2025-11-14 06:52

Gold up 2.3% so far this week Silver, platinum, palladium up for the week Traders see a nearly 46% chance of US interest rate cut in December Nov 14 (Reuters) - Gold prices dropped 3% on Friday on a broader market sell-off, sparked by hawkish remarks from U.S. Federal Reserve officials, dimming hopes for a December interest rate cut. Spot gold fell 1.9% to $4,092.72 per ounce, as of 02:33 p.m. ET (1933 GMT), after falling over 3% earlier in the session. However, bullion is up 2.3% so far this week. Sign up here. U.S. gold futures for December delivery settled 2.4% lower at $4,094.20. "It's this idea that we're going to see a lesser likelihood of a Fed rate cut in December that is taking some of the wind out of the sails of the gold and silver market," said David Meger, director of metals trading at High Ridge Futures. Equity markets tumbled, following the global selloff triggered by hawkish Fed signals. The longest U.S. government shutdown, which ended Thursday, created a major data gap, leaving the Fed and traders flying blind ahead of next month's policy meeting. Investors hoped fresh data would show a slowing economy, giving the Fed room to cut rates in December, boosting the appeal of non-yielding gold. Those expectations dimmed as more Fed policymakers adopted a cautious stance toward additional monetary easing. Market expectations for a 25 basis-point rate cut next month fell to nearly 46%, from 50% earlier this week, CME Group's FedWatch tool showed. Non-yielding gold tends to perform well during periods of economic uncertainty and in a low-interest-rate environment. "When margin calls and liquidations happen, traders close everything to free up margin... This is what partially explains why even gold is down in this risk off environment," said Fawad Razaqzada, market analyst at City Index and FOREX.com, in a note. Meanwhile, physical gold demand across major Asian markets was subdued this week. In other metals, spot silver edged down 2.8% to $50.84 per ounce but was on track for a weekly gain, up 5.2% so far. Platinum fell 2.1% to $1,547.30 and palladium lost 2.8% to $1,387.25. Both metals are so far up for the week. https://www.reuters.com/world/india/gold-rises-poised-weekly-gain-softer-dollar-2025-11-14/

2025-11-14 06:07

Data gaps after government shutdown may delay Fed rate cuts Investors wary of AI valuations, seek to lock in gains All eyes on Nvidia's upcoming results NEW YORK, Nov 14 (Reuters) - The U.S. shutdown has ended but the hangover is just beginning for investors, who worry gaps in economic data will delay or even derail Federal Reserve rate cuts just as concerns over lofty AI stock valuations have put fresh pressure on companies' stocks and bonds. Unease drove the heaviest selloff for the rate-sensitive Nasdaq (.IXIC) , opens new tab in a month on Thursday. The index, which has soared this year with booming AI shares, is down about 4% from October's peak. Sign up here. Pressure continued in early trade on Friday, with blue-chip bourses from Tokyo to Paris and London deep in the red, but eased later in the day, with the S&P 500 ending slightly lower and the Nasdaq Composite up 0.13%. Even gold and bitcoin were not spared, the latter hitting lows below $96,000 last seen in May. Credit spreads - or the premium over U.S. Treasuries paid by companies to issue bonds in the U.S. market - widened this week. "The market certainly has some froth both in terms of valuations and expectations", said Michael McGowan, managing director of investment strategy at Pathstone. "I think there’s a healthy skepticism coming into the market and you could certainly see that continue to play out a little more," he said. The problem is being exacerbated by an information vacuum that spans from futures positioning to crop estimates and in particular jobs and price figures, some of which weren't collected during the 43 days of shutdown. There is doubt about the publication of October's inflation data and the employment report for that month won't include the jobless rate, White House economic advisor Kevin Hassett said, because the household survey from which it is calculated wasn't conducted. On Friday, the Census Bureau and the Bureau of Labor Statistics announced they would begin releasing data skipped over during the shutdown starting next week. Employment data for September, which had been scheduled for release on October 3, will be published on November 20. 'DRIVING IN THE FOG' The gaps in the data matter for markets because Federal Reserve Chair Jerome Powell has likened the situation to "driving in the fog" and flagged that policymakers are likely to "slow down" in response, or in other words hold rather than cut interest rates, after two consecutive cuts in September and October. "We were able to see a September cut and an October cut because they felt confident in their direction of travel for inflation ... will they have that confidence at the December meeting with the lack of data points?" said Tim Horan, chief investment officer, fixed income, at Chilton Trust. Expectations for a 25-basis point rate cut in December, seen as a sure thing a month ago, are down to about 46%, according to CME's FedWatch tool. "We've obviously had a huge rally in the market from the April trough, and it's pretty much been uninterrupted," said Matt Sherwood, head of investment strategy at Perpetual in Sydney. "(It) requires Fed rate cuts and sustained easy financial conditions to justify what I think are extreme valuations." As of Wednesday, the forward price-to-earnings ratio for the S&P 500, based on earnings estimates for the next 12 months, stood at 22.8 times, well above its 10-year average of 18.8, according to LSEG Datastream. Together with year-to-date gains above 20% in hard-running sectors such as technology (.SPLRCT) , opens new tab, it also doesn't take much for investors to want to lock in some gains. Already the mood has turned fickle and darlings such as Palantir (PLTR.O) , opens new tab and Oracle (ORCL.N) , opens new tab have logged losses around 12% and 14%, respectively, this month. Chipmaker Nvidia (NVDA.O) , opens new tab is down 6%. Nvidia's results next week are critical, given the stock has been at the fore of the record-breaking stock rally this year. "We're at a time of year here where any kind of downside might ripple a little bit further in certain sectors that have really put up big numbers this year, as you're going to have some trigger fingers to take some profits off the table," said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana. Meanwhile, Michael Burry's decision to close his hedge fund Scion Asset Management on Thursday added to jitters over frothy AI valuations. He has argued that tech giants pouring billions into Nvidia chips and servers are quietly stretching out depreciation schedules to make earnings look smoother. Valuation concerns spilled over into corporate debt markets, too. Bonds issued by Oracle Corp have taken a hit in recent days as concerns rise over the cloud and AI giant's huge debt issuance to further fund its AI infrastructure. Hedge funds disclosed their third quarter positioning on Friday with some showing possible bearishness on tech. Tiger Global Management, the hedge fund founded and led by Chase Coleman, showed it slashed its stake in Facebook parent Meta Platforms(META.O) , opens new tab. MARKETS COULD REMAIN BUMPY FOR A WHILE During the shutdown, the data void shot previously little-followed private surveys to prominence and painted a mixed picture of the economy where spending appears to be holding up but, on some measures, layoffs have surged. Investors have struggled to draw conclusions and have stuck with expectations for at least three cuts by the end of 2026 to take rates to about 3%. Analysts say that view is likely to face pressure, especially as a growing number of policymakers are sounding reticent on rate cuts. "The Fed is flying blind as we are," said Bob Savage, head of markets macro strategy at BNY in New York. https://www.reuters.com/business/global-markets-selloff-pix-2025-11-14/

2025-11-14 06:05

NEW DELHI, Nov 14 (Reuters) - India's Adani Group said on Friday it will invest about 630 billion rupees ($7.17 billion) in two major energy projects in the north-eastern state of Assam, including what will be the region's largest privately built coal-fired power plant. Reuters last month reported that Adani Power (ADAN.NS) , opens new tab had emerged as the lowest bidder for a 3.2 gigawatt (GW) coal power supply tender floated by the state. Sign up here. Adani said on Friday that its coal power plant operating unit will spend about 480 billion rupees ($5.46 billion) to build the facility. The plant is expected to start commissioning in phases from December 2030, the company said. The investment marks the acceleration of private investment in India's greenfield coal-based power projects after more than a decade of lull. In August, Adani Power announced investments of about $5 billion in two coal-powered plants. The company aims to expand capacity to 42 GW from 18 GW by fiscal 2032 at an investment of 2 trillion rupees. India, the world's second largest coal producer and consumer, still generates about three quarters of its electricity from coal annually, unlike top coal user China, which has progressively reduced its dependence on the polluting fuel. Adani's clean energy entity, Adani Green Energy (ADNA.NS) , opens new tab plans to invest about 150 billion rupees in two pumped storage projects in Assam, with a combined capacity of 2,700 megawatts (MW), including 500 MW of energy storage awarded in a recent tender, the statement said. Earlier this year, the group's Chairman Gautam Adani had pledged to invest 500 billion rupees in the north-eastern region. Adani Green has overall 16.7 GW of renewables and aims for 50 GW by 2030. Separately, the group said it will invest 1 trillion rupees in southern state of Andhra Pradesh over the next decade in various sectors. ($1 = 87.8950 Indian rupees) https://www.reuters.com/sustainability/climate-energy/adani-group-invest-717-bln-power-projects-indias-assam-state-2025-11-14/

2025-11-14 06:03

India discount jumps to $43/oz, up from $14 last week Premiums of $1.5-$3.5/oz charged in Singapore Nov 14 (Reuters) - Physical gold demand across major Asian markets was subdued this week as elevated prices curtailed buying activity, with discounts in India reaching their highest level in five months. Indian dealers' discounts were up to $43 per ounce over official domestic prices, inclusive of 6% import and 3% sales levies, up from the last week's discount of up to $14. Sign up here. "Footfall at jewellery stores has dropped a lot after Diwali, and sales are also down sharply because prices are so high," said a Chennai-based jeweller. Domestic gold prices were around 126,900 rupees ($1,443.77) per 10 grams on Friday, up 6.5% from last week's low 119,150 rupees. Benchmark spot gold prices were on track for a weekly gain, up 5% this week. Meanwhile, the India Bullion and Jewellers Association (IBJA) has asked the government to close a policy loophole that allowed import-duty-free platinum-alloy jewellery that contained about 90% gold. After extracting gold from the jewellery, a few dealers sell it at a discount, distorting trade as banks are required to pay a 6% duty on imported gold, said Harshad Ajmera of wholesaler JJ Gold House in Kolkata. In top consumer China, bullion traded anywhere from a discount of $8 to a $4 premium an ounce over the global benchmark spot price . "Asia's gold market has entered a 'pause mode' led by China," said Bernard Sin, regional director of Greater China at MKS PAMP. "Sentiment remains cautious: with gold prices at record highs and higher volatility, many traditional retail buyers are staying on the sidelines, waiting for a clearer correction." In Singapore , gold traded between a $1.50 and $3.50 premium this week. Gold in Hong Kong was sold at premiums ranging between $0.50 and $2.50. In Japan, bullion was sold at par to a premium of $0.50 per ounce over spot prices. ($1 = 87.8950 Indian rupees) https://www.reuters.com/world/china/asia-gold-price-rise-dulls-activity-top-hubs-india-discounts-hit-5-month-high-2025-11-14/

2025-11-14 06:02

AMSTERDAM, Nov 14 (Reuters) - A 3.4 magnitude earthquake hit the Groningen region in the north of the Netherlands early on Friday, Dutch meteorology institute KNMI said. No injuries were reported. Sign up here. The quake was the most severe in years to hit Groningen, where decades of gas production have led to dozens of minor tremors every year. Production at what was once one of Europe's major natural gas fields was permanently halted two years ago to limit the seismic activity that has damaged thousands of buildings over the years. The end of production is expected to limit the risk of severe quakes in the future, but it will probably take decades for seismic activity to completely subside, Dutch mining authority SodM said on Friday. https://www.reuters.com/business/environment/dutch-groningen-region-hit-by-34-magnitude-earthquake-2025-11-14/

2025-11-14 05:56

BERLIN, Nov 13 (Reuters) - Germany's lower house of parliament passed two bills late on Thursday aimed at lowering electricity prices, which are among the highest in Europe and are a burden on industry and the wider economy. The costs are inflated by transmission fees, levies and taxes. Sign up here. ($1 = 0.8575 euros) https://www.reuters.com/sustainability/boards-policy-regulation/german-lawmakers-back-measures-lower-electricity-costs-2025-11-14/