International News 11 April 2025
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Germany is ready to withdraw 1,200 tonnes of gold reserves in the US!
Geopolitical tensions between the US and the EU are increasing, with Germany reportedly considering withdrawing most of its gold reserves held at the Federal Reserve in New York. Germany, the second-largest holder of gold reserves in the world, is concerned about the policies of President Trump and their impact on global financial stability and European sovereignty. The gold reserves, totalling 3,374 tonnes, were acquired after World War II as West Germany's economy grew and trade surpluses were converted into gold as a safeguard for currency stability. The decision to store these reserves overseas, in countries such as the US, UK and France, was taken in order to protect them from potential threats during the Cold War. The potential reallocation of these reserves by Germany reflects the growing tensions between the US and the EU, particularly with regard to financial issues.
Gold price closes with a 3% jump, setting a new record high
The price of gold surged by 3% to reach an all-time high, driven by a weakening US dollar and mounting trade tensions between the US and China. Spot gold prices closed at $3,176.23 per ounce, setting a new record high, while gold futures for the June 2025 contract closed at $3,177.5 per troy ounce, representing the highest price level for gold bullion to date. The surge in gold prices was driven by the announcement from US President Donald Trump that import duties would be temporarily lowered for multiple countries, but raised to 125% for China. This has led to a significant increase in the demand for gold as a safe investment option. However, the potential for a trade deal with trading partners and the possibility of Fed rate cuts creating a stronger dollar may pose risks to the upward momentum of gold prices. The weakening of the US dollar also contributed to the increase in gold prices.
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Oil prices continue to weaken, WTI falls below US$ 60 per barrel
Oil prices are predicted to remain subdued for a second consecutive week, as concerns over a protracted US-China trade war and its impact on crude oil consumption persist. The price of Brent crude oil futures for June 2025 delivery fell by 0.5% to $63.02 per barrel, while West Texas Intermediate (WTI) crude oil futures for May 2025 delivery dropped by 0.6% to $59.71 per barrel. These declines follow a substantial drop in prices the previous day. Brent crude oil prices are forecast to decline by 4% this week, following an 11% decrease in the previous week. WTI crude oil prices are forecast to decrease by 3.8%, following an 11% decline previously. The ongoing trade dispute is anticipated to disrupt global trade volumes and routes, potentially leading to an adverse impact on global economic growth and crude oil consumption.