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Gold Rebounds After US Downs Iranian Drone; Other Global Events Unfold
Gold prices surged above $5,000 an ounce on Wednesday after the United States downed an Iranian drone, reigniting geopolitical tensions and prompting investors to seek safe-haven assets. The price of gold reached $5,061 per ounce, approximately $80 higher than the same time last year, according to BBC Business. This surge followed days of sharp falls and was fueled by ongoing geopolitical uncertainty and conflict.
The fluctuating gold prices occurred amidst a series of other significant global events. In France, Elon Musk's X offices were raided by the Paris prosecutor's cyber-crime unit as part of an investigation into suspected offenses, including unlawful data extraction and complicity in the possession of child pornography, BBC Technology reported. The prosecutor's office stated that both Musk and former X chief executive Linda Yaccarino had been summoned to appear at hearings in April. Musk responded on X, calling the raid a "political attack." Separately, the UK's Information Commissioner's Office (ICO) announced a probe into Musk's AI tool, Grok, over its "potential to produce harmful sexualised image and video content," according to BBC Technology.
Meanwhile, Novo Nordisk, the maker of Ozempic and Wegovy, experienced an 18% plunge in shares after warning that price cuts would be "painful" for the firm, BBC Business reported. Chief Executive Maziar Mike Doustdar described the pricing pressures as "unprecedented" and "painful." The company cited a deal with former US President Donald Trump to lower the cost of weight-loss drugs for Americans as a contributing factor. Novo Nordisk has also announced thousands of job cuts amid warnings of increasing competition.
In South Korea, a global craze for Korean culture is driving up the price of "gim," dried seaweed, a staple food, according to BBC World. Lee Hyang-ran, a gim vendor in Seoul for 47 years, noted the increased international demand. "In the past, people from Western countries thought Koreans were eating something weird that looks like a piece of black paper," she said. "I never thought I'd be selling gim to them. But now, they all come here."
Adding another layer of complexity to the global landscape, prediction markets are gaining traction, allowing individuals to bet on catastrophic world events, The Guardian reported. One instance cited was someone placing bets that Donald Trump would oust Nicolás Maduro shortly before an attack on the Venezuelan capital, Caracas, ultimately netting them nearly $500,000.
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