Negotiators Zero in on Potential Deal to Disarm Syria’s Last Battleground

A member of Kurdish-led Syrian Democratic Forces (SDF) stands along a street after opposition fighters seized the capital and ousted Syria's Bashar al-Assad, in Hasakah, Syria, December 11, 2024. (Reuters)
A member of Kurdish-led Syrian Democratic Forces (SDF) stands along a street after opposition fighters seized the capital and ousted Syria's Bashar al-Assad, in Hasakah, Syria, December 11, 2024. (Reuters)
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Negotiators Zero in on Potential Deal to Disarm Syria’s Last Battleground

A member of Kurdish-led Syrian Democratic Forces (SDF) stands along a street after opposition fighters seized the capital and ousted Syria's Bashar al-Assad, in Hasakah, Syria, December 11, 2024. (Reuters)
A member of Kurdish-led Syrian Democratic Forces (SDF) stands along a street after opposition fighters seized the capital and ousted Syria's Bashar al-Assad, in Hasakah, Syria, December 11, 2024. (Reuters)

Negotiators are zeroing in on a potential deal to resolve one of the most explosive questions looming over Syria's future: the fate of Kurdish forces that the US considers key allies against ISIS but neighboring Türkiye regards as a national security threat.

Diplomatic and military negotiators from the United States, Türkiye, Syria and the Kurdish-led Syrian Democratic Forces (SDF) are showing more flexibility and patience than their public statements suggest, a dozen sources told Reuters, including five directly involved in the intensive web of discussions in recent weeks.

This could set the stage for an accord in the coming months that would see some Kurdish fighters leave Syria's restive northeast and others brought under the authority of the new defense ministry, six of the sources said.

However, many thorny issues need to be resolved, they said. These include how to integrate the SDF alliance's well-armed and trained fighters into Syria's security framework and administer territory under their control, which includes key oil and wheat fields.

In an interview with Saudi Arabia's Asharq News channel on Tuesday, SDF commander Mazloum Abdi said the alliance's "basic demand" is for decentralized administration - a potential challenge to Syria's new leadership, which wants to bring all of the country back under the government's authority after ousting Bashar al-Assad last month.

Abdi indicated that the SDF has no intention of dissolving, saying it was open to linking with the defense ministry and operating according to its rules, but as "a military bloc".

Syria's new defense minister, Murhaf Abu Qasra, rejected that approach in an interview with Reuters on Sunday, saying the suggestion that the SDF remain one bloc "is not right."

The former opposition fighters now in power in Damascus have said they want all armed groups to integrate into Syria's official forces, under a unified command. The SDF, when asked for comment, referred Reuters to its commander's interview.

How much autonomy Kurdish factions retain likely hinges on whether incoming US president Donald Trump continues Washington's longtime support of its Kurdish allies, according to diplomats and officials on all sides.

Trump has not spoken publicly about his intentions, including his plans for some 2,000 US troops stationed in Syria. A Trump representative did not comment.

Any deal also depends on whether Turkish President Recep Tayyip Erdogan holds off on a threatened military offensive against the People's Protection Units (YPG), the Kurdish group that spearheads the SDF alliance.

Ankara views them as an extension of the Kurdistan Workers Party (PKK), which has been waging an insurgency against the Turkish state since 1984 and is deemed a terrorist group by both Türkiye and the US.

Turkish Foreign Minister Hakan Fidan said this month that Syria's new authorities "should be given an opportunity to ... end the occupation and terror the YPG created", but he did not say how long Ankara would wait for it to disarm before launching an incursion.

A Turkish Foreign Ministry source said disarming armed groups and the departure of "foreign terrorist fighters" were essential for Syria's stability and territorial integrity, so the sooner this happens the better.

"We are voicing this expectation of ours in the strongest terms during our contacts with both the United States and the new administration in Damascus," the source said.

INTENSIVE TALKS

US and Turkish officials have been holding "very intensive" discussions since fighters led by the Hayat Tahrir al-Sham (HTS) group, a former al-Qaeda affiliate, launched a lightning offensive from their northwestern stronghold that deposed Assad on Dec. 8, a senior US diplomat told Reuters.

The two countries share a "common view of where things should end up", including a belief that all foreign fighters should exit Syrian territory, the diplomat said, noting Turkish negotiators "have a very high sense of urgency" to settle things.

However, the diplomat, who like some other sources requested anonymity to discuss sensitive negotiations, said the talks were "hugely complex" and would take time.

Parallel talks are taking place between the US and both the SDF and HTS, Türkiye and HTS, and the SDF and HTS, officials from all sides say.

Part of a stateless ethnic group straddling Iraq, Iran, Türkiye, Armenia and Syria, Kurds had been among the few winners of the Syrian conflict, gaining control over Arab-majority areas as the US partnered with them in the campaign against ISIS. They now hold nearly a quarter of the country.

But Assad's fall has left Syrian Kurdish factions on the back foot, with Türkiye-backed armed groups gaining ground in the northeast and the country's new rulers in Damascus friendly with Ankara.

Türkiye, which provided direct support to some opposition groups against Assad, has emerged as one of the most influential power brokers in Syria since his fall. Like the US, it has designated HTS a terrorist group because of its al-Qaeda past, but Ankara is believed to have significant sway over the group.

Officials on all sides worry that failure to reach a ceasefire and longer-term political accord in the northeast could destabilize Syria as it seeks to recover from a 13-year civil war that killed hundreds of thousands, displaced millions and drew in countries including Russia, Iran and Israel.

Dozens of people in northern Syria have been reported killed since December in clashes between the Kurdish-led SDF and Türkiye’s allies, and in cross-border Turkish airstrikes.

Failure to resolve the fate of Kurdish factions in Syria could also undermine nascent efforts to end the PKK's insurgency in Türkiye.

The United Nations has warned of "dramatic consequences" for Syria and the region if a political solution is not found in the northeast.

POTENTIAL TRADE-OFFS

US support for the SDF has been a source of tension with its NATO ally, Türkiye.

Washington views the SDF as a key partner in countering ISIS, which Secretary of State Antony Blinken has warned will try to use this period to re-establish capabilities in Syria. The SDF is still guarding tens of thousands of detainees linked to the group.

Erdogan said on Wednesday that Türkiye has the power to "crush" all terrorists in Syria, including ISIS and Kurdish militants.

Türkiye wants the management of camps and prisons where ISIS detainees are being held transferred to Syria's new rulers and has offered to help them. It has also demanded that the SDF expel all foreign fighters and senior PKK members from its territory and disarm the remaining members in a way it can verify.

Abdi, the SDF commander, has shown flexibility regarding some Turkish demands, telling Reuters last month that its foreign fighters, including PKK members, would leave Syria if Türkiye agrees to a ceasefire.

The PKK said in a statement to Reuters on Thursday that it would agree to leave if the SDF maintains control of the northeast or a significant role in joint leadership.

Such assurances are unlikely to satisfy Ankara at a time when the SDF is "trying to stay alive and autonomous" in Syria, Omer Onhon, Türkiye’s last ambassador to Damascus, told Reuters.

In Ankara on Wednesday, Syrian Foreign Minister Asaad Hassan al-Shibani said the extensive US-backed SDF presence was no longer justified, and the new administration would not allow Syrian land to be a source of threats to Türkiye. Standing next to him, his Turkish counterpart, Fidan, said it was time to put anti-terror pledges into practice.

Abdi told Asharq News that he has met with Syria's de facto leader, Ahmed al-Sharaa, and the two sides agreed to set up a joint military committee to decide how the SDF would integrate with the defense ministry. He described the meeting with Sharaa, who heads HTS, as positive.

Abu Qasra, the defense minister, accused SDF leaders on Sunday of "procrastinating" on the issue, saying "consolidation of all areas under the new administration ... is a right of the Syrian state."

The new leadership believes that allowing SDF fighters to continue operating as a bloc would "risk destabilization, including a coup", a ministry official told Reuters.

Abdi argued that a decentralized administration would not threaten Syria's unity, saying the SDF is not demanding the kind of federalism introduced in Iraq, where Kurds have their own regional government.

Some Syrian officials and diplomats say the SDF will likely need to relinquish control of significant territory and oil revenues, gained during the war, as part of any political settlement.

In return, Kurdish factions could be granted protections for their language and culture within a decentralized political structure, said Bassam al-Kuwatli, president of the small Syrian Liberal Party, which supports minority rights but is not involved in the talks.

A senior Syrian Kurdish source acknowledged that some such trade-offs would likely be needed but did not elaborate.

Abdi told Asharq News that the SDF was open to handing over responsibility for oil resources to the new administration, provided the wealth was distributed fairly to all provinces.

Washington has called for a "managed transition" of the SDF's role.

The US diplomat said Assad's ouster opens the door for Washington to eventually consider withdrawing its troops from Syria, though much depends on whether trusted forces like its Kurdish allies remain engaged in efforts to counter any ISIS resurgence.

Trump's return to the White House on Monday has raised hopes in Türkiye of a favorable deal, given the rapport he established with Erdogan during his first term.

Trump has spoken approvingly about Erdogan's role in Syria, calling him a "very smart guy", and said Türkiye would "hold the key" to what happens there.

"The Americans won't abandon (the SDF)," said Onhon, Türkiye’s former ambassador. "But the arrival of someone as unpredictable as Trump must worry them in a way too."



What Lies Ahead for Ukraine’s Contested Zaporizhzhia Nuclear Power Plant?

A Russian service member stands guard at a checkpoint near the Zaporizhzhia Nuclear Power Plant before the arrival of the International Atomic Energy Agency (IAEA) expert mission in the course of Russia-Ukraine conflict outside Enerhodar in the Zaporizhzhia region, Russian-controlled Ukraine, June 15, 2023. (Reuters)
A Russian service member stands guard at a checkpoint near the Zaporizhzhia Nuclear Power Plant before the arrival of the International Atomic Energy Agency (IAEA) expert mission in the course of Russia-Ukraine conflict outside Enerhodar in the Zaporizhzhia region, Russian-controlled Ukraine, June 15, 2023. (Reuters)
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What Lies Ahead for Ukraine’s Contested Zaporizhzhia Nuclear Power Plant?

A Russian service member stands guard at a checkpoint near the Zaporizhzhia Nuclear Power Plant before the arrival of the International Atomic Energy Agency (IAEA) expert mission in the course of Russia-Ukraine conflict outside Enerhodar in the Zaporizhzhia region, Russian-controlled Ukraine, June 15, 2023. (Reuters)
A Russian service member stands guard at a checkpoint near the Zaporizhzhia Nuclear Power Plant before the arrival of the International Atomic Energy Agency (IAEA) expert mission in the course of Russia-Ukraine conflict outside Enerhodar in the Zaporizhzhia region, Russian-controlled Ukraine, June 15, 2023. (Reuters)

The Zaporizhzhia nuclear power plant, Europe's largest, is one of the main sticking points in US President Donald Trump's peace plan to end the nearly four-year war between Russia and Ukraine. The issue is one of 20 points laid out by Ukrainian President Volodymyr Zelenskiy in a framework peace proposal.

Here are some of the issues regarding the facility:

WHAT ROLE MAY THE US PLAY?

Russia took control of the plant in March 2022 and announced plans to connect it to its power grid. Almost all countries consider that it belongs to Ukraine but Russia says it is owned by Russia and a unit of Russia's state-owned Rosatom nuclear corporation runs the plant.

Zelenskiy stated at the end of December that the US side had proposed joint trilateral operation of the nuclear power plant with an American chief manager.

Zelenskiy said the Ukrainian proposal envisages Ukrainian-American use of the plant, with the US itself determining how to use 50% of the energy produced.

Russia has considered joint Russian-US use of the plant, according to the Kommersant newspaper.

WHAT IS ITS CURRENT STATUS?

The plant is located in Enerhodar on the banks ‌of the Dnipro River and ‌the Kakhovka Reservoir, 550 km (342 miles) southeast of the capital Kyiv.

The Zaporizhzhia nuclear power plant has ‌six ⁠Soviet-designed reactors. They were ‌all built in the 1980s, although the sixth only came online in the mid-1990s after the collapse of the Soviet Union. It has a total capacity of 5.7 gigawatts, according to an International Atomic Energy Agency (IAEA) database.

Four of the six reactors no longer use Russian nuclear fuel, having switched to fuel produced by then-US nuclear equipment supplier Westinghouse.

After Russia took control of the station, it shut down five of its six reactors and the last reactor ceased to produce electricity in September 2022. Rosatom said in 2025 that it was ready to return the US fuel to the United States.

According to the Russian management of the plant, all six reactors are in "cold shutdown."

Both Russia and Ukraine have accused each other of striking the nuclear plant and of severing power lines to the plant.

The plant's equipment is powered by ⁠electricity supplied from Ukraine. Over the past four years these supplies have been interrupted at least eleven times due to breaks in power lines, forcing the plant to switch to emergency diesel generators.

Emergency generators ‌on site can supply electricity to keep the reactors cool if external power lines are cut.

IAEA ‍Director General Rafael Grossi says that fighting a war around a nuclear ‍plant has put nuclear safety and security in constant jeopardy.

WHY DOES RUSSIA WANT ZAPORIZHZHIA PLANT?

Russia has been preparing to restart the station but ‍says that doing so will depend on the situation in the area. Rosatom chief Alexei Likhachev has not ruled out the supply of electricity produced there to parts of Ukraine.

Oleksandr Kharchenko, director of the Energy Research Center in Kyiv, said Moscow intended to use the plant to cover a significant energy deficit in Russia's south.

"That's why they are fighting so hard for this station," he said.

In December 2025, Russia's Federal Service for Environmental, Technological and Nuclear Supervision issued a license for the operation of reactor No. 1, a key step towards restarting the reactor.

Ukraine's energy ministry called the move illegal and irresponsible, risking a nuclear accident.

WHY DOES UKRAINE NEED THE PLANT?

Russia has been pummeling Ukraine's energy infrastructure for months and some areas have had blackouts during winter.

In recent ⁠months, Russia has sharply increased both the scale and intensity of its attacks on Ukraine's energy sector, plunging entire regions into darkness.

Analysts say Ukraine's generation capacity deficit is about 4 gigawatts, or the equivalent of four Zaporizhzhia reactors.

Kharchenko says it would take Ukraine five to seven years to build the generating capacity to compensate for the loss of the Zaporizhzhia plant.

Kharchenko said that if Kyiv regained control of the plant, it would take at least two to three years to understand what condition it was in and another three years to restore the equipment and return it to full operations.

Both Ukrainian state nuclear operator Energoatom and Kharchenko said that Ukraine did not know the real condition of the nuclear power plant today.

WHAT ABOUT COOLING FUEL AT THE PLANT?

In the long term, there is the unresolved problem of the lack of water resources to cool the reactors after the vast Kakhovka hydro-electric dam was blown up in 2023, destroying the reservoir that supplied water to the plant.

Besides the reactors, there are also spent fuel pools at each reactor site used to cool down used nuclear fuel. Without water supply to the pools, the water evaporates and the temperatures increase, risking fire.

An emission of hydrogen from a spent fuel pool caused an explosion in Japan's Fukushima nuclear disaster in ‌2011.

Energoatom said the level of the Zaporizhzhia power plant cooling pond had dropped by more than 15%, or 3 meters, since the destruction of the dam, and continued to fall.

Ukrainian officials previously said the available water reserves may be sufficient to operate one or, at most, two nuclear reactors.


Egypt, Trump Reaffirm Strategic Alliance in 2025 amid Regional Turmoil

Egyptian President Abdel Fattah al-Sisi meets President Donald Trump ahead of a world leaders' summit on ending the Gaza war, in Sharm el-Sheikh, Egypt, October 13, 2025. (Reuters)
Egyptian President Abdel Fattah al-Sisi meets President Donald Trump ahead of a world leaders' summit on ending the Gaza war, in Sharm el-Sheikh, Egypt, October 13, 2025. (Reuters)
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Egypt, Trump Reaffirm Strategic Alliance in 2025 amid Regional Turmoil

Egyptian President Abdel Fattah al-Sisi meets President Donald Trump ahead of a world leaders' summit on ending the Gaza war, in Sharm el-Sheikh, Egypt, October 13, 2025. (Reuters)
Egyptian President Abdel Fattah al-Sisi meets President Donald Trump ahead of a world leaders' summit on ending the Gaza war, in Sharm el-Sheikh, Egypt, October 13, 2025. (Reuters)

After months of speculation over the trajectory of Egyptian-US relations, fueled by persistent talk of strain and an impending rift, a high-level meeting between President Donald Trump and President Abdel Fattah al-Sisi in Sharm el-Sheikh reaffirmed the resilience of the strategic alliance between Cairo and Washington, even as the region remains in turmoil.

The meeting followed a turbulent period marked by Trump’s adoption of a proposal to relocate Gaza’s population, an idea firmly rejected by Sisi and one that prompted warnings of a diplomatic crisis between the two longtime allies.

The subsequent signing of a Gaza peace agreement in Sharm el-Sheikh sent a clear signal that, despite sharp disagreements over policy, the foundations of the bilateral relationship remain intact.

Early in Trump’s second term, media reports said Sisi had scrapped plans to visit Washington. As the year draws to a close, speculation has said that the visit may happen. Trump has acknowledged Sisi as a friend and said he would be happy to meet him as well.

Trump’s election victory late last year raised Egyptian hopes of strengthening the strategic partnership. Sisi voiced that expectation in a congratulatory post on X, stating that he looked forward to working together with Trump to achieve peace, preserve regional peace and stability, and strengthen the strategic partnership.

Those hopes were tested when Trump floated a plan to “clean out Gaza” and relocate its residents to Egypt and Jordan. Cairo rejected the idea outright, mobilized international opposition, unveiled an alternative plan for Gaza’s reconstruction and hosted an emergency summit on the issue in March.

Limited public engagement

David Butter, a research fellow in the Middle East and North Africa program at Chatham House, noted that the striking feature of Egypt-US ties over the past year has been their low public profile.

Aside from Trump’s appearance in Sharm el-Sheikh, there was not much happening in the open, he told Asharq Al-Awsat.

Amr Hamzawy, an Egyptian political scientist and director of the Middle East program at the Carnegie Endowment for International Peace, described the first year of Trump’s second term as difficult for bilateral relations.

He said it began with talk of displacement and a “Middle East Riviera” in Gaza, but Egyptian diplomacy succeeded in shifting the trajectory.

Trump’s peace plan, he said, ultimately signaled rejection of displacement and spoke of security and political tracks for Gaza and a broader political process for the Palestinian issue, though details remain unclear.

Hamzawy added that the year opened from a tough starting point that followed what he called President Joe Biden’s hesitant stance on Gaza, when displacement was first discussed.

After nearly a year of Egyptian political and diplomatic effort, he said, displacement dropped from Washington’s agenda, even if it remains a risk that cannot be ignored.

Historically, Egypt has been a pivotal state for US national security, given its geography, demographic weight and diplomatic role, according to a recent report by the Congressional Research Service.

Gaza, the main test

The Gaza war shaped Egyptian-US relations during Trump’s first year back in office. Washington backed Egyptian-Qatari mediation to halt the war. US Secretary of State Marco Rubio thanked Cairo after a truce was reached between Israel and Hamas in January.

When hostilities resumed, however, Egypt faced complex diplomatic choices with both Washington and Israel. It rejected Trump’s call to resettle Gaza’s population, while its reconstruction plan failed to gain US or Israeli acceptance.

Cairo also drew criticism from Trump for declining to join US strikes against Yemen’s Houthis, the Congressional Research Service (CRS) revealed.

Butter noted that ties with the Trump administration were strained over Gaza after Sisi canceled a Washington visit early in the year, following Trump’s “Middle East Riviera” remarks, which left contacts at a minimum.

He said Trump’s Sharm el-Sheikh visit, the signing of the Gaza agreement and the celebration of his plan’s success offered a chance to reset relations. Egypt, he added, has become indispensable to Trump’s administration in Gaza.

Hamzawy said Gaza dominated the first year of Trump’s term, giving Egypt a chance to restore its standing with US and European decision-makers as a key mediator. Cairo put its vision on the table, he said, shifting US thinking toward parallel security and political tracks and from talk of disarmament to limiting weapons.

Throughout the year, Egypt publicly counted on Trump to end the Gaza war. In July, Sisi urged him in a televised address to press for a halt, saying Trump was capable of doing so.

Analysts Daniel Byman and Jon Alterman wrote in Foreign Policy that Egypt is indispensable to international responses to the Gaza war, even if it remains a difficult partner for Washington and Israel. The conflict, they said, restored diplomatic focus on Egypt and strengthened its leverage.

Sara Kira, director of the European North African Center for Research, said relations in Trump’s second term differ from his first. The earlier term saw broad alignment and personal warmth from Trump, particularly on counterterrorism, she said. The second term has been marked by divergence.

That surfaced in April when Trump called for free passage for US commercial and military vessels through the Suez Canal in exchange for US efforts to protect the waterway.

Positive signals despite differences

Despite disagreements over Gaza, there were positive signs elsewhere. Early in the year, the US State Department froze new funding for most aid programs worldwide, exempting humanitarian food programs and military aid to Israel and Egypt.

Washington did not include Egypt on a travel ban list issued in June. Trump said Egypt was a country with which the United States dealt closely and that things there were under control. Egypt was also spared higher US tariffs. Cairo has repeatedly stressed the depth and resilience of the strategic relationship.

Kira said Egypt exerted maximum pressure to achieve peace and stop the Gaza war, eventually convincing Washington of its approach and reaching a peace agreement in Sharm el-Sheikh. She said Egypt acted pragmatically and astutely, reading Trump’s personality and US interests.

As talks on the second phase of the Gaza agreement stall, Egypt continues to rely on the Trump administration to advance its plan. Cairo remains in contact with Washington and is working with it to prepare a donor conference for Gaza’s reconstruction, which has yet to receive sufficient momentum from the Trump administration.

The dialogue extends beyond Gaza to Libya, Sudan, Lebanon and Iran, as well as water security, led by Ethiopia’s Grand Ethiopian Renaissance Dam (GERD), which Egypt fears could affect its Nile water share.

GERD

In mid-June, Trump stirred controversy in Egypt when he wrote on Truth Social that the United States had “stupidly” funded the dam Ethiopia built on the Blue Nile, triggering a severe diplomatic crisis with Egypt.

In August, the White House released a list of Trump’s foreign policy achievements, which included a purported agreement between Egypt and Ethiopia over the dam.

Trump has repeatedly spoken of his administration’s efforts to resolve the dispute, but those claims have yet to translate into concrete action.

Hamzawy said there is an opportunity for Washington to mediate and revive an agreement reached near the end of Trump’s first term.

Charles Dunne of the Arab Center Washington DC wrote recently that Trump’s stance may please Cairo but could also produce adverse outcomes if Washington does not assume a mediation role.

The United States hosted talks with the World Bank in 2020 during Trump’s first term, but they failed after Ethiopia refused to sign the draft agreement.

Military ties endure

Military cooperation continued largely as usual. Since 1946, the United States has provided Egypt with about $90 billion in aid, with a sharp increase after 1979, which successive administrations have framed as an investment in regional stability, according to the CRS.

For more than a decade, Congress has imposed human rights conditions on part of Egypt’s aid.

Between fiscal years 2020 and 2023, the Biden administration and Congress withheld approximately $750 million in military funding. Trump’s technical annex to the proposed fiscal 2026 budget seeks $1.3 billion in military assistance for Egypt without conditions, the CRS said.

Hamzawy said the administration is far from imposing conditionality, noting that relations rest on mutual interests between a major power and a positively influential middle power.

Since the Gaza war, the Biden and Trump administrations have accelerated US arms sales to Egypt. The State Department notified Congress of military sales totaling $7.3 billion. In July, the Pentagon announced that the State Department had approved the sale of an advanced air defense missile system to Egypt, valued at approximately $4.67 billion. Egypt also hosted the Bright Star military exercises in September.

Kira said ties with Washington are driven by interests and that Cairo has positioned itself as a core regional player.

Hamzawy said Egypt occupies a central place in US Middle East thinking, as Washington needs a spectrum of allies, with Egypt at the heart of that network.


Why Metal Prices are Soaring to Record Highs

A salesman displays gold chains at an Indian jewelry store in September. Idrees MOHAMMED / AFP
A salesman displays gold chains at an Indian jewelry store in September. Idrees MOHAMMED / AFP
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Why Metal Prices are Soaring to Record Highs

A salesman displays gold chains at an Indian jewelry store in September. Idrees MOHAMMED / AFP
A salesman displays gold chains at an Indian jewelry store in September. Idrees MOHAMMED / AFP

Precious and industrial metals are surging to record highs as the year ends, driven by economic and geopolitical uncertainty, robust industrial demand and, in some cases, tight supply.

Below AFP examines the reasons for the surge in demand.

- Safe havens -

Gold and silver are traditionally seen as safe-haven assets, and demand has soared amid mounting geopolitical tensions, from US President Donald Trump's tariffs onslaught to wars in Ukraine and Gaza, as well as recent pressure by Washington on Caracas.

Investors are also uneasy about rising public debt in major economies and the risk of a bubble in the artificial intelligence sector.

These uncertainties are driving up gold and silver, with other metals now starting to see the impact as investors seek to diversify their portfolios, explained John Plassard, an analyst at Cite Gestion Private Bank.

"Metal is once again becoming insurance rather than just a speculative asset," he told AFP.

- A weak dollar -

Traditional safe havens like the dollar and US Treasuries have become less attractive this year.

Uncertainty around Trump's presidency and the prospect of further Federal Reserve interest rate cuts, have weakened the dollar, reducing its appeal to investors.

As a result, many investors are turning to gold and silver.

Gold has climbed more than 70 percent this year and passed $4,500 an ounce for the first time on Wednesday, while silver reached a record high of $72 an ounce, with prices up about 2.5 times since January.

A weak dollar is also boosting industrial metals, since commodities priced in dollars become cheaper for buyers when the currency falls.

- Fresh demand -

Industrial demand has surged in recent months, driven by the rise of artificial intelligence and the energy transition.

Copper, used for solar panels, wind turbines, electric vehicle batteries and data centers, has seen strong gains as a result.

Prices hit a record on Wednesday, topping $12,000 a ton, helped further by China, the world's largest copper consumer, announcing new measures to boost demand.

Aluminium, a cheaper alternative to copper, and silver are also benefiting from the AI boom and the shift to renewable energy.

Platinum and palladium, used in car catalytic converters, have also risen, reaching a record high and a three-year high respectively, after the European Union decided to allow sales of new internal combustion vehicles beyond 2035.

- Tight supply -

Copper prices have been lifted this year by fears of US tariffs, prompting companies to stockpile ahead of their introduction, with duties imposed on semi-finished products and potentially extending to refined copper.

Supply risks from disruptions at mines in the Democratic Republic of Congo, Chile and Indonesia have added to the price surge.

Physical markets for silver, platinum, and aluminium are also tight.

According to Ole Hansen, an analyst at Saxo Bank, thin holiday trading, which increases volatility, and investor fear of missing out have further amplified the rise at the end of the year.