Gold prices surged to a record above $4,800 per ounce on Wednesday, as investors sought the metal as a safe haven following a broad selloff in US assets amid heightened tensions between the US and NATO over Greenland.
Spot gold climbed 2.6 per cent to $4,885.11 per ounce by 0633 GMT, after scaling a record $4,887.82 earlier in the session. US gold futures for February delivery climbed 2.6 per cent to $4,888.20 per ounce.
“It’s the loss of trust in the US caused by Trump’s moves over the weekend to tariff European countries and increase coercion in trying to take Greenland. (The move in gold) reflects fears about global geopolitical (tensions),” said Kyle Rodda, a senior market analyst at Capital.com.
On Tuesday, Trump said there was “no going back” on his goal to control Greenland, refusing to rule out taking the Arctic island by force and lashing out at NATO allies.
He later said, “we will work something out where NATO is going to be very happy and where we’re going to be very happy.”
Meanwhile, French President Emmanuel Macron said Europe would not give in to bullies or be intimidated, in a scathing criticism of Trump’s threat of steep tariffs at Davos.
“I think crossing $4,800 just reinforces that people don’t want to sell gold before $5,000. It’s a combination of the traditional supporters for gold, which is rising debt, a weakening dollar and geopolitical uncertainty,” said Nicholas Frappell, global head of institutional markets at ABC Refinery.
The dollar index languished at a near one-month low after White House threats over Greenland triggered a broad selloff in US assets, from the currency to Wall Street stocks and Treasury bonds.
G42 launches framework for sovereign AI deployment
The implementation of the framework is supported by G42’s strategic partnership with Microsoft, leveraging global cloud platforms and services where appropriate
Abu Dhabi-based artificial intelligence company G42 on Tuesday launched its “Digital Embassies” framework and Greenshield, an operating model designed to allow governments to deploy artificial intelligence while retaining legal authority and control over data and systems regardless of where infrastructure is located.
G42 said the framework establishes government-to-government legal arrangements defining jurisdiction and sovereign rights over data, including when cloud or compute infrastructure is hosted outside national borders.
G42’s Greenshield is implemented through Core42’s heterogeneous AI Cloud
Greenshield, implemented by G42 unit Core42, applies sovereign controls across cloud and compute environments, covering identity and access management, data handling, cybersecurity, compliance and auditability.
“Our vision is that every government can operationalise its AI strategy with full sovereign control from day one,” said Omran Sharaf, Assistant Foreign Minister for Advanced Science and Technology.
Ali Al Amine, CCO of G42 International, said the model allows governments to enforce national laws while preserving flexibility over infrastructure deployment.
Greenshield operates on Core42’s heterogeneous AI cloud, which includes sovereign AI clusters in North America, Europe and the UAE, according to G42.
The framework is supported by G42’s partnership with Microsoft and complements large-scale projects such as the UAE’s planned 5-gigawatt AI campus, the company said.
Middle East CEOs more confident on growth than global peers: PwC survey
Middle East companies are also among the most active globally in cross-border investment, with 88 per cent of CEOs planning to invest outside their home markets, the survey showed
Chief executives in the Middle East are significantly more confident about economic growth than their global counterparts, with 88 per cent expecting growth to strengthen in their home markets, according to PwC’s 29th Global CEO Survey.
Confidence is even higher across the Gulf Cooperation Council, where 93 per cent of CEOs expect economic growth, compared with 55 per cent globally, PwC said.
The findings are based on responses from more than 300 CEOs across the Middle East.
The survey showed continued investment momentum despite geopolitical uncertainty. Saudi Arabia and the UAE ranked among the world’s top 10 investment destinations for CEOs over the next 12 months.
Middle East companies are also among the most active globally in cross-border investment, with 88 per cent of CEOs planning to invest outside their home markets. Nearly three quarters of that investment is expected to remain within the region.
Over a third of regional CEOs said AI is embedded in their offerings
Artificial intelligence adoption is accelerating faster than the global average. More than one third of Middle East CEOs said AI is already embedded in their products or services, compared with fewer than 20 per cent globally.
AI use is most widespread in sales, marketing and customer service, PwC said.
Around 80 per cent of CEOs said their corporate culture supports AI adoption, while 70 per cent reported having a clearly defined AI roadmap.
Deal activity remains strong, with 72 per cent of Middle East CEOs planning a major acquisition over the next three years, primarily to build capabilities or enter new sectors. Nearly half of respondents said they plan to expand into technology-led industries.
Geopolitical risk was cited as the top concern, while 57 per cent of CEOs said they plan to significantly improve cybersecurity over the next three years.
Despite uncertainty around tariffs, 62 per cent of CEOs said they expect little to no impact on profit margins in the year ahead.
One in five Middle East CEOs identified climate change as a major business threat, higher than the global average, PwC said.
“These findings reflect the strong underlying confidence we are seeing across the Middle East,” said Hani Ashkar, territory senior partner at PwC Middle East. “CEOs in the region are resilient and ready to deploy capital for long-term growth.”
Commodities are entering 2026 from a position of relative strength, underpinned by robust structural drivers in precious and base metals, while recovery opportunities begin to emerge across energy and agriculture, according to Ninety One’s Natural Resources 2026 Outlook.
The active global investment manager, which oversees $215bn in assets, said tighter base-metal markets, evolving oil supply dynamics and an expected turn in grain balances are reshaping the natural resources sector, making selectivity increasingly critical for investors.
Gold and copper anchor the commodities outlook
Image credit: Getty Images
Gold remains one of the most strongly supported assets entering 2026, buoyed by a softer US dollar, persistent geopolitical risk, expectations of US Federal Reserve rate cuts, and sustained central-bank demand. Despite two years of strong performance, Ninety One believes the fundamental drivers behind gold’s rally remain firmly in place.
“Gold’s rally has been powerful, but it has also been grounded in fundamentals that are still very much in place. With real rates likely to fall and central banks continuing to diversify their reserves, we see more reason for gold to consolidate or edge higher than to sell off sharply,” said George Cheveley, natural resources portfolio manager.
For gold miners, higher prices have translated into a sharp improvement in profitability, with margins estimated to be four to five times higher than in 2024. Silver is also holding firm in its higher trading range, while platinum’s persistent supply deficit suggests higher prices may be required to unlock stockpiled material.
Among base metals, copper stands out as the tightest major market entering 2026. Supply disruptions, low inventories and rising demand from power infrastructure and data-centre development pushed prices to record highs in 2025, and those pressures remain intact.
“Copper is entering 2026 as the tightest of the major base metals. Supply disruptions have been widespread and inventories are low, while demand from power grids and data-centre infrastructure remains robust. Against that backdrop, we think copper-exposed equities still have an attractive risk-reward profile,” Cheveley said.
Aluminium has also benefited from copper’s strength as manufacturers seek substitutes, although capacity additions in Indonesia from 2027 could weigh on the medium-term outlook. Iron ore and coal are expected to trade sideways in 2026 as new supply comes on stream and China’s centralised buyer takes a more active role, even as long-term pricing assumptions appear conservative relative to costs and demand.
Energy faces near-term pressure, medium-term opportunity
Oil markets enter 2026 under pressure, with incremental OPEC supply weighing on prices. Ninety One’s Natural Resources team is currently underweight energy, adopting a defensive stance in the near term.
Overall, we expect oil to find a bottom during the first half of 2026 and to recover later in the year as it becomes clear that both OPEC and US shale are operating near capacity. That could present an attractive entry point into oil-leveraged equities,” said Paul Gooden, natural resources portfolio manager.
Geopolitical developments, including recent US intervention in Venezuela, add further complexity. “The near-term implications are ambiguous, but the long-term implications for the oil price are negative as Venezuela has significant untapped reserves, although it would take several years to develop them. That said, the implications for energy equities are nuanced, with for example select oil services companies and US refiners potential beneficiaries,” Gooden noted.
Natural gas presents a clearer structural growth story. Demand continues to rise, driven by LNG export expansion along the US Gulf Coast and the surging power requirements of data centres.
“Within our energy holdings we have exposure towards companies that are positioned to benefit from this structural growth in gas volumes, and to companies where we are ‘paid to wait’ for the eventual recovery in oil prices,” Gooden added.
Grain markets set for a turning point
After record harvests led to oversupply in 2025, grain markets are expected to tighten as lower prices discourage planting, particularly on marginal land. Early indicators in the US suggest increased fallowing and a shift toward alternative crops.
“Low grain prices are already discouraging planting, particularly on marginal land. Early indications in the US point to more fallowing and a shift towards alternative crops. If that trend continues, we expect corn and soybean balances to tighten by the second half of 2026,” said Dawid Heyl, natural resources portfolio manager.
Demand from biofuels and livestock feed is also expected to strengthen. US biofuel targets imply higher ethanol production from 2025 to 2026, while strong livestock prices may encourage herd rebuilding, supporting feed-grain demand and improving conditions for select agricultural equities.
Active positioning remains key
Ninety One’s current positioning reflects divergent sector dynamics. The team is overweight precious metals, broadly at-weight base metals and bulks, and underweight energy and agriculture, while remaining ready to adjust as conditions evolve.
“An active and highly selective approach is essential in this environment. The headline story for a commodity can look positive, but the range of outcomes at company level is wide. We want to be very deliberate about where we take risk, and ready to adjust as the year unfolds,” Gooden concluded.
Ras Al Khaimah issues law regulating autonomous vehicles
The legislation includes public safety requirements aimed at reducing human error, such as automatic transition to a safe mode if autonomous operation fails and connectivity with secure control centres
Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, has issued Law No (1) of 2026 regulating the operation of autonomous vehicles in the emirate.
The law establishes a legal and technical framework governing the deployment of autonomous vehicles, with an emphasis on safety, security, data protection and the definition of responsibilities for operators and users, state news agency WAM reported.
Under the law, the Ras Al Khaimah Transport Authority (RAKTA) is designated as the regulator responsible for overseeing autonomous vehicle operations in the emirate.
Its mandate includes setting operational standards, ensuring data governance and cybersecurity compliance, and implementing digital monitoring and periodic reporting requirements, the WAM report said.
The law regulating autonomous vehicles is a strategic step, says RAKTA head
Engineer Esmaeel Hasan Al Blooshi, DG of RAKTA, said the law represents a strategic step to enhance road safety and support the safe integration of autonomous vehicles. He added that the framework covers operational regulation, cybersecurity, data governance and legal accountability, with the authority responsible for issuing further regulatory decisions to support implementation.
The legislation includes public safety requirements aimed at reducing human error, such as automatic transition to a safe mode if autonomous operation fails, connectivity with secure control centres, and the maintenance of transparent and traceable operational and incident records.
It also addresses cybersecurity and digital risks, sets obligations for operators, ensures accessibility of autonomous transport services for all segments of society, including People of Determination, and calls for public awareness initiatives to promote safe interaction with autonomous vehicles.
The law takes effect upon issuance and publication in the official gazette. RAKTA will oversee its enforcement and issue the necessary regulations to support a structured transition to autonomous mobility within the emirate.
In other news, RAKTA launched its Classic Taxi Service in December. The service also aims to offer tourists a nostalgic journey through time by providing an experience that reflects the traditional modes of transport used by earlier generations.
The measure took effect on January 21 and applies to applications for permanent residency, including family-based and employment-based immigrant visas. The policy affects countries across Africa, Asia, Latin America, the Middle East and Eastern Europe, including Brazil, Pakistan, Nigeria, Egypt, Thailand, Russia and Uruguay.
According to a statement from the US Department of State, the suspension is aimed at preventing immigrants deemed likely to become a “public charge” from entering the country. The administration has framed the move as part of its broader effort to ensure that immigrants are financially self-sufficient and do not rely on US government welfare programmes.
“President Trump has made clear that immigrants must be financially self-sufficient and not be a financial burden to Americans,” the State Department said, adding that the policy is designed to ensure that immigrants from what it described as high-risk countries do not utilise welfare benefits in the United States.
Scope and exceptions
The suspension applies to immigrant visa cases that have not yet reached the issuance stage. While applicants from the affected countries may still submit visa applications and attend interviews, their cases will not progress to visa issuance. If a visa has already been approved but has not been printed, consular officers have been instructed to refuse the application.
Existing visas held by nationals of the affected countries remain valid and are not impacted by the decision.
Limited exemptions apply. Dual nationals may proceed with immigrant visa applications if they apply using a valid passport from a country not on the list. Additional exceptions may be granted if an applicant can demonstrate that their travel serves an “America First” national interest, according to a State Department cable.
The list of affected countries spans multiple regions and includes US allies, emerging markets and conflict-affected states. Among them are Afghanistan, Bangladesh, Colombia, Egypt, Ghana, Iran, Iraq, Jordan, Kuwait, Lebanon, Morocco, Nigeria, Pakistan, Russia, Sudan, Syria, Thailand and Yemen.
The full list also includes several Caribbean and Latin American nations, as well as countries in Eastern Europe and Central Asia, underlining the global scale of the restriction.
Duration unclear
The Trump administration has not specified an end date for the suspension, raising concerns among immigration lawyers, businesses and multinational employers that the measure could remain in place indefinitely.
For companies operating across borders, particularly those reliant on talent mobility, family reunification or long-term workforce planning, the move adds another layer of uncertainty to US immigration policy at a time of heightened geopolitical and economic tension.
The suspension represents one of the most far-reaching immigration actions since President Donald Trump returned to office, reinforcing the administration’s hardline stance on immigration and welfare-related eligibility.
