Jefferies' Christopher Wood notes gold's consolidation above $3,000. He maintains high gold allocation in his pension fund. Western gold ETF flows are light despite gold's outperformance since 2022. Total ETF holdings are below 2020 peak. Gold prices have significantly outpaced the MSCI AC World Index since 2022. China's gold imports surged in April.
The Indian rupee weakened to 86.20 per dollar due to rising crude oil prices following Israeli strikes on Iran, but closed at 86.08/$1 after likely RBI intervention. Brent crude surged to $75 per barrel, impacting risk sentiment and pushing the 10-year bond yield to 6.40% before settling at 6.36%. Geopolitical tensions created a fragile mood for bonds.
Indian equity indices closed lower on Friday due to Israel's strikes on Iran, which raised concerns about oil supply disruptions and a wider Middle East conflict. Despite an initial sharp fall, the market recovered some losses, supported by underlying bullish sentiment. Both Nifty and Sensex declined, with investors closely watching key support levels for further market direction.
A mother tearfully spoke of battling addiction before she was sentenced to the maximum 14 years in prison for involuntary manslaughter in the overdose drug death of her 14-year-old son in McHenry County.
Mayor Brandon Johnson has selected a group of neighborhood developers to replace a plot of vacant city land on the Far South Side with a four-story, mixed-use development called 1Fifteen at Michigan Station.
IndiGo airlines is bracing for a potential surge in aviation insurance costs upon policy renewal, influenced by escalating geopolitical risks and diminished reinsurance capacity following the recent Air India plane crash. The crash could lead to substantial hull and liability claims, impacting global reinsurance markets.
Amidst tense protests over immigration raids, about 200 Marines have arrived in Los Angeles. They will safeguard federal property and personnel. This follows a court decision regarding National Guard troops. California Governor Gavin Newsom criticizes the troop deployment. Other states are considering similar actions. Hundreds have been arrested during the Los Angeles protests.
