The Unaccounted in Mosul

Smoke plumes billow in the Old City of Mosul during the offensive by the Iraqi force to retake the city from ISIS. (AFP)
Smoke plumes billow in the Old City of Mosul during the offensive by the Iraqi force to retake the city from ISIS. (AFP)
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The Unaccounted in Mosul

Smoke plumes billow in the Old City of Mosul during the offensive by the Iraqi force to retake the city from ISIS. (AFP)
Smoke plumes billow in the Old City of Mosul during the offensive by the Iraqi force to retake the city from ISIS. (AFP)

Late on the evening of September 20, 2015, Basim Razzo sat in the study of his home on the eastern side of Mosul, his face lit up by a computer screen. His wife, Mayada, was already upstairs in bed, but Basim could lose hours clicking through car reviews on YouTube: the BMW Alpina B7, the Audi Q7. Almost every night went like this. Basim had long harbored a taste for fast rides, but around ISIS-occupied Mosul, the auto showrooms sat dark, and the family car in his garage — a 1991 BMW — had barely been used in a year. There simply was nowhere to go.

The Razzos lived in the Woods, a bucolic neighborhood on the banks of the Tigris, where marble and stucco villas sprawled amid forests of eucalyptus, chinar and pine. Cafes and restaurants lined the riverbanks, but ever since the city fell to ISIS the previous year, Basim and Mayada had preferred to entertain at home. They would set up chairs poolside and put kebabs on the grill, and Mayada would serve pizza or Chinese fried rice, all in an effort to maintain life as they’d always known it. Their son, Yahya, had abandoned his studies at Mosul University and fled for Irbil, and they had not seen him since; those who left when ISIS took over could re-enter the caliphate, but once there, they could not leave — an impasse that stranded people wherever they found themselves. Birthdays, weddings and graduations came and went, the celebrations stockpiled for that impossibly distant moment: liberation.

Next door to Basim’s home stood the nearly identical home belonging to his brother, Mohannad, and his wife, Azza. They were almost certainly asleep at that hour, but Basim guessed that their 18-year-old son, Najib, was still up. A few months earlier, he was arrested by the ISIS religious police for wearing jeans and a T-shirt with English writing. They gave him 10 lashes and, as a further measure of humiliation, clipped his hair into a buzz cut. Now he spent most of his time indoors, usually on Facebook. “Someday it’ll all be over,” Najib had posted just a few days earlier. “Until that day, I’ll hold on with all my strength.”

Sometimes, after his parents locked up for the night, Najib would fish the key out of the cupboard and steal over to his uncle’s house. Basim had the uncanny ability to make his nephew forget the darkness of their situation. He had a glass-half-full exuberance, grounded in the belief that every human life — every setback and success, every heartbreak and triumph — is written by the 40th day in the womb. Basim was not a particularly religious man, but that small article of faith underpinned what seemed to him an ineluctable truth, even in wartime Iraq: Everything happens for a reason. It was an assurance he offered everyone; Yahya had lost a year’s worth of education, but in exile he had met, and proposed to, the love of his life. “You see?” Basim would tell Mayada. “You see? That’s fate.”

Basim had felt this way for as long as he could remember. A 56-year-old account manager at Huawei, the Chinese multinational telecommunications company, he studied engineering in the 1980s at Western Michigan University. He and Mayada lived in Portage, Michigan, in a tiny one-bedroom apartment that Mayada also used as the headquarters for her work as an Avon representative; she started small, offering makeup and skin cream to neighbors, but soon expanded sales to Kalamazoo and Comstock. Within a year, she’d saved up enough to buy Basim a $700 Minolta camera. Basim came to rely on her ability to impose order on the strange and the mundane, to master effortlessly everything from Yahya’s chemistry homework to the alien repartee of faculty picnics and Rotary clubs. It was fate. They had been married now for 33 years.

Around midnight, Basim heard a thump from the second floor. He peeked out of his office and saw a sliver of light under the door to the bedroom of his daughter, Tuqa. He called out for her to go to bed. At 21, Tuqa would often stay up late, and though Basim knew that he wasn’t a good example himself and that the current conditions afforded little reason to be up early, he believed in the calming power of an early-to-bed, early-to-rise routine. He waited at the foot of the stairs, called out again, and the sliver went dark.

It was 1 a.m. when Basim finally shut down the computer and headed upstairs to bed. He settled in next to Mayada, who was fast asleep.

Some time later, he snapped awake. His shirt was drenched, and there was a strange taste — blood? — on his tongue. The air was thick and acrid. He looked up. He was in the bedroom, but the roof was nearly gone. He could see the night sky, the stars over Mosul. Basim reached out and found his legs pressed just inches from his face by what remained of his bed. He began to panic. He turned to his left, and there was a heap of rubble. “Mayada!” he screamed. “Mayada!” It was then that he noticed the silence. “Mayada!” he shouted. “Tuqa!” The bedroom walls were missing, leaving only the bare supports. He could see the dark outlines of treetops. He began to hear the faraway, unmistakable sound of a woman’s voice. He cried out, and the voice shouted back, “Where are you?” It was Azza, his sister-in-law, somewhere outside.

“Mayada’s gone!” he shouted.

“No, no, I’ll find her!”

“No, no, no, she’s gone,” he cried back. “They’re all gone!”

Later that same day, the American-led coalition fighting ISIS uploaded a video to its YouTube channel. The clip, titled “Coalition Airstrike Destroys Daesh VBIED Facility Near Mosul, Iraq 20 Sept 2015,” shows spectral black-and-white night-vision footage of two sprawling compounds, filmed by an aircraft slowly rotating above. There is no sound. Within seconds, the structures disappear in bursts of black smoke. The target, according to the caption, was a car-bomb factory, a hub in a network of “multiple facilities spread across Mosul used to produce VBIEDs for ISIS’ terrorist activities,” posing “a direct threat to both civilians and Iraqi security forces.” Later, when he found the video, Basim could watch only the first few frames. He knew immediately that the buildings were his and his brother’s houses.

The clip is one of hundreds the coalition has released since the American-led war against ISIS began in August 2014. Also posted to Defense Department websites, they are presented as evidence of a military campaign unlike any other — precise, transparent and unyielding. In the effort to expel ISIS from Iraq and Syria, the coalition has conducted more than 27,500 strikes to date, deploying everything from Vietnam-era B-52 bombers to modern Predator drones. That overwhelming air power has made it possible for local ground troops to overcome heavy resistance and retake cities throughout the region. “US and coalition forces work very hard to be precise in airstrikes,” Maj. Shane Huff, a spokesman for the Central Command, told us, and as a result “are conducting one of the most precise air campaigns in military history.”

American military planners go to great lengths to distinguish today’s precision strikes from the air raids of earlier wars, which were carried out with little or no regard for civilian casualties. They describe a target-selection process grounded in meticulously gathered intelligence, technological wizardry, carefully designed bureaucratic hurdles and extraordinary restraint. Intelligence analysts pass along proposed targets to “targeteers,” who study 3-D computer models as they calibrate the angle of attack. A team of lawyers evaluates the plan, and — if all goes well — the process concludes with a strike so precise that it can, in some cases, destroy a room full of enemy fighters and leave the rest of the house intact.

The coalition usually announces an airstrike within a few days of its completion. It also publishes a monthly report assessing allegations of civilian casualties. Those it deems credible are generally explained as unavoidable accidents — a civilian vehicle drives into the target area moments after a bomb is dropped, for example. The coalition reports that since August 2014, it has killed tens of thousands of ISIS terrorists and, according to our tally of its monthly summaries, 466 civilians in Iraq.

Yet until we raised his case, Basim’s family was not among those counted. Mayada, Tuqa, Mohannad and Najib were four of an unknown number of Iraqi civilians whose deaths the coalition has placed in the “ISIS” column. Estimates from Airwars and other nongovernmental organizations suggest that the civilian death toll is much higher, but the coalition disputes such figures, arguing that they are based not on specific intelligence but local news reports and testimony gathered from afar. When the coalition notes a mission irregularity or receives an allegation, it conducts its own inquiry and publishes a sentence-long analysis of its findings. But no one knows how many Iraqis have simply gone uncounted.

Our own reporting, conducted over 18 months, shows that the air war has been significantly less precise than the coalition claims. Between April 2016 and June 2017, we visited the sites of nearly 150 airstrikes across northern Iraq, not long after ISIS was evicted from them. We toured the wreckage; we interviewed hundreds of witnesses, survivors, family members, intelligence informants and local officials; we photographed bomb fragments, scoured local news sources, identified ISIS targets in the vicinity and mapped the destruction through satellite imagery. We also visited the American air base in Qatar where the coalition directs the air campaign. There, we were given access to the main operations floor and interviewed senior commanders, intelligence officials, legal advisers and civilian-casualty assessment experts. We provided their analysts with the coordinates and date ranges of every airstrike — 103 in all — in three ISIS-controlled areas and examined their responses. The result is the first systematic, ground-based sample of airstrikes in Iraq since this latest military action began in 2014.

The New York Times



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.