Source: CNBC
Security & Justice
Southern Lebanon Endures Massive Damage: 40,000 Homes Leveled Across 37 Towns
Israeli forces have systematically destroyed entire neighborhoods in southern Lebanon, leveling more than 37 towns and wiping out over 40,000 residential units, according to Lebanon's National News Agency.
Tuesday, November 5, 2024
Gaps in Coastal Radar Enabled Israeli Raid in Batroun, Army Commander Says
Lebanon’s army chief, General Joseph Aoun, detailed to Caretaker Prime Minister Najib Mikati how Israeli forces likely exploited gaps in the country's coastal radar system during the recent raid carried out in Batroun. The briefing comes as Lebanese officials seek answers on how Israel’s elite Shayetet 13 unit carried out the landing undetected.
Monday, November 4, 2024
Opinion
The Emptying of Baalbek Is a Moment to Take Stock
“Large numbers of people continue to flee their homes every day, as Israel’s military operations in Lebanon have been going on unabated.” These disturbing words could be from almost any news report about Israel’s invasion of its northern neighbour over the past month. However, they can be found in a report by the Norwegian Refugee Council’s Internal Displacement Monitoring Centre issued on July 27, 2006.
Saturday, November 2, 2024
A Future Without Hezbollah
At the end of September, when Israel’s campaign to destroy Hezbollah was reaching its height, I met one of the group’s supporters in a seaside café in western Beirut. He was a middle-aged man with a thin white beard and the spent look of someone who had not slept for days. He was an academic of sorts, not a fighter, but his ties to Hezbollah were deep and long-standing.
Thursday, October 31, 2024
Sports
Tottenham Forward Son Heung-min Crowned Asia’s International Player of the Year
Tottenham forward Son Heung-min was crowned as Asia’s International Player of the Year for the fourth time by the Asian Football Confederation at its annual awards ceremony Tuesday.
Wednesday, October 30, 2024
Real Madrid Launch Investigation into Racist Insults After El Clasico Defeat
Real Madrid has launched an investigation into racist insults directed at players during Saturday’s 4-0 home loss to Barcelona in LaLiga, it said on Sunday.
Monday, October 28, 2024
Friday 17 May 2024 13:58:16
Gold, Silver and Platinum’s Red-Hot Rally Still Has Further to Go, Strategists Say
Gold, silver and platinum prices have been on a tear so far this year, and strategists say the precious metals could continue to hit fresh record highs over the coming months.
Precious metal prices got a major boost Wednesday after softer-than-expected U.S. inflation data heightened the near-term prospect of rate cuts from the Federal Reserve.
Gold prices on Wednesday settled at their highest level in over three weeks on the news, while silver notched its highest level in more than three years and platinum climbed to a near one-year peak.
Spot gold prices moderated slightly on Thursday to trade around $2,382 per ounce at 1:25 p.m. London time, after settling at its highest level since April 19 in the previous session. The yellow metal has repeatedly logged all-time highs in recent weeks.
Spot silver prices, meanwhile, traded 0.5% lower at around $29.54 per ounce. The precious metal, sometimes described as the “poorer cousin” of gold, briefly touched $29.73 on Wednesday to register its highest intraday level since February 2021.
Platinum prices for July delivery traded 0.7% higher on Thursday at $1,077 per ounce, extending gains after closing Wednesday’s session more than 2.4% higher.
Strategists at Saxo Bank said in a recent research note that gold prices could soon test the $2,400 level, silver may climb as high as $30, while platinum has upside potential to reach $1,130.
The Danish bank said Wednesday that its “year of the metals” theme had continued to gather momentum in recent weeks, citing its preference for gold, silver and copper.
Separately, analysts at ROTH Capital Partners have tipped gold and silver prices to push even higher over the coming months.
The price of gold “now appears poised to move higher and break out of the recent highs made in April. We can set a technical upside price target to $2,600,” JC O’Hara, chief technical strategist at ROTH Capital Partners, said in a research note published Sunday.
For silver, O’Hara said if prices can break above $30, “it will have little resistance until the $35/$37 area.”
‘Cautious approach’
Gold, which is typically considered a “safe haven” asset in times of financial uncertainty, has been on an upward trend since late 2022 despite high interest rates and a relatively strong U.S. dollar.
Gold prices, like silver, tend to have an inverse relationship with interest rates. A higher interest rate environment usually hurts demand for gold and silver as the precious metals do not pay interest, making them less appealing compared to investments that do, like bonds.
Not everyone expects precious metals prices to go from strength to strength over the coming months, however.
Ewa Manthey, commodities strategist at Dutch bank ING, said in research note published earlier this month that gold prices were likely to ease this quarter “as the Fed continues its cautious approach and with geopolitics already being factored into the current price.”
Manthey said that ING expects gold prices to average around $2,250 per ounce in the second quarter, with a 2024 average of $2,218. The bank had previously said gold prices were likely to peak at an average of $2,300 in the final three months of the year.
