Source: CNBC
The official website of the Kataeb Party leader
Security & Justice
One Killed in Israeli Strike in South Lebanon
Lebanon’s health ministry said an Israeli drone strike in the south killed one person on Saturday, the latest deadly raid despite a more than two-week ceasefire between Israel and Hezbollah.
Saturday, December 14, 2024
Lebanese Army Enforces Resolution 1701, Expands Deployment in South
The Lebanese Army has begun implementing United Nations Security Council Resolution 1701 and related government-approved decisions in the region south of the Litani River, security sources told Nidaa Al-Watan.
Saturday, December 14, 2024
Opinion
A Diminished Hezbollah Is Made Even Weaker by the Toppling of Assad in Syria
A severely hobbled Hezbollah was in no position to help defend former Syrian President Bashar Assad, a longtime ally, from the lightning-fast insurgency that toppled him. With Assad gone, the militant group based in Lebanon is even weaker.
Sunday, December 15, 2024
What Assad’s Fall Means for Lebanon
The fall of Assad’s Baathist regime was met with widespread jubilation among Lebanon's various communities, especially its Sunni, Christian and Druze, but trepidation among many Shias, whose political leadership relied on Baathist cover and support. Baathist Syria had played a major role in Lebanon, intervening in the country's civil war, occupying the country in the post-war period, and manipulating Lebanon's political landscape to benefit its political and economic interests. Though it was ousted from the country in 2005 following a mass uprising that blamed Damascus for the assassination of former Prime Minister Rafik al-Hariri, the Syrian regime continued to maintain influence in the country through its allies and supporters.
Friday, December 13, 2024
Sports
Eddie Jordan Reveals Cancer Battle Which F1 Legend Says Has Spread 'Aggressively'
Former Formula 1 team owner Eddie Jordan has revealed he is fighting an "aggressive" battle with cancer.
Friday, December 13, 2024
Cristiano Ronaldo Says World Cup 2034 in Saudi Arabia Will Be ‘Best’ Ever
Superstar football player Cristiano Ronaldo said the FIFA men’s World Cup that will be held in Saudi Arabia in 2034 will be “the best World Cup ever.”
Thursday, December 12, 2024
Monday 4 December 2023 17:07:30
Gold Soars Past $2,100 to New Record — and Analysts Don’t Expect It to Stop There
Gold prices notched a new record on Monday for a second day in a row — with spot prices touching $2,100 as the global rush for bullion appears set to continue.
Gold prices are on course to hit fresh highs next year and could remain above $2,000 levels, analysts said, citing geopolitical uncertainty, a likely weaker U.S. dollar and possible interest rate cuts.
Prices of the yellow metal have risen for two consecutive months with the Israel-Palestinian conflict boosting demand for the safe-haven asset, while expectations of interest rate cuts have provided further support. Gold tends to perform well during periods of economic and geopolitical uncertainty due to its status as a reliable store of value.
“The anticipated retreat in both the USD and interest rates across 2024 are key positive drivers for gold,” UOB’s Head of Markets Strategy, Global Economics and Markets Research, Heng Koon How, told CNBC via email. He estimated that gold prices could reach up to $2,200 by the end of 2024.
Similarly, another analyst is bullish on bullion’s outlook.
“There is simply less leverage this time around vs 2011 in gold ... taking prices through $2,100 and putting $2,200/oz in view,” said Nicky Shiels, head of metals strategy at precious metals firm MKS PAMP.
All that glitters is gold
Spot gold prices rose to a new record high of $2,110.8 per ounce Monday before giving up some gains. It is currently trading at $2,084.59.
On Friday, gold touched $2,075.09 to surpass a precious intraday record high of $2,072.5 on Aug. 7, 2020, according to LSEG data.
Bart Melek, head of commodity strategies at TD Securities, expects gold prices to average $2,100 in the second quarter of 2024, with strong central bank purchases acting as a key catalyst in boosting prices.
According to a recent survey by the World Gold Council, 24% of all central banks intend to increase their gold reserves in the next 12 months, as they increasingly grow pessimistic about the U.S. dollar as a reserve asset.
“This means potentially higher demand from the official sector in the years to come,” Melek said.
A possible policy pivot by the Fed in 2024 could also be on the cards, he added. Lower interest rates tend to weaken the dollar and a softer dollar makes gold cheaper for international buyers thus driving up demand.
The Fed started its steady stream of rate hikes in March 2022 as inflation climbed to its highest in 40 years, diminishing gold’s appeal.
Higher interest rates hurt demand for gold, which does not pay any interest, as assets such as bonds become more lucrative due to their higher yields.
On Nov. 29, Fed Governor Christopher Waller said he envisioned easing policy if inflation data continues to ease over the next three to five months, prompting analysts to forecast a spike in gold prices.
On Friday, while Fed Chairman Jerome Powell pushed back on expectations for aggressive interest rate cuts ahead, his remarks indicated the Fed may at least be done hiking for now.
“We believe the main factors buoying gold in 2024 will be interest rate cuts by the U.S. Fed, a weaker U.S. dollar and high levels of geopolitical tension,” BMI, a Fitch Solutions research unit, said in a recent note.