Gold and Silver Prices Plunge After Record Highs; Mexico Pledges Aid to Cuba Amid US Pressure
Gold and silver prices experienced a dramatic fall after reaching record highs in January, while the FTSE 100 index hit a record high. Meanwhile, Mexico pledged to send humanitarian aid to Cuba despite US efforts to cut off oil access.
The price of gold and silver plummeted after investors had initially flocked to precious metals as "safe haven" assets due to geopolitical uncertainties, according to BBC Business. Spot gold recorded its sharpest one-day drop since 1983 on Friday, falling more than 9%, while silver plunged 27% before a slight recovery on Monday, BBC Business reported. Brian Leonard, who was selling a silver plate at Hatton Garden Metals in London, was among those caught in the volatile market, as mentioned by BBC Business. Experts warned sellers to be cautious of potential exploitation amid the fluctuating prices.
Despite the precious metals slump, the FTSE 100 shrugged off a weak start and closed up 1.2% at 10,341.56 points, a record close and a new intraday high, according to BBC Business.
In other news, Mexico's President Claudia Sheinbaum pledged to send humanitarian aid to Cuba this week, The Guardian reported. This move comes despite efforts from Washington to restrict Cuba's access to oil. Mexico is also exploring diplomatic avenues to send fuel to the Cuban people, according to The Guardian.
Meanwhile, in the United States, President Donald Trump announced the launch of a strategic minerals stockpile called Project Vault on Monday, Al Jazeera reported. The stockpile will combine $2 billion of private capital with a $10 billion loan from the US Export-Import Bank.
In Gaza, the Rafah crossing between Gaza and Egypt reopened, but only five patients were allowed to leave for medical treatment on Monday, Al Jazeera reported. Thousands of others are still waiting, according to Al Jazeera.
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