24K99 News On Saturday (August 17), a significant explosion was reported over the city of Kursk Nuclear Power Plant in Russia. The Israel Defense Forces and security services released a statement confirming the deaths of two high-ranking Hamas members. Wall Street anticipates that gold prices may reach approximately $3,000 after surging more than 20% this year.
Israel: Two senior Hamas members killed
According to Reuters, a joint statement from the Israel Security Agency and the Israel Defense Forces confirmed that the two militants were Ahmed Abu Ara and Rafet Dawasi, both hailing from the northern West Bank region near Jenin.# Middle East situation#
(Source: Reuters)
The military wing of Hamas, the Qassam Brigades, stated in a release that it expressed condolences for the deaths of the two fighters during an Israeli airstrike in the Jenin area.
An Israeli statement noted that the two militants were involved in planning a shooting in the Jordan Valley in the West Bank last week, which resulted in the death of Israeli citizen Yonatan Deutsch.
At that time, Israeli authorities reported that Palestinian gunmen had opened fire on a main road in the occupied West Bank on August 11, leading to one death and another injury.
Later that day, the Qassam Brigades claimed its armed men in the West Bank had killed an Israeli soldier at close range near the Mehora settlement in the Jordan Valley and had “returned safely to their base.”
Hamas asserted that this operation was in retaliation for an Israeli attack on a school in Gaza City where Palestinian displaced persons had sought refuge. The Civil Defense Department reported that the attack resulted in at least 90 fatalities.
Since the outbreak of conflict between Israel and the Palestinian group Hamas in Gaza in October 2023, violence has escalated in the West Bank, characterized by increasing Israeli attacks, violence by Jewish settlers, and Palestinian counterattacks.
Israeli settlers attacked a village near the West Bank city of Karkiriya on Thursday, causing at least one Palestinian death, an action that drew condemnation from the United States, Britain, and France.
The recent violence in the West Bank coincides with the resumption of a new round of talks in Doha aimed at concluding 10 months of fighting in the Gaza Strip next week.
The ongoing war in Gaza and rising violence in the West Bank pose the risk of triggering a larger regional conflict that could involve Iran and its proxies in the area, including Hezbollah in Lebanon and Houthi rebels in Yemen.
Major explosion reported over Russia’s Kursk nuclear power plant
At approximately 1:40 a.m. local time on August 18, several muted explosions were heard over Kurchatov after the missile alarm at Russia’s Kursk Nuclear Power Plant was activated, which may have been the result of interceptions by the air defense system.
A minute later, a loud explosion was reported. Kurchatov, a city known for its nuclear scientists, is located about 90 kilometers from the border town of Suja in Russia’s Kursk Oblast.#Russia-UkraineWar#
(Source: Twitter)
On Saturday, Rosatom informed the United Nations’ nuclear watchdog of Ukraine’s alleged provocation plans involving two nuclear power plants and later accused Moscow of conducting provocations.
According to Anadolu Agency, Rosatom’s press service released a statement indicating that Alexey Likhachev, the head of Rosatom, communicated with International Atomic Energy Agency (IAEA) Director General Rafael Grossi, informing him that Russian intelligence suggested Ukraine was planning to attack the Kursk and Zaporozhye Nuclear Power Plants (NPP).
(Source: Anadolu Agency)
“Reports indicate that the Ukrainian armed forces are preparing a provocation against these nuclear power plants. In the past day, there has been a significant increase in messages and signals regarding preparations for such provocations,” he stated.
Earlier in the day, the Russian Ministry of Defense claimed that Kiev intended to target the spent nuclear fuel storage facility in the Kursk region, accusing Russia of engaging in “self-artillery bombardment.” Later, Kiev allegedly planned to conduct a similar action against the Zaporozhye nuclear power plant, branding it as Moscow’s “retaliatory strike.”
Likhachev also informed Grossi that, on August 17, a Ukrainian drone had dropped explosives on a road frequented by workers at the Zaporizhia nuclear power plant; on August 14, another drone targeted an open switchgear area.
Likhachev emphasized that the deteriorating conditions around nuclear power plants not only pose a direct threat but also undermine the International Atomic Energy Agency’s assumptions regarding nuclear safety.
He invited Grossi to visit the Kursk nuclear power plant and Kurchatov to assess the situation personally.
Wall Street: Gold is nearing $3,000
Fortune reported that gold has outperformed the U.S. stock market this year. As the Federal Reserve moves closer to cutting interest rates, Wall Street’s bullish outlook on gold has intensified.
(Source: Fortune)
In 2024, gold prices have increased by approximately 21%, while the S&P 500 has risen by 16%. On Friday, gold prices climbed as much as 2.2%, hitting a record high and surpassing $2,500 an ounce.
(Source: FX168)
While recession fears have softened over the past week following a disappointing non-farm payrolls report, recent indicators signal weaknesses in critical sectors such as home construction, which could warrant further significant rate cuts by the Federal Reserve. Typically, gold prices rise when income-generating assets like bonds become less appealing due to a bleak outlook for long-term interest rates.
Commerzbank Research raised its gold price forecast in a report published on Friday, anticipating the Federal Reserve will implement three rate cuts before the end of this year and an additional three in the first half of 2025. Overall, this represents two more cuts than previously expected.
“Consequently, we expect further gains to reach $2,600 by mid-next year,” wrote senior commodities analyst Carsten Fritsch. “Given the resurgence of inflation and the corresponding speculation of interest rate hikes in the coming year, gold prices are likely to fall to $2,550 by the end of 2025, down from a previous forecast of $2,200.”
Some analysts are even more optimistic.
Bart Melek, global head of commodity strategy at TD Securities, told Bloomberg on Friday that gold prices could reach $2,700 an ounce in the upcoming quarters, given the likelihood of the Federal Reserve easing monetary policy.
At the same time, Patrick Yip, senior director of business development at the U.S. Precious Metals Exchange, informed CBS News late last month that if geopolitical uncertainties continue, interest rates are reduced, or global central banks increase their purchases, gold prices could hit $3,000 as early as next year.
Indeed, central banks have been a significant driver of gold demand as countries like Turkey and India look to diversify their reserves away from the U.S. dollar, particularly since Western countries froze U.S. dollar assets following Russia’s invasion of Ukraine.
According to JPMorgan, central banks purchased over 1,000 tons of gold last year. In June, India’s central bank increased its gold reserves by the largest percentage in nearly two years.
Simultaneously, concerns regarding a potential economic recession persist, which is likely to boost demand for safe-haven assets such as gold and compel the Federal Reserve to further cut interest rates.
Mark Spitznagel, a “black swan” investor and founder and chief investment officer of private hedge fund Universa Investments, stated that a recession is inevitable this year as the largest market bubble in history is on the brink of bursting.
“This time is no different, and anyone who suggests otherwise is not paying attention,” he remarked. “The only distinction is that this bubble is bursting in a way we have never observed before.”
24K99 News: Kursk Explosion, Hamas Members Killed, and Gold Prices Surge
On Saturday, August 17, a huge explosion reverberated over the Kursk Nuclear Power Plant in Russia, coinciding with major developments in the ongoing conflict involving Hamas and increasing speculations around gold prices reaching unprecedented heights.
Israel’s Operation: Two Senior Hamas Members Killed
In a significant military operation, the Israel Defense Forces (IDF) and the Israel Security Agency announced that two senior members of Hamas, Ahmed Abu Ara and Rafet Dawasi, were killed in an airstrike conducted in the Jenin region of the West Bank. This retaliation comes in the wake of a deadly shooting incident in the Jordan Valley that resulted in the death of Israeli man Yonatan Deutsch.
According to Reuters, the Hamas military wing, the Qassam Brigades, expressed condolences for their loss and emphasized that the operation was targeted as a response to violence inflicted upon innocent Palestinians.
Details of the Recent Violence
- On August 11, gunmen opened fire on a main road, killing Deutsch and injuring another.
- Israeli settlers attacked a Palestinian village, resulting in at least one casualty.
- Protests and civil unrest have erupted amidst increasing violence in the West Bank as talks for peace resume in Doha next week.
Escalating Tensions in the Middle East
Since the outbreak of conflict between Israel and Hamas in October 2023, violence has escalated in the West Bank. Israeli military actions and provocations by Jewish settlers have aggravated the situation:
- The Qassam Brigades claimed responsibility for the killing of an Israeli soldier, adding fuel to the ongoing conflict.
- Gaza continues to face the consequences of military actions, including an airstrike on a school sheltering Palestinian displaced persons that reportedly killed at least 90 people.
The situation remains volatile and is likely to draw responses from regional powers such as Iran and its allies, including Hezbollah in Lebanon and Houthi rebels in Yemen.
Explosion Near Kursk Nuclear Power Plant
Simultaneously, at approximately 1:40 a.m. local time on August 18, alarms echoed through the Kursk Nuclear Power Plant area. Witnesses reported hearing multiple explosions following a missile alert.
Details of the Incident
- The city of Kurchatov, situated around 90 km from the border town of Suja, felt the tremors.
- Rosatom, the Russian nuclear energy corporation, informed the United Nations of alleged provocations planned by Ukraine against the nuclear facilities.
- Military activities have raised alarms regarding the safety surrounding these strategically important installations.
Ukraine’s Alleged Provocations
Russian officials, including Alexey Likhachev of Rosatom, claimed to have intelligence indicating that the Ukrainian armed forces were planning attacks on both the Kursk and Zaporozhye nuclear power plants.
This narrative of blame is intensified amidst the ongoing Russia-Ukraine conflict, fueling speculations and fears of a larger confrontation in the region.
Gold Prices Expected to Approach $3,000
In financial markets, gold has emerged as a major topic of discussion following substantial growth in prices. According to Fortune, gold prices have surged over 20% this year, with forecasts indicating they may approach $3,000 per ounce.
Market Dynamics Influencing Gold Prices
The following factors have contributed to the bullish sentiment around gold:
- Projected interest rate cuts by the Federal Reserve, aimed at bolstering the economy amidst recession fears.
- The ongoing conflict in the Middle East and rising geopolitical tensions boosting gold’s appeal as a safe-haven asset.
- Central banks’ increasing demand for gold, particularly from countries diversifying their reserves away from the US dollar.
Recent Price Predictions
| Forecasting Institution | Gold Price Prediction | Key Factors |
|---|---|---|
| Commerzbank Research | $2,600 by mid-2024 | Anticipation of three interest rate cuts |
| TD Securities | $2,700 in upcoming quarters | Prospect of Fed easing monetary policy |
| Patrick Yip (U.S. Precious Metals Exchange) | $3,000 by 2024 | Persisting geopolitical uncertainty |
Conclusion: A Complex Global Landscape
As events continue to unfold in both the Middle East and Eastern Europe, the intertwining of military, economic, and political developments creates a complex global landscape. The repercussions of these situations not only impact local populations but resonate throughout international markets, particularly in safe-haven assets like gold.
For ongoing updates and in-depth analysis on these significant topics affecting worldwide events, keep following 24K99 News.
