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Global Events Marked by Political Tensions, Economic Milestones, and Human Rights Concerns
Several significant events unfolded across the globe, ranging from geopolitical tensions impacting financial markets to human rights concerns and economic milestones.
Geopolitical uncertainty spurred fluctuations in the gold market. Following the downing of an Iranian drone by the U.S., gold prices rebounded, surpassing $5,000 per ounce, according to BBC Business. The price jumped to $5,061 per ounce, roughly $80 higher than the previous year. Gold is often viewed as a "safe haven" for investors during times of instability. The BBC reported that gold prices had previously reached record highs due to changes in U.S. trade policy, ongoing geopolitical conflicts, and central banks increasing their bullion purchases.
In the economic sphere, Walmart achieved a significant milestone, becoming the first traditional retailer to reach a $1 trillion market valuation, BBC Business reported. This achievement places Walmart among a small group of companies, primarily tech firms like Nvidia and Alphabet, with valuations exceeding $1 trillion. The company's success is attributed to its booming e-commerce business and its ability to attract price-conscious shoppers. Wall Street has also responded positively to Walmart's investments in artificial intelligence (AI). The company's share price rose by more than 3% on Tuesday.
Meanwhile, in Nigeria, a deadly attack claimed the lives of at least 162 people in Kwara state, western Nigeria, The Guardian reported. A Red Cross official confirmed the death toll, making it one of the deadliest attacks in recent months in the country. The government attributed the attack in Woro village to terrorist cells. Armed gangs, known locally as bandits, have been looting villages and killing residents. The Nigerian military had launched an offensive against terrorist elements in Kwara state last month, according to The Guardian.
Ugandan opposition leader Bobi Wine remains in hiding nearly three weeks after a disputed election, The Guardian reported. His whereabouts are unknown since he fled what he described as a night raid on his home by police and military. The situation is further complicated by an escalating social media feud with the country's military chief. Wine alleged mass fraud after the election and called on supporters to protest.
Globally, human rights are facing peril amid a "democratic recession," according to a report by Human Rights Watch (HRW), as reported by The Guardian. The report states that almost three-quarters of the global population now live under autocratic rulers, levels not seen since the 1980s. The HRW report highlights growing authoritarianism and abuses in the U.S., Russia, and China, threatening the global rules-based order. The report points to abuses led by former President Trump.
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