Biden promises competition with China, not conflict as first summit ends in Asia

US President Joe Biden told Asian leaders on Sunday that US communication lines with China would stay open to prevent conflict. (AFP)
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Updated 13 November 2022
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Biden promises competition with China, not conflict as first summit ends in Asia

PHNOM PENH: US President Joe Biden told Asian leaders on Sunday that US communication lines with China would stay open to prevent conflict, as the first of three summits of world leaders this week ended, with tense talks almost certain in the days ahead.

Biden during an address to the East Asia Summit in Cambodia, said the US would "compete vigorously" with Beijing while "ensuring competition does not veer into conflict", stressing the importance of peace in the Taiwan Strait.

The Southeast Asia region is also hosting the Group of 20 Summit in Indonesia's Bali this week, ahead of which Biden will meet Chinese counterpart Xi Jinping for the first time since taking office, with relations between the two superpowers at their worst in decades.

The war in Ukraine and its economic fallout is expected to dominate discussions in Bali and at the Asia-Pacific Economic Cooperation forum in Bangkok at the end of the week, as alongside climate commitments, food insecurity and tensions over the Taiwan Strait, the South China Sea and North Korea.

Eighteen countries accounting for half the global economy attended Sunday's East Asia Summit, which was held behind closed doors, attended by the ASEAN nations, Japan, South Korea, China, India, the US, Russia, Australia and New Zealand.

At a separate news conference, Australian Prime Minister Anthony Albanese said his brief discussions the previous day with Chinese Premier Li Keqiang were constructive and positive, amid anticipation of a formal summit with Xi.
 


Silver crosses $77 mark while gold, platinum stretch record highs

Updated 27 December 2025
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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.