2025-09-15 06:51
NEW DELHI, Sept 15 (Reuters) - Gold demand in India this festive season is expected to be weaker than last year, as record-high prices are likely to curb jewellery purchases, outweighing modest gains in investment demand. Weaker demand in the world's second-largest gold consumer could limit a rally in global prices , which hit a record high last week. But sluggish demand for gold imports could limit India's trade deficit and support the rupee. Sign up here. Local gold prices , which scaled a record peak of 109,840 rupees per 10 grams last week, have risen 42% year-to-date, after gaining 21% in 2024. "Consumers have a fixed budget, and it's not keeping up with rising prices. We're expecting demand to fall by about 10%-15% in volume," Amit Modak, chief executive of PN Gadgil and Sons, said on the sidelines of the India Gold Conference in New Delhi. Indians will celebrate Dussehra and Diwali in October, festivals during which buying gold is considered auspicious. The December quarter typically accounts for about a third of India's gold sales, as it coincides with the start of the wedding season and festivals. Gold demand in the December quarter last year stood at 265.8 metric tons, boosted by a price correction just ahead of the festive season after New Delhi slashed import duties on the metal to 6% from 15% in a bid to tackle smuggling. Consumer sentiment has improved in the last few weeks despite rising prices, and in value terms, demand will still be much higher even if volumes decline, said Sachin Jain, CEO of the World Gold Council's Indian operations. Besides, investment demand, especially through exchange-traded funds (ETFs), has been rising as gold has been delivering better returns than competing asset classes, Jain added. Retail gold buying could get a boost from the government's move to cut goods and services tax (GST) on consumer items, as this will leave people with more disposable income, Harshad Ajmera of wholesaler JJ Gold House in Kolkata. Earlier this month, India announced tax cuts on hundreds of consumer items ranging from soaps to small cars to spur domestic demand. https://www.reuters.com/world/india/soaring-bullion-prices-threaten-dull-indias-festive-gold-sparkle-2025-09-15/
2025-09-15 06:42
NEW DELHI, Sept 15 (Reuters) - India's wholesale prices (INWPI=ECI) , opens new tab in August rose 0.52% year-on-year, reversing a 0.58% decline in the previous month, government data showed on Monday. Economists polled by Reuters had projected the wholesale price index to rise 0.3% year-on-year in August. Sign up here. KEY NUMBERS * Wholesale food prices in August rose 0.21%, compared with a 2.15% year-on-year decline in the prior month. * Vegetable prices in August declined 14.18%, compared with a slump of 28.96% year-on-year in July. * Prices of manufactured products rose 2.55% year-on-year, as against an increase of 2.05% recorded in July. * Fuel and power prices declined 3.17% year-on-year, compared with a 2.43% drop in the month-ago period. https://www.reuters.com/world/india/indias-august-wholesale-prices-rise-052-yy-2025-09-15/
2025-09-15 06:37
Orsted faces financial challenges amid Trump's anti-wind policies Orsted plans to issue 901 million new shares COPENHAGEN, Sept 15 (Reuters) - Danish offshore wind developer Orsted (ORSTED.CO) , opens new tab has priced its $9.42 billion rights issue at 66.6 crowns ($10.46) per share, a 66.7% discount to the stock's closing price on Friday, as it shores up its finances in the face of mounting challenges. The company has been grappling with supply chain disruptions, surging interest rates, project delays and U.S. President Donald Trump's anti-wind policies, leaving its share price down 85% from a January 2021 peak. Sign up here. Earlier this month, Orsted won shareholder approval for the capital raise, which it needs to help fund U.S. projects thrown into uncertainty. The company, which currently has 420 million shares outstanding, plans to add 901 million new shares in the rights issue, it said in a prospectus published on Monday. At the heart of its financial struggles are the U.S. projects Sunrise Wind and Revolution Wind. "Today ...we're initiating a rights issue, through which we intend to raise capital to cover the additional funding requirement related to Sunrise Wind and create a robust financial foundation for Orsted to realise the potential of our business," it said in a statement. Two-thirds of the new capital is earmarked for Sunrise Wind, a project that saw potential co-investors flee after the White House ordered Norway's Equinor (EQNR.OL) , opens new tab to halt a neighbouring wind farm in April. U.S. officials also issued a stop-work order last month against the nearly complete Revolution Wind project. The joint venture overseeing it subsequently filed a lawsuit against the administration. The rights issue closes on October 2, with trading in the new shares set to start on October 10, Orsted said. ($1 = 6.3661 Danish crowns) https://www.reuters.com/sustainability/climate-energy/offshore-wind-group-orsted-sets-67-discount-94-bln-rights-issue-2025-09-15/
2025-09-15 06:35
Ukraine attacks more Russian energy facilities over weekend US-China officials in Madrid for trade talks Fed September 16-17 policy meeting in focus SINGAPORE, Sept 15 (Reuters) - Oil prices extended gains on Monday as investors assessed the impact of Ukrainian drone attacks on Russian refineries that could disrupt its crude and fuel exports, while also eyeing U.S. fuel-demand growth. Brent crude futures rose 47 cents, or 0.7%, to $67.46 a barrel by 0622 GMT while U.S. West Texas Intermediate crude was at $63.17 a barrel, up 48 cents, or 0.8%. Sign up here. Both contracts gained more than 1% last week as Ukraine stepped up attacks on Russian oil infrastructure, including the largest oil exporting terminal, Primorsk, and the Kirishinefteorgsintez refinery, one of the two largest refineries in Russia. "The attack suggests a growing willingness to disrupt international oil markets, which has the potential to add upside pressure on oil prices," JPMorgan analysts led by Natasha Kaneva said in a note, referring to the attack on Primorsk. Primorsk has a capacity to load about 1 million barrels per day (bpd) of crude, making it a key export hub for Russian oil and the largest port in western Russia. The Kirishi refinery, operated by Surgutneftegaz (SNGS.MM) , opens new tab, processes about 17.7 million metric tons per year, or 355,000 bpd, of Russian crude, equal to 6.4% of the country's total. "If we are seeing a strategic shift by Ukraine towards Russian oil exporting infrastructure - that brings upside risks to forecasts," IG markets analyst Tony Sycamore said, despite ongoing concerns around oversupply as OPEC+ plans to ramp up output. An oil company in Russia's Bashkortostan region will maintain production levels despite a drone attack on Saturday, regional governor Radiy Khabirov said. Pressure is mounting on Russia as U.S. President Donald Trump reiterated on Sunday that he is willing to impose sanctions on Russia but Europe has to act in a way that is commensurate with the United States. Investors are also watching U.S.-China trade talks in Madrid that started on Sunday amid Washington's demands that its allies place tariffs on imports from China over its purchases of Russian oil. Last week, softer job-creation data and rising inflation in the U.S. raised concerns about economic growth in the world's largest economy and oil consumer, even as the Federal Reserve is likely to cut interest rates during its September 16-17 meeting. https://www.reuters.com/business/energy/oil-extends-gains-after-attacks-russian-energy-facilities-2025-09-15/
2025-09-15 06:18
Australia to face more frequent, extreme climate events, report finds Heatwaves, rising sea levels threaten millions, ecosystems Government to announce new emissions target for 2035 CANBERRA, Sept 15 (Reuters) - Australia will suffer more frequent and extreme climate events, often happening simultaneously, which will strain industry, services and infrastructure, a government report said on Monday, ahead of the announcement of a new emissions target. Among the conclusions of the most comprehensive assessment of risks to Australia posed by climate change were that heatwaves will become more frequent and deadly, while rising sea levels will put millions at risk and plants and animals will have to move, adapt or die. Sign up here. Northern parts of the country, remote communities and outer suburbs of major cities will be particularly susceptible, Climate and Energy Minister Chris Bowen said in a statement. "No Australian community will be immune from climate risks that will be cascading, compounding and concurrent," he said. "Australians are already living with the consequences of climate change today, but it's clear every degree of warming we prevent now will help future generations avoid the worst impacts in years to come." Australia aims to cut carbon emissions by 43% by 2030 and reach net-zero emissions by 2050. Bowen said the government would soon announce an "ambitious and achievable" emissions reduction target for 2035. The previous right-of-centre government was considered by clean energy advocates a global laggard for its emissions policies. Renewable energy projects have faced backlash from communities and conservative politicians and media. Opposition leader Sussan Ley said Australia should cut emissions but not at any cost and the government should avoid alarmist language. "Any (emissions reduction) target must pass two simple tests: it must be credible, and it must be upfront about the cost to households and small businesses," she said in a statement. Australia is a major exporter of natural gas and coal. The government last week gave the go-ahead for the country's second-largest liquefied natural gas plant to operate until 2070. Monday's report said Australia was already 1.2 degrees Celsius warmer than historical levels. It said a 3-degree warming would raise the number of extreme heatwave days to 18 a year from four now and the duration of marine heatwaves to nearly 200 days from 18 now. The number of deaths from heatwaves in Sydney could increase by 444% in that scenario, it said, while some forests and marine life may perish. Three degrees of warming would raise sea levels by another 54 centimetres by 2090, allowing saltwater ingress to impact fresh water supply and putting more than 3 million people in coastal communities at high risk of flooding. Health and emergency services would face pressure, rebuilding costs would rise, property values would fall and hotter, drier weather would damage crop yields and stress livestock, the report said. The government also on Monday released a national adaptation plan that Bowen said would guide Australia's response to the report's findings. "Our whole country has a lot at stake," Bowen said. "This report is a reminder, if we needed one, that the cost of inaction will always outweigh the cost of action." https://www.reuters.com/sustainability/cop/australia-warns-cascading-climate-risks-ahead-emissions-target-announcement-2025-09-15/
2025-09-15 06:16
Goldman Sachs flags risk of gold pullbacks U.S. Fed two-day policy meeting begins on Tuesday Fed seen cutting rates for first time since December Sept 15 (Reuters) - Gold prices remained steady on Monday as investors awaited a widely expected rate cut by the U.S. Federal Reserve this week, while profit-taking and a firmer dollar kept gains in check. Spot gold held its ground at $3,642.65 per ounce, as of 0606 GMT. Bullion climbed about 1.6% last week, reaching a record high of $3,673.95 on Tuesday. Sign up here. U.S. gold futures for December delivery were down 0.2% at $3,680.20. The temptation by traders to lock in profit and some resilience from the dollar putting pressure on gold, KCM Trade Chief Market Analyst Tim Waterer said. "The bullish outlook remains in place; however, a period of consolidation or a minor pullback would arguably be a healthy outcome that supports gold's ambitions for hitting loftier price targets down the road," Waterer said. The U.S. dollar index (.DXY) , opens new tab edged 0.1% higher, making greenback-priced bullion more expensive for overseas buyers. U.S. inflation data for August came in slightly above expectations on Thursday, but investors anticipate this will not deter the Fed from cutting rates by a quarter-percentage-point on Wednesday. USDIRPR/ "The risk for gold this week is that the Fed may not be so clear-cut in signalling when further rate cuts could arrive," Waterer said. Non-yielding bullion, often considered a safe-haven asset during broader uncertainty, tends to perform well in low-interest rate environment. The Fed's meeting comes amid challenges, including a legal dispute over its leadership and U.S. President Donald Trump's efforts to exert more control over the interest rate policy and the central bank's broader role. For gold, "while we see the risks to our $4,000/toz mid-2026 forecast as skewed to the upside, rising speculative length raises the risk of tactical pullbacks, as positioning tends to mean-revert," Goldman Sachs said in a note on Friday. Speculators reduced their net long positions by 2,445 contracts to 166,417 in the week ended September 9. Elsewhere, spot silver was up 0.1% at $42.20 per ounce, platinum gained 0.5% to $1,397.59 and palladium rose 0.2% to $1,197.88. https://www.reuters.com/world/india/gold-steady-investors-await-fed-rate-decision-2025-09-15/
