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Khaleej Times
37 minutes ago
- Khaleej Times
Gold firms as dollar weakens, focus on Fed minutes and Jackson Hole
Gold rose on Wednesday as the U.S. dollar eased, while market participants braced for the minutes of the U.S. central bank's last policy meeting and upcoming Jackson Hole symposium for clues on future interest rate moves. Spot gold was up 0.8% to $3,341.50 per ounce, by 11:37 a.m. EDT (1537 GMT) after hitting its lowest level since August 1 earlier. U.S. gold futures gained 0.8% to $3,386.10. The U.S. dollar eased, making dollar-priced-bullion more affordable for other currency holders. The Federal Reserve July meeting minutes, due at 2:00 p.m. EDT, will be released two days ahead of Fed Chair Jerome Powell's speech at the annual Jackson Hole economic symposium on Friday. Last month's decision by the Fed to hold interest rates unchanged prompted dissent from two central bankers, who wanted to lower rates to guard against further weakening of the job market. "Gold prices fell yesterday, so now traders are looking at it as an opportunity to get into gold ahead of the Fed minutes," said RJO Futures market strategist Bob Haberkorn. "If Powell is dovish, it's bullish for gold, as it does not bear interest. It will need to break through $3,350/oz and then ultimately retest $3,400/oz if he's dovish," he added. Traders currently expect an 85% chance of a quarter-point rate cut in September, according to the CME FedWatch tool. Meanwhile, U.S. President Donald Trump called on Fed Governor Lisa Cook to resign, intensifying his effort to gain influence over the central bank on the basis of allegations made by one of his allies about mortgages Cook holds in Michigan and Georgia. Goldman Sachs maintained its $4,000/toz mid-2026 forecast, citing structurally strong central bank demand, ETF inflows supported by Fed easing, and a 30% probability of a U.S. recession within 12 months. Among other metals, spot silver rose 1.1% to $37.76 per ounce, platinum gained 2.5% to $1,338.39 while palladium fell 0.6% at $1,108.59.
Zawya
an hour ago
- Zawya
UAE group invests in $100mln funding round for US nuclear tech company
CE-Ventures, the corporate venture capital platform of Crescent Enterprises, has announced its participation in the $100 million Series B funding round for leading US nuclear technology company Aalo Atomics. Aalo's fundraise was led by Valor Equity Partners with participation from CE-Ventures alongside Fine Structure Ventures, Hitachi Ventures, Crosscut Ventures and others. Aalo has experienced significant momentum since its incorporation in 2022 and was recently selected by the US Department of Energy (DOE) for fast-tracked testing of its advanced nuclear technology. The successful completion of its Series B funding will support Aalo in building its first nuclear power plant for which it is aiming to reach zero-power criticality by July 2026, an important step towards demonstrating how their mass-manufactured modular reactors can provide the most effective solution to powering AI data centres. This process of expedited technology demonstration is set to significantly de-risk and accelerate commercial readiness as the US looks to advance next-generation nuclear and meet the rising energy demands of the AI era. Sudarshan Pareek, Senior Vice President at CE-Ventures, said: "We are at a pivotal moment for advanced nuclear technology, and we view Aalo Atomics as a true leader in this new atomic age." "The surge in AI adoption is driving unprecedented demand for reliable energy, and nuclear power can play a crucial role in meeting this demand with clean, scalable solutions. At CE-Ventures, we take pride in our long-standing track record of investing in pioneering companies. With this latest capital deployment, we are strengthening our position as a global partner of choice for entrepreneurs building frontier technologies," he stated. CE-Ventures has built a diverse global portfolio of strategic investments in early- to late-stage high-growth companies and select venture funds, including long-standing positions in frontier technologies such as AI and its ecosystem infrastructure. Its parent entities - Crescent Enterprises and Crescent Group - have a strong legacy of unlocking impactful capital and championing responsible growth opportunities across technology, energy, and UAE-US infrastructure. Matt Loszak, CEO, Aalo Atomics said: "We are beyond excited to announce Aalo's $100 million Series B. We now have the capital to build our first nuclear power plant, the Aalo-X, which we're aiming to turn on next summer. This could be the first advanced nuclear power plant to achieve criticality in the US in decades." "The Aalo team is extremely grateful to all of our backers for giving us this once-in-a-generation opportunity to help nuclear energy fulfil its potential," he added. Copyright 2025 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Zawya
an hour ago
- Zawya
Black Hills, NorthWestern Energy merge to form $15bln utility
Black Hills Corp and NorthWestern Energy Group have announced that their boards have approved a definitive agreement to combine in an all-stock, tax-free merger. The merger will create a premier regional regulated electric and natural gas utility company with a pro forma market capitalization of approximately $7.8 billion and a combined enterprise value of $15.4 billion, based on each company's closing stock price as of August 18. Black Hills President and CEO, Linn Evans said: 'We are excited to bring our two highly complementary companies together to create significant long-term value for customers, employees, shareholders, and the communities we serve. Our future success will be driven equally by the people, assets, and capabilities of both organisations. The combined company will have greater scale and financial strength to consistently deliver for customers across our service territories and invest at the pace and scale that today's energy transformation demands. Our vision is to be the energy partner of choice for our customers, communities, and investors, and this merger will accelerate our ability to achieve this goal.' NorthWestern Energy President and CEO, Brian Bird said: 'Our merger with Black Hills will create a premier regional regulated utility company with a larger, more resilient platform consistent with mid-cap peers. Together, we will be better positioned to meet rising demand, accelerate investment in energy and grid infrastructure, and support customers and communities through a rapidly evolving energy landscape. NorthWestern and Black Hills are best-in-class operators, and we are confident that our closely aligned cultures and skilled workforces will enable us to successfully bring the companies together. We will remain a trusted energy partner to our customers and look forward to building a brighter future for the people, businesses, and communities we are privileged to serve.' Transaction Terms Under the terms of the agreement, NorthWestern shareholders will receive a fixed exchange ratio of 0.98 shares of Black Hills for each share of NorthWestern they own at the close of the transaction. The exchange ratio implies an approximately 4% premium based on the volume weighted average price of each company's common stock since Black Hills and NorthWestern began discussing transaction terms in March 2025. Black Hills shareholders will continue to hold the same number of shares of the combined company that they hold of Black Hills immediately prior to the closing of the transaction. Upon completion of the merger, Black Hills shareholders will own approximately 56% and NorthWestern shareholders will own approximately 44% of the combined company on a fully diluted basis. - OGN/TradeArabia News Service Copyright 2025 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
