The price of gold struck an all-time high on Monday, surging as much as 3% to trade at $2,135 per troy ounce as the US dollar fell.
Though gold futures have since dipped slightly — to roughly $2,080 in early morning trades — the price of the precious yellow metal hasn’t these levels since August 2020, when it hit its previous record-setting price, $2,072.49 per troy ounce.
Gold’s gains are part of a rally that began in November 2022 and has since worked in opposition with the US dollar, which has weakened as the world has become more volatile because of the conflicts in Ukraine and Israel.
The dollar experienced a 3.1% month-over-month dip on Monday against a basket of six other currencies, according to the Financial Times — a rate just slightly above its four-month low.
The fall, which has happened simultaneously alongside a drop in US Treasury yields, comes as investors have grown more confident that the Federal Reserve will slash interest rates soon.
It’s a similar view held by hedge fund billionaire Bill Ackman, who predicted that the benchmark federal funds rate could fall from its current 22-year high — between 5.25% and 5.5% — as early as the first quarter.
He told Bloomberg last week that such a move would be necessary to avert a real risk of a hard landing for the US economy.
Ackman, whose made his name building up Pershing Square Capital Managements $17 billion portfolio, insisted that hes not convinced the US economy is headed for a soft landing, in which the Fed would be able to continue its tightening regime while staving off a recession.
He acted on this belief back in August, when he shorted 30-year Treasury bonds a move that netted Ackmans fund a profit of about $200 million.
JPMorgan chief Jamie Dimon, meanwhile, has warned Wall Street to brace for a recession.
He forecasted at the New York Times DealBook Summit in New York on Wednesday that the threat of rising interest rates even as inflation slows is looming over the economy.
A lot of things out there are dangerous and inflationary. Be prepared, Dimon said. Interest rates may go up and that might lead to recession.”
Dimons comments suggest that he doesnt forecast a rate cut following the next two-day Federal Open Market Committee meeting on Dec. 11 and 12.
Economists have been divided on what central bankers next move is and whether it means the US economy is in for a soft or hard landing.
Those predicting that an interest rate cut is forthcoming have cited a weaker-than-expected jobs report in October, when the Bureau of Labor Statistics reported that the US economy added 150,000 jobs.
The unemployment rate is now 3.9%, the agency said, above the Feds 3.8% year-end forecast.
Inflation has also trended weaker than central bankers estimates as Americans see some reprieve from the Feds aggressive tightening cycle, which began in March 2022.
Those forecasting a recession have noted that interest rates have since increased at a pace not seen in 40 years, and the Fed hasnt cut interest rates in over a year despite falling inflation.
US inflation slowed to 3.2% in October , the latest Consumer Price Index showed, which tracks changes in the costs of everyday goods and services.
The figure marked a deceleration from Septembers 3.7% advance — and was the first time since June that inflation had slowed month-over-month — though it’s still uncomfortably above the Federal Reserves 2% target.
US House Speaker Mike Johnson has said he will “strongly request” a report into allegations of sex trafficking against Matt Gaetz, who is the president-elect’s choice of attorney general, should not be released.
Mr Johnson said he was against publishing the House Ethics Committee report on Mr Gaetz, 42, who if approved by the Senate will become the nation’s top prosecutor once Donald Trump is sworn in as president on 20 January.
That’s despite Mr Gaetz having previously faced a nearly three-year Justice Department investigation into sex trafficking allegations involving a 17-year-old girl. He denies the allegations and has not faced criminal charges.
Mr Gaetz has also never worked as a prosecutor and has only worked in law for a few years at a local level.
He stepped down from Congress after Mr Trump announced him as his attorney general pick.
His resignation brought the investigation by the House Ethics Committee to an end – two days before it had been expected to release its report into the trafficking claims.
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Why is Matt Gaetz a controversial pick?
House Speaker Mr Johnson, a Louisiana Republican, said of the probe: “I’m going to strongly request that the Ethics Committee not issue the report, because that is not the way we do things in the House.”
Politicians of both parties on the Senate Judiciary Committee have said they want to see the report on Mr Gaetz, as part of a Senate confirmation process for cabinet nominees that would start next year with public hearings.
Democrats have described the MAGA loyalist as “a gonzo agent of chaos” and his appointment a “red alert moment for our democracy”, while some Republican senators have also raised doubts about his suitability for the role.
Mr Johnson said he planned to urge House Ethics Committee chairman Michael Guest not to provide the report to the Senate Judiciary Committee.
“The rules of the House have always been that a former member is beyond the jurisdiction of the Ethics Committee,” said Mr Johnson, who returned on Friday morning from meeting Mr Trump at the president-elect’s Mar-a-Lago resort in Florida.
“I think it’s a terrible breach of protocol and tradition and the spirit of the rule,” he added. “I think that would be a terrible precedent to set.”
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YouTuber-turned-boxer Jake Paul is taking on one of boxing’s greatest-ever fighters tonight in former undisputed world champion Mike Tyson.
The heavyweight bout is being labelled by some as Paul’s toughest test yet, despite the 30-year age gap between him and Tyson.
The fight was originally scheduled for 20 July, but was delayed after Tyson fell ill on a flight due to an ulcer flare up in May.
It’s going to be a co-main event alongside a highly-anticipated rematch between undisputed super lightweight champion Katie Taylor and unified featherweight champion Amanda Serrano.
Here’s everything you need to know about the hotly anticipated fight and how to watch.
Who are the fighters?
Jake Paul, 27, is an American YouTube star who made a name for himself on social media platform Vine. He made his professional boxing debut in 2020.
“The Problem Child” has since defeated former UFC contender Nate Diaz, professional boxer Andre August, former Gold Gloves champion Ryan Bourland and most recently MMA fighter Mike Perry to earn himself a boxing record of 10-1.
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“Iron Mike” Tyson, 58, retired from professional boxing in 2005 with a 50-6 record and as a former undisputed heavyweight champion.
The legendary fighter, who knocked out 44 opponents during his career, returned to the ring after 15 years in 2020 for a bout against fellow boxing icon Roy Jones, which ended in an unofficial draw.
Tyson’s fighting skills place him among the best heavyweight boxers of all time, but the age gap between him and Paul along with some potential ring rust are expected to level the playing field.
When is the fight and where will it be?
The bout is due to take place at the AT&T Stadium in Arlington, Texas, on Friday 15 November. The 80,000-seat capacity stadium is home of the Dallas Cowboys and is the biggest NFL stadium in the US.
The event is set to begin at 1am GMT on 16 November, with Taylor v Serrano scheduled for 3am GMT and Tyson v Paul at 4am GMT.
How can I watch it?
It will be aired on Netflix in what will be the first live fight ever on the streaming platform.
Jake Paul, who co-founded Most Valuable Promotions (MVP) in 2021, said his company signed with Netflix because it is “the biggest streaming platform in the world”.
Fellow MVP co-founder Nakisa Bidarian added: “Partnering with Netflix for this deal presents an unparalleled opportunity to bring Jake Paul v Mike Tyson to the world on an unprecedented scale.”
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Some good news for Netflix users; there is no additional cost for the streaming platform’s subscribers.
It’s not a pay-per-view event, but you won’t be able to watch it unless you have a Netflix account, which costs between £4.99 and £17.99 depending on what sort of plan you subscribe to.
Can I buy tickets?
Tickets are still available throughout the stadium via SeatGeek, with prices for regular seats ranging from $60 (£47.32) to about $7,400 (£5,914).
What are the rules?
The Texas Athletic Commission has sanctioned it as a professional fight which will count on the pair’s boxing records, but it has put some sanctions in place due to Tyson’s age.
There will be eight rounds lasting a maximum of two minutes rather than three, and both boxers will wear 14-ounce gloves, heavier than the usual 10-ounce.
What you need to know about Taylor v Serrano
Taylor and Serrano produced an epic when they became the first ever women fighters to headline at Madison Square Garden back in 2022, with the former edging a split decision that could have arguably fallen either way after 10 rounds.
Now over two years on from one of the greatest fights in the history of female boxing, undisputed super-lightweight world champion Taylor, 38, will put her belts on the line against unified featherweight champion Serrano, 36.
The contest will mark a step in three weight classes from Serrano’s usual featherweight division as she seeks the biggest win of her glittering career.
Taylor will enter 23-1 having avenged her loss to Chantelle Cameron in May last year by winning November’s rematch via majority decision to become undisputed super-lightweight champion and a two-weight undisputed champion.
Serrano is meanwhile 46-2-1 having won all four of her fights since losing to Taylor, most recently beating Danila Ramos via unanimous decision after their 12-rounder in October.
Who is on the undercard?
There are five other fights on the bill besides the two co-main events – and two of them will see titles on the line. Here’s how it looks:
Mario Barrios v Abel Ramos – WBC welterweight title
Shadasia Green v Melinda Watpool – WBO super-middleweight title
Lucas Bahdi v Corey Marksman – lightweight
Bruce Carrington v Dana Coolwell – featherweight
Neeraj Goyat v Whindersson Nunes – middleweight
‘The fight of a lifetime’
Paul is not typically known for showing respect to his opponents. In the lead-up to his last fight against Tommy Fury, which he lost on points, Paul said Tyson Fury’s brother “boxes because he was told to do so by his dad”.
“He doesn’t have that real heart, that real fighter inside of him,” he added.
Few, however, would question Mike Tyson’s credentials, with Paul having adopted a more respectful approach to promoting the fight so far.
“My sights are set on becoming a world champion, and now I have a chance to prove myself against the greatest heavyweight champion ever – the baddest man on the planet and the most dangerous boxer of all time,” he said, adding: “This will be the fight of a lifetime.”
In a face-to-face posted on his YouTube channel on 10 November, Paul said winning would be “bittersweet” due to the respect he has for Tyson, but said it was “my time to shine”.
‘I plan to finish him’
Critics of the fight have said there is simply too big of an age gap between the two, with Tyson falling ill in May stoking talks over the fight being a mistake for the 58-year-old.
But the veteran has insisted he still has fuel left in the tank, claiming his body is “in better overall shape than it has been since the 1990s”.
“I’m very much looking forward to stepping into the ring with Jake Paul,” Tyson said – promising to “finish him” and his boxing career.
During the face-to-face, Tyson warned: “I’m not going to lose. I can’t even fathom losing.
“I think he thinks this is going to be a very easy night. It’s not going to be an easy night.”
BALTIMORE — The Orioles are ready to adjust their wall in left field again.
The team moved the wall at Camden Yards back and made it significantly taller before the 2022 season. General manager Mike Elias said Friday the team “overcorrected” and will try to find a “happier medium” before the 2025 season.
The team sent out a rendering of changes showing the wall moved farther in — particularly in left-center field near the bullpens — and reduced in height.