Tunisia's Political Scene is about to Change

A file photo shows Tunisia’s President Kais Saied. (Fethi Belaid/AFP)
A file photo shows Tunisia’s President Kais Saied. (Fethi Belaid/AFP)
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Tunisia's Political Scene is about to Change

A file photo shows Tunisia’s President Kais Saied. (Fethi Belaid/AFP)
A file photo shows Tunisia’s President Kais Saied. (Fethi Belaid/AFP)

The political scene in Tunisia is heading towards many shifts and the indicators on that are many. The announcement of a "positive development" in the president's connection with both the parliament and the government is expected to accelerate these shifts and put an end to over two years of tension and exchange of accusations.

Although Abir Moussi, president of the Free Destourian Party and some of her allies in the opposition, have ascended their criticism of the parliamentary and political ruling majority, the behind-the-scene actions suggest "new agreements" that could lead to a "political government" more open on the opposition, syndicates, and independent experts. The first indicators on the "upcoming change" surfaced when the fighting political parties and syndicates ascended their verbal attack against the president, speaker, and prime minister, in conjunction with "high profile" meetings that discussed possible solutions for the crisis. These solutions start with the formation of a government that replaces the current one including 11 ministers rejected by Kais Saied.

Perhaps the most serious escalation since Zine El Abidine Ben Ali was toppled, in early 2011, is that the labor syndicates, mainly the Tunisian General Labor Union, which plays a major political role in the country, has called for early presidential and parliamentary elections, removal of the president, speaker, and prime minister, and "to return the rule to the people."

The three presidencies didn't comment on these calls despite the campaign launched by local and international media outlets covering what they considered "a first" in the history of syndicates calling for the resignation of the president and the speaker.

Meanwhile, many political parties have warned from clashes among the syndical leadership and the three presidents following the intense criticisms launched by top figures in the Tunisian General Labor Union.

On the other hand, leaders of opposition parties, including the People's Movement, Destourian, Constitutional Liberal, and the Democratic Current, have welcomed the calls for "early elections."

Fathi al-Ayadi, spokesperson to Ennahda Movement (Islamic party) said his party is "ready for early elections."

Popular Referendum

Many constitutional law experts like Academic Kamal bin Massoud and former law school dean Rafe' bin Ashour ruled out the option of the early election without "political consensus" that amends the constitution and electoral law. According to the two experts, the current Tunisian constitution does not allow any political authority, including the president or the parliament, to cancel the results of the 2019 elections and call for early ones.

For her part, legal expert Mona Karim said the constitution allows the president to suspend the parliament, and call for early elections in "rare cases like when the prime minister-designate fails to win the support of the parliamentary majority two times in a row."

Former minister and official at the People's Movement opposition party Fathi Belhaj, and Spokesperson to Ennahda Movement, MP Fathi al-Ayadi saw that "organizing early elections before amending the electoral law would lead to the same political scene."

Therefore, a number of political activists including former ministers Mohsen Marzouk, Kamel Jendoubi, and former head of the bar association Shawki Taieb have called for "a popular referendum" to change the political system from parliamentary to presidential. Some former left-wing activists have also launched the "Resistance" initiative aimed at collecting tens of thousands of signatures supporting the "popular referendum."

- Presidency for life?

Most of the ruling and opposing figures, including the leader of the Popular Front Hamma Hammami, and former minister Rafiq Abdul- Salam have clearly opposed a proposal attributed to the president and his supporters to organize a "popular referendum" on suspending the "revolution constitution 2014" and readopting the constitution of 1959, which was criticized by most politicians since 2011. They also accused him of "legitimizing tyranny, one-man rule, and the presidency for life."

Secretary-General of the General Labor Union Noureddine Taboubi revealed that Saied is considering "preparing a referendum to readopt the constitution of 1959," because, according to the president, the new constitution "limited the powers of the president and emphasized authority overlap with the prime minister and the parliament."

The official presidency site posted photos and videos of Kais Saied's meeting with former MP and activist Mubarka Brahmi, showing him holding pages from the ruling party's Labor newspaper in 1959 that praise statements by President Habib Bourguiba on the constitution of June 1959. These photos and news stirred more criticisms of the president and some of his advisors, accusing them of "waiving the democratic achievements in the 2014 constitution."

However, some constitutional law experts, including Academic and International Law expert Haikal bin Mahfouz called for "saving the country from its political crisis, and power conflict through an advisory referendum."

In an interview with Asharq Al-Awsat, Bin Mahfouz said: "The constitution of 2014 allows popular referendums in cases related to human rights, but doesn't prohibit the president from calling for an advisory referendum on a partial adjustment of the political system [...] the advisory referendum is not binding but can help decision-makers address problems, and save the country from this useless political circle."

- Powers of the president

On the other hand, many have recently called for expanding the president's powers over the parliament and the government.

These calls were launched before 2011 by Al-Sadiq Sha'ban and Béchir Tekkari, ministers of justice and education back then, who believed that the current constitution allows the president to announce emergency measures when the national security is in danger. These measures include exceptional legal procedures that expand his powers and limit the role of the parliament and the government affected by political conflicts, and partisan and personal disputes.

He recently met with the President in Carthage Palace, and called for "respecting the presidency and expanding its powers to save the country."

Zeitoun had also announced a similar position when conflicts erupted between late President Beji Caid Essebsi and Prime Minister Youssef Chahed, who allied with Ennahda Movement at the time. Zeitoun was among few members in Ennahda to support the presidential palace in its dispute with Chahed and his government.

- Mediations…and a Deal

In line with the fiery statements and calls in the syndical and political speeches, official sources from several parties and decision-making circles confirmed that Tunisia is approaching a new phase of "political agreement" that starts by ending the disputes between the presidency and the parliament, and between the President and Rached Ghannouchi.

The change path has kicked off after revealing the dialogue and political negotiations the president carried out with several diplomatic and political figures including Lotfi Zeitoun, and his old friend and former left leader Ridha Chiheb el-Mekki known as "Reda Lenin." Few days after the announcement, Saied had a first-of-its-kind, one hour and a half meeting with Speaker Rached Ghannouchi, the historic leader of the Ennahda Movement.

Many sources confirmed that this meeting led to a "comprehensive agreement" on addressing the current political crisis, which might include the announcement of a major government modification that excludes the ministers objected by Saied because of "corruption suspicions" six months ago."

- Collapse of "Political Belt?"

Meanwhile, two leaders from the Heart of Tunisia party, including MP Osama al-Khalifi criticized the approach between the speaker and the President and his allies, members of the Democratic Block in the parliament.

MPs from the "political and parliamentary belt" warned the government that the ruling coalition could weaken in case Ghannouchi and Ennahda leadership "imply" they might dismiss current PM Hichem Mechichi, who is supported by tens of MPs from the parties that formed the ruling Constitutional Democratic Rally in 2011.

Following the release of Businessman Nabil al-Qarawi, leader of Heart of Tunisia party who rivaled Kais Saied in the final round of the 2019 elections, calls have risen to form a "new political coalition" that includes the so-called "modernists and liberals" facing "Islamist" opponents, MPs of Ennahda and Al Karama coalition. If formed, this "coalition" could lead to a government headed by Mechichi and supported by Abir Moussi's Destourian Party, and may even win the support of the Presidential Palace. This government could pledge to close the financial and judicial cases that led to the arrest of Qarawi and temporarily seized his properties and assets in 2019 and 2020.

However, optimistic remarks stated by figures known as "extremists" like former health minister and Ennahda VP Abdellatif Mekki, came in line with the resumptions of political discussions. Again, Tunisia has found itself in "a closed circle" with no progress, said journalist and Academic Mounji Mabrouki. The situation is about to get more complicated, after political groups supported by the "extreme left" joined the clash, and resumed their accusations of the Ennahda Movement of partaking in violence and terrorism acts, including the assassination of the left opposition members Chokri Belaïd and Mohamed Brahmi in 2013.

In a recent press conference, Lawyer Reda Radawi, member of the board defending Belaïd and Brahmi, implied that he and his colleagues "would reveal names of judges and high-profile officials who were involved in cases of violence and terrorism in the 10 past years," including many figures in Ennahda government presided by Hamadi Jebali and Ali al-Arid in 2012-2013.

Meanwhile, feminist and legal associations supporting the left parties have launched a media campaign against what they call "fundamentalists," and "extremists," accusing them of violating women's rights, and harassing Leader of the Destourian Party Abir Moussi and her colleagues.

Other associations and parties have organized movements that call to topple Meshishi's government, the parliament, and the whole ruling class brought by the 2019 elections. They have encouraged "youth demonstrations," and "manifestations in popular areas," against the increase of prices, inflation, unemployment, poverty, and crimes. According to those groups, the current crises are the results of "politicians' failures," social and economic effects of the pandemic, in addition to the government's emergency decision to close the borders, and the lockdown that affected many sectors such as tourism, traditional industries, and services.

In all cases, the political scene in Tunisia is active these days; some parties push towards supporting the current parliamentary political coalition through conciliation with the Carthage Palace (the president) and some with opposition parties. Others seek to cause a "shock" inside this coalition to pave the road for new coalitions that could shake the upcoming presidential and parliamentary elections, whether organized on time in 2024 or earlier during 2022.



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.