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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.

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Elon Musk hints 80-hour-a-week DOGE job for ‘high-IQ revolutionaries’ will be unpaid

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Elon Musk hints 80-hour-a-week DOGE job for 'high-IQ revolutionaries' will be unpaid

“Super high-IQ revolutionaries” who are willing to work 80+ hours a week are being urged to join Elon Musk’s new cost-cutting department in Donald Trump’s incoming US government.

The X and Tesla owner will co-lead the Department Of Government Efficiency (DOGE) with former Republican presidential candidate Vivek Ramaswamy.

And in a post on X, the official DOGE account put out a call to arms for people to sign up and help “dismantle government bureaucracy”.

The post said: “We are very grateful to the thousands of Americans who have expressed interest in helping us at DOGE.

“We don’t need more part-time idea generators.

“We need super high-IQ small-government revolutionaries willing to work 80+ hours per week on unglamorous cost-cutting.

“If that’s you, DM this account with your CV. Elon & Vivek will review the top 1% of applicants.”

Read more:
Who is in Trump’s top team?
Trump’s cabinet signals tough stance on China

Elon Musk speaks after President-elect Donald Trump spoke during an America First Policy Institute gala at his Mar-a-Lago estate. Pic: AP Photo/Alex Brandon
Image:
Elon Musk speaking at an event held at Donald Trump’s Mar-a-Lago estate. Pic: AP Photo/Alex Brandon

In a reply to an interested party, Mr Musk suggested the lucky applicants would be working for free.

“Indeed, this will be tedious work, make lost of enemies & compensation is zero,” the world’s richest man wrote.

“What a great deal!”

When announcing the new department, President-elect Donald Trump said Mr Musk and Mr Ramaswamy “will pave the way for my administration to dismantle government bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure federal agencies”.

Mr Musk has previously made clear his desire to see cuts to “government waste” and in a post on his X platform suggested he could axe as many as three-quarters of the more than 400 federal departments in the US, writing: “99 is enough.”

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At least 10 dead after fire rips through retirement home in Spain

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At least 10 dead after fire rips through retirement home in Spain

At least 10 people have been killed after a fire broke out at a retirement home in northern Spain in the early hours of this morning, officials have said.

A further two people were seriously injured in the blaze at the residence in the town of Villafranca de Ebro in Zaragoza, according to the Spanish news website Diario Sur.

Jardines de Villafranca nursing home following the fire.
Pic: AP
Image:
Two people remain in a critical condition following the blaze. Pic: AP

They remain in a critical condition, while several others received treatment for smoke inhalation.

Firefighters were alerted to the blaze at the residence – the Jardines de Villafranca – at 5am (4am UK time) on Friday.

Residents are moved out of the nursing home following the fire.
Pic: AP
Image:
Several residents were treated for smoke inhalation. Pic: AP

Those who were killed in the fire died from smoke inhalation, Spanish newspaper Heraldo reported.

The residence is home to 82 elderly residents.

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The blaze started in one of the rooms, Fernando Beltran, the national government’s top official in the region, told reporters.

All of the victims were elderly residents, he added.

Relatives waiting for news outside the nursing home where least 10 people have died in a fire in Zaragoza, Spain.
Pic: AP
Image:
Relatives wait for news outside the care home. Pic: AP

Fire crews, paramedics and police officers remain on site, said a spokesperson for the regional government of Aragon who confirmed the fatalities.

It took firefighters several hours to extinguish the blaze, they said.

The cause of the fire is unknown and is being investigated.

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Elon Musk hints 80-hour-a-week DOGE job for ‘high-IQ revolutionaries’ will be unpaid

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Elon Musk hints 80-hour-a-week DOGE job for 'high-IQ revolutionaries' will be unpaid

“Super high-IQ revolutionaries” who are willing to work 80+ hours a week are being urged to join Elon Musk’s new cost-cutting department in Donald Trump’s incoming US government.

The X and Tesla owner will co-lead the Department Of Government Efficiency (DOGE) with former Republican presidential candidate Vivek Ramaswamy.

And in a post on X, the official DOGE account put out a call to arms for people to sign up and help “dismantle government bureaucracy”.

The post said: “We are very grateful to the thousands of Americans who have expressed interest in helping us at DOGE.

“We don’t need more part-time idea generators.

“We need super high-IQ small-government revolutionaries willing to work 80+ hours per week on unglamorous cost-cutting.

“If that’s you, DM this account with your CV. Elon & Vivek will review the top 1% of applicants.”

Read more:
Who is in Trump’s top team?
Trump’s cabinet signals tough stance on China

Elon Musk speaks after President-elect Donald Trump spoke during an America First Policy Institute gala at his Mar-a-Lago estate. Pic: AP Photo/Alex Brandon
Image:
Elon Musk speaking at an event held at Donald Trump’s Mar-a-Lago estate. Pic: AP Photo/Alex Brandon

In a reply to an interested party, Mr Musk suggested the lucky applicants would be working for free.

“Indeed, this will be tedious work, make lost of enemies & compensation is zero,” the world’s richest man wrote.

“What a great deal!”

When announcing the new department, President-elect Donald Trump said Mr Musk and Mr Ramaswamy “will pave the way for my administration to dismantle government bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure federal agencies”.

Mr Musk has previously made clear his desire to see cuts to “government waste” and in a post on his X platform suggested he could axe as many as three-quarters of the more than 400 federal departments in the US, writing: “99 is enough.”

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