LONDON: International Monetary Fund (IMF) Managing Director Christine Lagarde found at least some common cause with US President Donald Trump on Friday in supporting the global fight against intellectual property (IP) theft.
Speaking on a panel at the World Economic Forum in Davos, Lagarde echoed a similar sentiment delivered by Trump earlier in the day, stating that he would not “tolerate” IP theft.
Lagarde also stressed that it was important to tackle “unfair” trade practices.
“We need to have more, better trade and fair trade, but for this we need international cooperation,” she said. “We need a reset, we need to look at IP rights, but it needs to be looked at in a cooperative way. The World Trade Organization is a forum where this should happen.”
The IMF expects global economic growth of about 3.9 percent this year and next year. “We are in a sweet spot and we should celebrate,” said Lagarde.
She said this was the result of good policies, but there were risks, including excessive inequalities and lack of international cooperation.
The IMF chief stressed that a lack of international cooperation could lead to “significant” geopolitical risks. She added that “lagging productivity” could be boosted with more investment into R&D to facilitate innovation.
“We need more trade not less,” she said. “And the fight against corruption is vital to give more hope and encourage our economies.”
Speaking on the same panel, Mark Carney, governor of the Bank of England, told the WEF audience that more investment relative to savings was leading to monetary “normalization.”“For central banks, there is a regime shift toward normalization,” he said.
Carney added: “UK banks have five times more capital than before the 2008 crisis and the Bank of England is confident it can withstand the shock of the hardest of hard Brexits.”
IMF chief Christine Lagarde finds common cause with Donald Trump on protecting IP rights
IMF chief Christine Lagarde finds common cause with Donald Trump on protecting IP rights
Silver crosses $77 mark while gold, platinum stretch record highs
- Spot silver touched an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits
- Spot platinum rose 9.8% to $2,437.72 per ounce, while palladium surged 14 percent to $1,927.81, its highest level in over 3 years
Silver breached the $77 mark for the first time on Friday, while gold and platinum hit record highs, buoyed by expectations of US Federal Reserve rate cuts and geopolitical tensions that fueled safe-haven demand.
Spot silver jumped 7.5% to $77.30 per ounce, as of 1:53 p.m. ET (1853 GMT), after touching an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits, its designation as a US critical mineral, and strong investment inflows.
Spot gold was up 1.2% at $4,531.41 per ounce, after hitting a record $4,549.71 earlier. US gold futures for February delivery settled 1.1% higher at $4,552.70.
“Expectations for further Fed easing in 2026, a weak dollar and heightened geopolitical tensions are driving volatility in thin markets. While there is some risk of profit-taking before the year-end, the trend remains strong,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.
Markets are anticipating two rate cuts in 2026, with the first likely around mid-year amid speculation that US President Donald Trump could name a dovish Fed chair, reinforcing expectations for a more accommodative monetary stance.
The US dollar index was on track for a weekly decline, enhancing the appeal of dollar-priced gold for overseas buyers.
On the geopolitical front, the US carried out airstrikes against Daesh militants in northwest Nigeria, Trump said on Thursday.
“$80 in silver is within reach by year-end. For gold, the next objective is $4,686.61, with $5,000 likely in the first half of next year,” Grant added.
Gold remains poised for its strongest annual gain since 1979, underpinned by Fed policy easing, central bank purchases, ETF inflows, and ongoing de-dollarization trends.
On the physical demand side, gold discounts in India widened to their highest in more than six months this week as a relentless price rally curbed retail buying, while discounts in China narrowed sharply from last week’s five-year highs.
Elsewhere, spot platinum rose 9.8% to $2,437.72 per ounce, having earlier hit a record high of $2,454.12 while palladium surged 14% to $1,927.81, its highest level in more than three years.
All precious metals logged weekly gains, with platinum recording its strongest weekly rise on record.
