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Gold prices drop

Gold prices fell, influenced by a rise in the dollar, which is near its highest levels in six months, and reduced expectations of a rate cut in December by the Federal Reserve (U.S. central bank).Spot gold dropped 0.3% to $4,051.48 per ounce, while December gold futures increased by 0.7%, reaching $4,049.50 per ounce.

11/24/2025 9:50:00 AM

Bitcoin slides below $90,000 as traders grow cautious

Bitcoin fell below $90,000 for the first time in seven months on Tuesday in the latest sign that investor appetite for risk is drying up across financial markets.The risk-sensitive cryptocurrency has lost all this year's gains and is now nearly 30% below a peak above $126,000 in October. It was down 0.5% at $91,338.47 during European trading hours, after slipping as low as $89,286.75.About $1.2 trillion has been wiped off the total market value of all cryptocurrencies in the past six weeks, according to market tracker CoinGecko.Market participants said that a combination of doubts around future U.S. interest rate cuts and the risk-averse mood in broader markets, which have wobbled after a long rally, was dragging down crypto.CONFIDENCE CAN ERODE WITH REMARKABLE SPEED"The cascading selloff is amplified by listed companies and institutions exiting their positions after piling in during the rally, compounding contagion risks across the market," said Joshua Chu, co-chair of the Hong Kong Web3 Association."When support thins and macro uncertainty rises, confidence can erode with remarkable speed."Speculators who had put money into crypto in the hopes of supportive U.S. regulation have started to pull back, causing steady outflows from ETFs and similar instruments in recent weeks, said Joseph Edwards at Enigma Securities."The sell pressure here isn't extraordinary, but it's coming at a relative weak point on the buy side ... a lot of retail buyers were stung during the flash crash last month," he said, referring to an October crash in which there were $19 billion in liquidations across leveraged positions.Crypto stockpilers such as Strategy (MSTR.O), opens new tab, miners such Riot Platforms (RIOT.O), opens new tab and Mara Holdings (MARA.O), opens new tab, and exchange Coinbase (COIN.O), opens new tab have all slid with the souring mood.There has been a boom in public crypto treasury companies this year, with small companies in unrelated sectors becoming crypto-proxies by announcing plans to buy and hold cryptocurrencies on their balance sheets.But Standard Chartered has estimated that a drop below $90,000 for bitcoin could leave half of these companies' bitcoin holdings "underwater" - a term which typically refers to holding assets worth less than what was paid for them.Listed companies collectively hold 4% of all the bitcoin in circulation, and 3.1% of the ether, Standard Chartered said.European equities markets opened lower on Monday, with traders worried about an overvalued tech sector.Cryptocurrency ether has also been under pressure for months and has lost nearly 40% of its value from an August peak above $4,955."All in all sentiment is pretty low in crypto and has been since the leverage wipeout of October," said Matthew Dibb, chief investment officer at Astronaut Capital.

11/18/2025 4:49:00 PM

Gold gains as traders bet delayed U.S. data will strengthen rate cut outlook

Gold prices hit a near three-week high on Tuesday, bolstered by expectations that a potential end to the U.S. government shutdown and resumption of economic data could set the stage for the Federal Reserve to trim interest rates next month.Spot gold was up 0.1% at $4,118.58 per ounce, having earlier hit its highest since October 23. U.S. gold futures for December delivery fell 0.1% to settle at $4,116.30 per ounce.Gold, traditionally considered a safe haven, also tends to benefit in low-interest rate environments as it is a non-yielding asset."Traders believe (data) will show some weakening economic numbers and that would prompt the Fed to cut interest rates in December... that is probably encouraging the gold and silver market bulls today," said Jim Wyckoff, senior analyst at Kitco Metals.The U.S. Senate on Monday approved a compromise that would end the longest government shutdown on record. The shutdown has triggered a data blackout, leaving policymakers and markets without key indicators on jobs and inflation.The central bank trimmed rates at its latest meeting, but Chair Jerome Powell stressed that another cut this year is far from certain. Markets see a 64% chance of a rate cut in December, CME's FedWatch Tool showed.Data last week showed the U.S. economy shed jobs in October, while consumer sentiment slumped to its lowest level in three and a half years in early November.Meanwhile, Fed Governor Stephen Miran on Monday suggested that a 50 basis-point cut might be appropriate for December, given softening labor market and falling inflation. Gold demand this year and next is expected to reach its strongest level since 2011, UBS said in a note."Any significant rise in political and financial market risks could push gold toward our upside target of USD 4,700/oz," they added.

11/12/2025 11:52:00 AM

UK court jails Chinese bitcoin fraudster for over 11 years

A Chinese woman who masterminded a multibillion-dollar bitcoin scam and evaded authorities for years was sentenced to 11 years and eight months in jail by a UK court Tuesday.Nicknamed the "goddess of wealth", 47-year-old Zhimin Qian orchestrated a Ponzi scheme that promised investors returns of up to 300 percent, defrauding around 128,000 people in China between 2014 and 2017.It raised billions of dollars, much of which was converted to bitcoin.After she came to the UK as a fugitive and during a multiyear investigation where she evaded capture, British police seized 61,000 bitcoin worth more than £5 billion ($6.6 billion), which the force called the largest single cryptocurrency seizure in the world.She was arrested in the northern English city of York in 2024.Qian, who pleaded guilty to possessing and transfering criminal property in September, appeared emotional as she received the sentence at London's Southwark Crown Court.Her crimes were highly sophisticated and required careful planning, Judge Sally-Ann Hales told the court on Tuesday."Your motive was one of pure greed," Hales told Qian.Qian "accepts" her conviction, her lawyer Roger Sahota said in a statement after the sentencing."She never set out to commit fraud but recognises her investment schemes were fraudulent and misled those who trusted her," the statement said."She is deeply sorry for the distress suffered by investors and hopes some good endures from the wealth her work created."A Malaysian accomplice, Seng Hok Ling, also 47, was jailed at the same court for four years and 11 months after he pleaded guilty to one count of transferring criminal property.After the sentencing, the Metropolitan Police's head of economic and cybercrime command, Will Lyne, said the seven-year investigation was one of the "largest and most complex" the force had ever undertaken and required collaboration with multiple sides, including Chinese law enforcement.Lavish livingFollowing scrutiny from Chinese authorities, Qian -- also known as Yadi Zhang -- fled her home country in 2017 and came to Britain. The court heard that she evaded UK authorities for around six years.She travelled across Europe, staying in upscale hotels and buying jewellery including two watches worth nearly £120,000 ($160,000), the court heard.With the help of an accomplice, Jian Wen, she rented a lavish London property for around £17,000 a month and claimed to run a successful jewellery business.Police surveillance of Qian's co-defendant Ling eventually led to her arrest in April 2024.Wen was jailed last year for six years and eight months over her role in the scheme.Details of a compensation scheme for victims proposed by British authorities are still being thrashed out in London's High Court in civil proceedings, where more than 1,300 alleged victims have come forward, according to sources close to the case.A Chinese foreign ministry spokesperson told AFP that Chinese and British law enforcement agencies were "cooperating on cross-border fugitive and asset recovery" in the case.

11/11/2025 9:14:00 PM

Gold Hits Record High on US Rate Cut Bets, Silver Follows Suit

Gold prices climbed to a record high above $4,100 on Tuesday on increased U.S. Federal Reserve rate cut prospects, while resurgent U.S.-China trade woes boosted safe-haven bets, including those for silver, which also reached an all-time peak.Spot gold rose 1.7% to a record high of $4,179.48 per ounce, as of 0521 GMT.U.S. gold futures for December delivery gained 1.3% to $4,187.50.Gold has surged 57% year-to-date, breaking the crucial $4,100 threshold for the first time on Monday.

10/14/2025 11:25:00 AM

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Gold prices drop

Gold prices fell, influenced by a rise in the dollar, which is near its highest levels in six months, and reduced expectations of a rate cut in December by the Federal Reserve (U.S. central bank).Spot gold dropped 0.3% to $4,051.48 per ounce, while December gold futures increased by 0.7%, reaching $4,049.50 per ounce.

11/24/2025 9:50:00 AM

Bitcoin slides below $90,000 as traders grow cautious

Bitcoin fell below $90,000 for the first time in seven months on Tuesday in the latest sign that investor appetite for risk is drying up across financial markets.The risk-sensitive cryptocurrency has lost all this year's gains and is now nearly 30% below a peak above $126,000 in October. It was down 0.5% at $91,338.47 during European trading hours, after slipping as low as $89,286.75.About $1.2 trillion has been wiped off the total market value of all cryptocurrencies in the past six weeks, according to market tracker CoinGecko.Market participants said that a combination of doubts around future U.S. interest rate cuts and the risk-averse mood in broader markets, which have wobbled after a long rally, was dragging down crypto.CONFIDENCE CAN ERODE WITH REMARKABLE SPEED"The cascading selloff is amplified by listed companies and institutions exiting their positions after piling in during the rally, compounding contagion risks across the market," said Joshua Chu, co-chair of the Hong Kong Web3 Association."When support thins and macro uncertainty rises, confidence can erode with remarkable speed."Speculators who had put money into crypto in the hopes of supportive U.S. regulation have started to pull back, causing steady outflows from ETFs and similar instruments in recent weeks, said Joseph Edwards at Enigma Securities."The sell pressure here isn't extraordinary, but it's coming at a relative weak point on the buy side ... a lot of retail buyers were stung during the flash crash last month," he said, referring to an October crash in which there were $19 billion in liquidations across leveraged positions.Crypto stockpilers such as Strategy (MSTR.O), opens new tab, miners such Riot Platforms (RIOT.O), opens new tab and Mara Holdings (MARA.O), opens new tab, and exchange Coinbase (COIN.O), opens new tab have all slid with the souring mood.There has been a boom in public crypto treasury companies this year, with small companies in unrelated sectors becoming crypto-proxies by announcing plans to buy and hold cryptocurrencies on their balance sheets.But Standard Chartered has estimated that a drop below $90,000 for bitcoin could leave half of these companies' bitcoin holdings "underwater" - a term which typically refers to holding assets worth less than what was paid for them.Listed companies collectively hold 4% of all the bitcoin in circulation, and 3.1% of the ether, Standard Chartered said.European equities markets opened lower on Monday, with traders worried about an overvalued tech sector.Cryptocurrency ether has also been under pressure for months and has lost nearly 40% of its value from an August peak above $4,955."All in all sentiment is pretty low in crypto and has been since the leverage wipeout of October," said Matthew Dibb, chief investment officer at Astronaut Capital.

11/18/2025 4:49:00 PM

Gold gains as traders bet delayed U.S. data will strengthen rate cut outlook

Gold prices hit a near three-week high on Tuesday, bolstered by expectations that a potential end to the U.S. government shutdown and resumption of economic data could set the stage for the Federal Reserve to trim interest rates next month.Spot gold was up 0.1% at $4,118.58 per ounce, having earlier hit its highest since October 23. U.S. gold futures for December delivery fell 0.1% to settle at $4,116.30 per ounce.Gold, traditionally considered a safe haven, also tends to benefit in low-interest rate environments as it is a non-yielding asset."Traders believe (data) will show some weakening economic numbers and that would prompt the Fed to cut interest rates in December... that is probably encouraging the gold and silver market bulls today," said Jim Wyckoff, senior analyst at Kitco Metals.The U.S. Senate on Monday approved a compromise that would end the longest government shutdown on record. The shutdown has triggered a data blackout, leaving policymakers and markets without key indicators on jobs and inflation.The central bank trimmed rates at its latest meeting, but Chair Jerome Powell stressed that another cut this year is far from certain. Markets see a 64% chance of a rate cut in December, CME's FedWatch Tool showed.Data last week showed the U.S. economy shed jobs in October, while consumer sentiment slumped to its lowest level in three and a half years in early November.Meanwhile, Fed Governor Stephen Miran on Monday suggested that a 50 basis-point cut might be appropriate for December, given softening labor market and falling inflation. Gold demand this year and next is expected to reach its strongest level since 2011, UBS said in a note."Any significant rise in political and financial market risks could push gold toward our upside target of USD 4,700/oz," they added.

11/12/2025 11:52:00 AM

UK court jails Chinese bitcoin fraudster for over 11 years

A Chinese woman who masterminded a multibillion-dollar bitcoin scam and evaded authorities for years was sentenced to 11 years and eight months in jail by a UK court Tuesday.Nicknamed the "goddess of wealth", 47-year-old Zhimin Qian orchestrated a Ponzi scheme that promised investors returns of up to 300 percent, defrauding around 128,000 people in China between 2014 and 2017.It raised billions of dollars, much of which was converted to bitcoin.After she came to the UK as a fugitive and during a multiyear investigation where she evaded capture, British police seized 61,000 bitcoin worth more than £5 billion ($6.6 billion), which the force called the largest single cryptocurrency seizure in the world.She was arrested in the northern English city of York in 2024.Qian, who pleaded guilty to possessing and transfering criminal property in September, appeared emotional as she received the sentence at London's Southwark Crown Court.Her crimes were highly sophisticated and required careful planning, Judge Sally-Ann Hales told the court on Tuesday."Your motive was one of pure greed," Hales told Qian.Qian "accepts" her conviction, her lawyer Roger Sahota said in a statement after the sentencing."She never set out to commit fraud but recognises her investment schemes were fraudulent and misled those who trusted her," the statement said."She is deeply sorry for the distress suffered by investors and hopes some good endures from the wealth her work created."A Malaysian accomplice, Seng Hok Ling, also 47, was jailed at the same court for four years and 11 months after he pleaded guilty to one count of transferring criminal property.After the sentencing, the Metropolitan Police's head of economic and cybercrime command, Will Lyne, said the seven-year investigation was one of the "largest and most complex" the force had ever undertaken and required collaboration with multiple sides, including Chinese law enforcement.Lavish livingFollowing scrutiny from Chinese authorities, Qian -- also known as Yadi Zhang -- fled her home country in 2017 and came to Britain. The court heard that she evaded UK authorities for around six years.She travelled across Europe, staying in upscale hotels and buying jewellery including two watches worth nearly £120,000 ($160,000), the court heard.With the help of an accomplice, Jian Wen, she rented a lavish London property for around £17,000 a month and claimed to run a successful jewellery business.Police surveillance of Qian's co-defendant Ling eventually led to her arrest in April 2024.Wen was jailed last year for six years and eight months over her role in the scheme.Details of a compensation scheme for victims proposed by British authorities are still being thrashed out in London's High Court in civil proceedings, where more than 1,300 alleged victims have come forward, according to sources close to the case.A Chinese foreign ministry spokesperson told AFP that Chinese and British law enforcement agencies were "cooperating on cross-border fugitive and asset recovery" in the case.

11/11/2025 9:14:00 PM

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