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.
He founded Turning Point USA and toured American university campuses, debating students about current affairs.
Image: Erika Kirk at the White House. Pic: Reuters
Image: Erika Kirk and Donald Trump. Pic: Reuters
Addressing those attending the ceremony in the White House rose garden, the US president said they were there to “honour and remember a fearless warrior for liberty” and a “beloved leader who galvanised the next generation”.
He said Mr Kirk’s name was being entered “forever into the eternal roster of true American heroes”.
Mr Trump described Charlie Kirk as an “American patriot of the deepest conviction, the finest quality and the highest calibre”.
He said his nation had been “robbed” of an “extraordinary champion”.
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24:40
Has Charlie Kirk become a MAGA ‘martyr’?
And Mr Trump said Mr Kirk was assassinated in the “prime of his life for boldly speaking the truth, for living his faith, and relentlessly fighting for a better and stronger America”.
The ceremony coincided with what would have been Mr Kirk’s 32nd birthday.
Mr Trump described Erika Kirk, now head of Turning Point USA, as someone who had “endured unspeakable hardship with unbelievable strength”.
A 22-year-old man, Tyler Robinson, from the city of Washington in Utah has been charged with Mr Kirk’s murder. Prosecutors said they would seek the death penalty.
At a memorial event held at a stadium in Arizona, Erika Kirk told an enormous crowd she forgave her husband’s killer.
Grammy-award winning R&B and soul singer D’Angelo has died following a battle with pancreatic cancer, his family has said.
He died on Tuesday, leaving behind a “legacy of extraordinarily moving music” following a “prolonged and courageous battle with cancer,” his family said in a statement.
The prominent musician, born Michael D’Angelo Archer, was 51 years old.
A family statement said: “We are saddened that he can only leave dear memories with his family, but we are eternally grateful for the legacy of extraordinarily moving music he leaves behind.
“We ask that you respect our privacy during this difficult time, but invite you all join us in mourning his passing while also celebrating the gift of song that he has left for the world.”
The singer rose to prominence in the 1990s with his first album, Brown Sugar.
The track “Lady” from that album reached No. 10 in March 1996 and remained on Billboard’s Hot 100 chart for 20 weeks.
They’re getting through 70kg of rice a day and the wholesaler has run out of noodles. Yes, Sumo returns to London on Wednesday.
It’s just the second time a Grand Tournament has been held outside of Japan – and this is a sport that has records going back more than 1,500 years.
It’s 34 years since the Royal Albert Hall hosted the only previous such event on foreign soil – and the appetite for tickets meant all five days sold out immediately.
Much of the focus is on the two grand champions or yokozuna, the 74th and 75th men to attain the rank.
They’re the Mongolian Hoshoryu Tomokatsu, plus Japan’s Onosato Daiki – who this year became the quickest wrestler to achieve the rank in the modern era.
“I’m happy that Sumo is back after so many years,” Onosato said. “I hope I can show the UK fans how fantastic Sumo is.”
“Being a yokozuna has a lot of responsibility,” Hoshoryu told Sky Sports. “We have to show everyone an example of what a yokozuna is – and that’s very difficult.
“My uncle was a yokozuna – and I’m happy to follow in his footsteps. But I came here to London as a yokozuna which he didn’t, so I’m even happier.”
The two are already great rivals.
Image: Onosato Daiki became the quickest ever to achieve yokozuna rank. Pic: AP
At the recent Aki Basho – the most prestigious tournament on the sumo calendar – the pair finished with identical records after 15 days of bouts.
It all came down to a final play-off between the two yokozuna – the first time that had happened in 16 years. It was Onosato who came out on top on that occasion.
Hoshoryu says he is a big fan of basketball and football. He follows Chelsea, although his favourite players are going back a bit: “Didier Drogba and Petr Cech. He’s the ‘keeper. I like this guy!”
Early starts and a hearty stew: The life of a rikishi
The wrestlers – or rikishi – have a rigorous training regime.
They live in communal blocks called stables and practice starts early. Perhaps surprisingly, everyone skips breakfast. After training and practice – and for the younger rikishi, chores – the wrestlers all eat together.
The staple of their diet is chankonabe, a hearty stew packed with meat and vegetables. The feeding of the 40 rikishi who have come over for the five-day tournament is a challenge in itself.
Donagh Collins, the CEO of co-organisers Askonas Holt, said: “We are going through 70 kilos of rice a day. Somebody told me that the wholesaler for the noodles has run out of noodles. We’re really pushing the system here.”
The ring – or dohyo – is just 4.55m in diameter and quite small when two giant wrestlers leap at each other.
The aim of the fights is to either get your opponent onto the floor – or, more spectacularly, shove or hurl them out of the dohyo, so spectators in the ringside seats may be getting extremely up-close to the wrestlers.
The last time the tournament was in Britain, the massive Konishiki, known as the Dump Truck, took centre stage.
The giant Hawaiian was the heaviest-ever rikishi coming in at 287kg – or 45 stone. That’s a lot of wrestler to dodge if he comes falling out of the ring towards you.
The Royal Albert Hall may be firstly a concert venue, but it has hosted the likes of John McEnroe, Lennox Lewis and even Muhammad Ali.
And for the next five days, the cream of the world of sumo will be thrilling the crowds – provided a new noodle supplier is found.
What is a yokozuna?
Yokozuna is the highest rank in sumo, with its name meaning “horizontal rope” and refers to the rope worn around a competitor’s waist as they enter the ring.