Business & Tech News
The Golden Era Arrives With Gold Above $3400:
Gold prices have rocketed over the last few days, and this morning, they hit $3,495 per ounce, setting another new record. The price continues to be driven by market risk aversion amid growing economic uncertainty. Yesterday saw the Trump administration reiterated its criticism of Fed Chair Powell, suggesting the possibility of removing him. These remarks raised concerns about the politicization of US monetary policy, potentially undermining the Fed’s credibility and creating investor concerns around the US and global economy. Central banks are also adding to the price hikes as they secure greater volumes of the yellow metal as a currency safeguard. So far, gold has gained more than 30% this year and is up just under 50% in the last 12 months.
Steel Tariffs Implemented by India:
The second-largest crude steel producer globally, India, has imposed a 12% tariff—known locally as a safeguard duty—on select steel imports to curb a surge in cheap shipments, mainly from China. The tariff, effective for 200 days that kicked in yesterday, is intended to protect domestic producers from what the Indian government calls unfair competition. India’s Steel Minister H.D. Kumaraswamy said the move will provide “critical relief” to local steelmakers, especially small and medium enterprises, under pressure from rising imports.
The Ministry of Finance stated the duty could be amended or revoked earlier if needed. This marks India’s first major trade policy shift since the U.S. imposed sweeping tariffs under President Trump. China, the second-largest steel exporter to India after South Korea in 2024/25, is the main target of the measure. India has been a net importer of finished steel for two consecutive years, with 2024/25 imports hitting a nine-year high of 9.5 million metric tons.
Google Antitrust Case Raises AI Concerns:
The US Justice Department is seeking a court finding that would require Google to sell its Chrome browser and take other measures to end what a judge found was its monopoly in online search. In the antitrust case that kicked off yesterday, prosecutors have compared the lawsuit to past cases that resulted in the break up of AT&T and Standard Oil. The company, according to the Department of Justice (DOJ), needs strong measures imposed on it to prevent it from using its artificial intelligence products to extend its dominance in online search. this was stated at the trial by a U.S. Department of Justice attorney. The outcome of the case could fundamentally reshape the internet search landscape permanently, with the unseating of Google as the market-dominating search engine, currently controlling almost 90% of all search requests globally.
Business News Shorts:
- Chinese Tech companies are, according to Reuters, pivoting from Nvidia processor chips to Huawei’s new 910C AI chips as US tariff constraints hit their production costs.
- The U.S. appeals court yesterday revived a proposed data privacy class action against Shopify in a decision that could make it easier for American courts to assert jurisdiction over internet-based platforms. The finding indicates that Shopify can be sued for collecting personal data from customers using their shopping platform.
- Vietnam’s trade ministry has issued a directive to crack down on illegal trans-shipment of goods to the United States and other trading partners as it tries to avoid steep U.S. tariffs. The ministry in the directive, which was dated and effective as of April 15, said trade fraud was likely to increase amid growing tension caused by U.S. tariffs.
Markets by Numbers
Currencies:
Currency markets are indicating the US Dollar has lost major ground to the main global currencies, and is currently down against the Euro, currently at 1.15436 and trading lower against the Pound at 1.34176. The Yen is trading at a seven-month high at 139.71 to the dollar currently. The rand is maintaining a narrow range against the dollar around the R18.60 level, and is trading at R18.67 to the US dollar currently.
Commodities:
- Gold futures prices have hit new record highs over the $3490 level, and up over 1,7% in early trade today, and are currently trading at $3495 per ounce.
- Copper prices are trending upwards by almost 1% today, and are currently at 4.7774.
- Silver futures prices are trading upwards this morning and are at 32.856 currently.
- Platinum is trading higher today after gains yesterday, and at $967.40 currently, while Palladium prices are also trending higher, and at $926.50 currently.
- Brent Crude Oil prices continue to trend upwards, and at $66.59, with WTI also trading upwards at $62.78.
- Cocoa futures are currently trading upwards today, and at $8788 per ton.
- Coffee futures prices are trending lower and are at $366.78 currently.
- Top Agricultural Commodity losers today are Cheese (-6.49%), Orange Juice (-5.64%), and Coffee (-2.63%). While top agricultural futures gains are led by Cocoa (+4.89%) and Rubber (+1.02%).
Crypto Currencies:
- Bitcoin prices have gained upward traction this morning and are up over 1% and currently trading at $88420
- Ether prices are trading higher this morning and at $15854.40 currently.
- $Trumpcoin is trading -0,5% lower this morning and at $7.83 currently.
(All prices quoted at approximately 08H00 – Central African Time)
Other Breaking News in Africa Today
Spaza Shop Support Fund – Applications Open in South Africa:
The South African Government has called on eligible South African spaza shop owners in townships and rural areas who want to improve, expand, and sustain their shops to apply for assistance with the R500 million Spaza Shop Support Fund (SSSF). The government officially opened applications for the fund aimed at increasing the participation of South African-owned spaza shops in the townships and rural areas retail trade sector.
South Sudan Conflict Flares Again:
South Sudan’s army has announced the recapture of a key town, Nasir, located in the Upper Nile state, that they had lost to an ethnic Nuer militia in March. These clashes also led to the arrest of First Vice President Riek Machar and a major political crisis. President Salva Kiir has served in an uneasy power-sharing government with Machar since a 2018 peace deal ended a civil war between fighters loyal to the two men, which resulted in the death of hundreds of thousands of civilians. Machar’s detention under house arrest, for trying to stir up a rebellion through his supposed support for the White Army militia in Upper Nile, has ignited international fears of renewed conflict along ethnic lines.
