Gaza faces blasts at daybreak as Israeli defence detonates large amounts of infrastructure
A glowing light was seen falling towards the ground in Gaza on Monday (June 2) morning, followed by multiple smoke pillars seen and blasts heard as day broke. The light was seen at around 5:02 a.m. local time (0202 GMT), followed by the sound of a blast. Smoke was seen rising on three separate occasions from the enclave within the hour that followed.
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International Business Times
32 minutes ago
- International Business Times
Gold Edges Higher as Rate Cut Hopes Grow; Silver Hits 13-Year Peak on Industrial Demand
Gold offered a glimmer of hope for many investors who kept an eye on the tumultuous markets this week. Amid mounting jobless claims and softer labor data in the U.S., expectations for a Federal Reserve interest rate were reinforced. That helped gold recover a bit of lost ground and lay the foundation for a weekly gain even as uncertainty of a more general sort continued to roil world financial markets. Spot gold was up 0.2% to $3,359.26 an ounce on Friday at 11:51 GMT. For the week, bullion rose 2.1%, as lackluster economic data weighed on the dollar and fueled talk of interest-rate cuts. U.S. gold futures also rose 0.2% to $3,382.70. Investors were responding to a report from the Labor Department on Thursday that said unemployment claims had surged to a seven-month high. Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany, said the labor market signals outweighed President Donald Trump's recent phone call with Chinese President Xi Jinping in impacting gold. The leaders talked about trade and the supply chains for critical minerals, but the effect on investor sentiment was limited. The next big market driver is the U.S. non-farm payrolls release later Friday. Analysts anticipate the addition of about 130,000 jobs in May, with the unemployment rate expected to remain 4.2%. Markets are, in turn, likely to rely more upon the notion that the Federal Reserve may not wait as long as it once did to deliver rate cuts if the numbers disappoint. Gold, which is popular as a safe store of wealth during times of economic and political turmoil, typically rises when interest rates are low. The decline in yields makes non-yielding assets like gold more attractive. In the meantime, it has been Silver's time to shine this week. While it fell 0.1% on Friday to $36.11 an ounce, it earlier hit its most in more than 13 years. Analysts point to strong industrial demand and tight supply as driving the rally. Platinum rose too, gaining 2.4% to $1,157.11 — its highest level since March 2022. Palladium rose 1.5 percent to $1,020.75. Short-term gold potential is safely on hold, but investors are starting to look at undervalued metals.
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Business Standard
an hour ago
- Business Standard
Oil prices rise on US jobs data and renewed China trade discussions
Crude rose more than $1 a barrel on Friday morning and oil prices were on track for their first weekly gain in three weeks after a favorable US jobs report and resumed trade talks between US President Donald Trump and Chinese leader Xi Jinping, raising hopes for growth in the world's two largest economies. Brent crude futures gained $1.28, or 1.96 per cent, to $66.62 a barrel by 1649 GMT. US West Texas Intermediate crude climbed $1.34, or 2.11 per cent, to $64.71. On a weekly basis, both benchmarks were on track to settle higher after declining for two straight weeks. Brent has advanced 2.75 per cent this week, while WTI is trading 4.9 per cent higher. "I think the jobs report was Goldilocks," said Phil Flynn, senior analyst with the Price Futures Group. "It was not too hot, not too cold but just right to increase the chances for an interest rate cut by the Federal Reserve." The US Labor Department's monthly employment report showed the unemployment rate held steady at 4.2 per cent last month. Employers added 139,000 jobs, which combined with downward revisions to prior months' estimates showed a cooling in labour demand but nothing abrupt; by comparison, job gains averaged 160,000 last year. A rate cut by the US central bank, much desired by the Trump administration, is seen as a way to increase spending, raising demand for petroleum. Flynn also said the planned output hike announced by OPEC+ to begin in July would likely be absorbed by higher demand, keeping supply tightly balanced with demand. China's official Xinhua news agency said trade talks between Xi and Trump took place at Washington's request on Thursday. Trump said the call had led to a "very positive conclusion", adding the US was "in very good shape with China and the trade deal". Canada also continued trade talks with the US, with Prime Minister Mark Carney in direct contact with Trump, according to Industry Minister Melanie Joly. The oil market continued to swing with news on tariff negotiations and data showing how trade uncertainty and the impact of the US levies are flowing through into the global economy. "The potential for increased US sanctions in Venezuela to limit crude exports and the potential for an Israeli strike on Iranian infrastructure add to upside risks for prices," analysts at BMI, a Fitch affiliate, said in a note on Friday. Top exporter Saudi Arabia cut its July crude prices for Asia to near two-month lows. That was a smaller price reduction than expected after OPEC+ agreed to ramp up output by 411,000 barrels per day in July. The kingdom had been pushing for a bigger output hike, part of a broader strategy to win back market share and discipline over-producers in OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies including Russia. "The market looks balanced in 2Q/3Q on our estimates as oil demand rises in summer and peaks in July-August, matching supply increases from OPEC+," HSBC said in a note. "Thereafter, accelerated OPEC+ hikes should tip the market into a bigger 4Q25 surplus than previously forecasted," the bank added. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Canada Standard
an hour ago
- Canada Standard
CBSA intercepts 577 kg of cannabis at the Montreal Marine and Rail Service
Canada News Centre 05 Jun 2025, 23:30 GMT+10 Montreal, Quebec, June 6th, 2025 - Canada Border Services Agency On May 23, 2025, Canadian border services officers at Montreal's Marine and Rail Service intercepted and seized 577.43 kg of suspected cannabis from a container in the process of being exported to the Netherlands. During inspection of the container, border services officers detected the contraband concealed in 1,023 vacuum-sealed packages hidden in custom-built crates and surrounded by bundles of engineered wood. The cannabis is valued at over CA $4.2 million. The Canada Border Services Agency (CBSA) is committed to protecting our communities from contraband and organized crime. CBSA reiterates that although cannabis has been legalized and regulated in Canada, importing or exporting cannabis in any form without a permit or exception authorized by Health Canada is a serious criminal offence, punishable by arrest and prosecution.
