will pass through the Bering Strait, then turn west through the frigid waters along Russia's northern coast.

It is expected to reach Felixstowe in the United Kingdom on September 7, followed by stops in Hamburg, Germany and Gdynia, Poland later that week, according to a timetable published by Sea Legend.

The Northern Sea Route (NSR) from China to Europe is significantly faster than that through the Suez Canal and allows vessels to avoid the Red Sea, where shipping has been targeted by Iran-backed Houthis in Yemen.

But the route is only accessible during the time of the year when the ice is melted enough to allow transits without icebreakers.

Global shipping is heavily disrupted by war in the Middle East, sparked by US-Israeli strikes on Iran in late February.

Other shipping companies have transited the Arctic passage before, with Denmark's Maersk the first to do so in 2018.

Last year, 23 container ships transited through, up from 15 in 2024, according to shipping analysis from business insurer Allianz Commercial.

Environmental groups warn that increasing numbers of ships transiting the shorter NSR could accelerate loss of Arctic sea ice -- already made vulnerable by rising global temperatures.

Major shipping companies including France's CMA CGM, Switzerland-headquartered MSC and Germany-based Hapag-Lloyd have pledged to "avoid Arctic trans-shipment routes".

But analysts say the Arctic could serve as an important future trade route, particularly for China, which has outlined plans for greater access to the region through a "Polar Silk Road".

Business

Algeria Begins Exporting First Jet Fuel Shipments to Niger

Sonatrach stated that delivering the jet fuel shipment to Niger reflects its efforts to enhance direct cooperation with African oil and gas companies (X)
Sonatrach stated that delivering the jet fuel shipment to Niger reflects its efforts to enhance direct cooperation with African oil and gas companies (X)
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Algeria Begins Exporting First Jet Fuel Shipments to Niger

Sonatrach stated that delivering the jet fuel shipment to Niger reflects its efforts to enhance direct cooperation with African oil and gas companies (X)
Sonatrach stated that delivering the jet fuel shipment to Niger reflects its efforts to enhance direct cooperation with African oil and gas companies (X)

Algeria’s Sonatrach has started delivering its first shipments of Jet A1 aviation fuel to Niger from Adrar refinery (RA1D), Sonatrach group announced on Saturday.

The move is part of implementing the sale and purchase agreement signed with Niger's national oil company "SONIDEP," it said in a statement.

Sonatrach stated that delivering the jet fuel shipment to Niger reflects its efforts to enhance direct cooperation with African oil and gas companies.

Sonatrach has launched drilling of an exploration well in Niger.

The start of operations was formalized on Thursday during a ceremony presided over by Algerian Prime Minister Sifi Ghrieb and his Nigerien counterpart, Ali Mahaman Lamine Zeine.

In June, Algeria delivered a 40-megawatt power plant to Niger to supply Niamey and its surrounding area.