This was the first occasion in modern financial history where a manufacturing commodity surpassed a premier technology corporation in worldwide asset rankings.

Global markets confronted a fifth consecutive year of supply shortfalls, intensified by China's strengthening export restrictions scheduled to commence January 1, 2026. Simultaneously, successive interest rate reductions by the US Federal Reserve enhanced the appeal of non-yielding holdings such as precious commodities, driving additional capital flows into the sector.

Silver retreated after securing an all-time high exceeding $80 per ounce on Monday, while gold prices softened from near-record levels as investors locked in gains and geopolitical concerns appeared to ease, Reuters reported. The shift in sentiment curbed the aggressive safe-haven buying that has characterized recent sessions.

Following the extraordinary price appreciation, asset valuations were briefly reorganized across major categories. Gold commands the apex at $31.5 trillion, while silver now registers approximately $4.7 trillion, narrowly exceeding Nvidia's roughly $4.6 trillion valuation. Apple follows at approximately $4.0 trillion, with Alphabet controlling around $3.8 trillion, Microsoft holding approximately $3.6 trillion, and Bitcoin totaling roughly $1.8 trillion.

The metal's advancement to the runner-up slot resulted from a remarkable 170–180% appreciation throughout the calendar year. The commodity functions as a dual-purpose asset, proving indispensable for high-growth manufacturing sectors including photovoltaic panel production, battery-electric vehicle systems, and artificial intelligence data center infrastructure.

Spot gold dropped 1.7% to $4,455.35 per ounce by 1321 GMT, slipping from Friday's record of $4,549.71, while US gold futures for February delivery fell by an identical margin to $4,474.80, according to Reuters.

The pullback was even sharper for other precious metals. Spot silver lost 5.1% to trade at $75.15 per ounce, falling from an intraday peak of $83.62. Reuters noted that this correction comes amidst a broader sell-off in the sector.

Platinum prices slid 6.9% to $2,281.15 per ounce after reaching a record $2,478.50, while palladium experienced a steep decline of 11.9% to $1,694.75 per ounce, the wire service reported.

"This morning's (gold) price decline, which follows record highs, is attributable mainly to traders taking profits ahead of the year-end,"  ActivTrades analyst Ricardo Evangelista was quoted by the outlet.

The analyst further observed that "Tentative optimism from the US administration regarding progress in the Ukraine peace talks also represents a mild headwind."

This sentiment followed comments from US President Donald Trump, who stated on Sunday that he and Ukrainian President Volodymyr Zelenskyy were "getting a lot closer, maybe very close" to a deal to end the conflict, according to Reuters.

Despite the day's losses, bullion has climbed roughly 72% this year, mainly due to factors such as  relaxed US monetary policy, dollar weakness, global friction, and robust central bank purchasing.

Silver has significantly outperformed gold, registering a 181% increase year-to-date. Reuters identified key drivers as its classification as a US critical mineral, persistent supply deficits, and rising appetite from both industrial users and investors.

Attention now turns to the release of the Federal Reserve's December meeting minutes on Tuesday, which investors hope will provide clarity on the interest rate trajectory, the outlet noted.

Traders have currently priced in two rate reductions for the coming year. Reuters explained that assets without yield typically prosper during periods of low interest rates.

"Gold prices are trading at an elevated premium, and downside risks could emerge if a hawkish pivot by the Federal Reserve were to surprise and/or large ETF outflows were to affect the market," UBS analysts said in a note.

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Iranian military officials acknowledged tactical failures during the recent war with Israel while insisting the country's missile capabilities remain largely intact, with a senior Western diplomat stated missile sites may now be relocated deeper into eastern Iran for protection. "If we keep. "We did not think that they would target our commanders and scientists in their own homes along with their families. We miscalculated and admit that we were wrong,"  Mohammad Reza Naghdi, a Revolutionary Guards deputy commander said. Despite strikes that killed dozens of senior commanders, Naghdi claimed "Israel has not destroyed even 3% of our missile launchers," the Financial Times reported.

The Revolutionary Guards recently staged a public weapons exhibition at Tehran's National Aerospace Park, displaying ballistic missiles, hypersonic systems, and attack drones. The display sought to project military strength and reassure citizens following the 12-day war with Israel and the US that exposed significant vulnerabilities. Israeli strikes killed dozens of senior commanders and nuclear scientists, while over 1,000 people died in Iran, according to the Financial Times. Tehran argues its massive missile response forced the conflict to halt.

A 35-year-old accountant named Nasrin stopped before a Sejjil ballistic missile, remembering social media images of the weapon soaring through skies during fighting, the Financial Times reported. "Thanks to these missiles, the US and Israel knelt down before us," she remarked. "Without them, Iran would have become like Gaza."

Last month's presentation formed part of a campaign to convey strength following a war inflicting severe damage on the Islamic republic – and to assure citizens the nation remains combat-ready should necessity arise, according to the Financial Times.

Brigadier General Ali Balali of the Islamic Revolutionary Guard Corps, serving as exhibition director, told attendees: "People are seeing these missiles and drones up close, and realise they're locally made weapons to defend the homeland," the Financial Times reported. "Our capabilities place us within the club of nations known for significant missile development."

During months following the 12-day conflict, wherein the US briefly participated before negotiating a ceasefire, numerous Iranians describe existing in a state of "no war, no peace," according to the Financial Times. Iran has prohibited UN inspectors from accessing its most sensitive nuclear installations, which sustained US bombing, and has reached deadlock with Washington over resuming atomic energy program talks, the Financial Times reported. European powers have additionally reimposed sanctions.

These developments have produced mounting anxiety within Iran that renewed combat may prove inevitable rather than hypothetical, according to the Financial Times. "Our missile capability must continue to grow," stated Sara, a 19-year-old psychology student at the aerospace park. "The war could resume at any moment."

Officials insist Iran's military preparedness undergoes swift restoration, the Financial Times reported. Yet the exhibition also represented an attempt to shift public narrative away from vulnerabilities exposed during combat, when Israeli forces eliminated dozens of senior commanders and nuclear scientists in a devastating opening assault. Iranian authorities reported casualties exceeding 1,000.

By launching what it describes as more than 600 missiles in retaliation – the most extensive bombardment Israel has confronted in its history – Tehran argues it compelled the war to cease, the Financial Times reported.

Iranian officials contend the war should be assessed not solely by deaths but by financial costs Israel and the US incurred intercepting relatively inexpensive Iranian munitions and executing long-range aerial operations, including with expensive precision guided missiles, the Financial Times reported.

Shahed drones, utilized by Russia in its Ukraine war, received prominent display, alongside multiple other drones reverse engineered from US and Israeli models Iran captured, the Financial Times reported. Still, the Islamic republic has also sought to address its shortcomings. Domestically-manufactured radar systems failed to prevent Israeli jets and drones from striking Tehran. In recent YouTube interviews with hardline director Javad Mogouei, ministers and military commanders admitted Israeli tactics caught them unprepared.

"We were taken by surprise by the way the enemy operated," stated Mohammad Reza Naghdi, a Revolutionary Guards deputy commander during the war, according to the Financial Times. "We did not think that they would target our commanders and scientists in their own homes along with their families. We miscalculated and admit that we were wrong."

The most embarrassing moment occurred with Hamas political chief Ismail Haniyeh's assassination in Tehran in July 2024, when Iran declined to retaliate against Israel, the Financial Times reported. Officials now acknowledge this reflected not strategic restraint but an uncomfortable reality: Tehran recognized it lacked sufficient capabilities to respond effectively and required time for rebuilding.

Brigadier General Ali Mohammad Naeini, spokesperson for the Islamic Revolutionary Guard Corps, informed Mogouei that Iran had worked to improve the accuracy and effectiveness of its missiles during subsequent months, according to the Financial Times.

"We are working around the clock to reach a new level of readiness," Naeini declared. "Without long-range ballistic missiles, this war would have lasted eight years [like the war with Iraq], not 12 days. It would have taken us a year, not hours, to go on the offensive."

A senior Western diplomat in Tehran stated missile sites may now relocate deeper into eastern Iran – farther from Israeli and American aircraft – for enhanced protection, the Financial Times reported. "If we keep the enemy's targets beyond its access, there won't be another war," Naghdi stated. "Their costs must exceed their achievements."

Western diplomats are also monitoring for indications whether the republic seeks foreign assistance to rebuild its military strength, the Financial Times reported. The critical question, as one expressed it, involves whether nations like Russia, China and Pakistan are offering support to Iran.

For many aerospace park visitors, the conclusion proved evident: Iran's future depended not merely on protecting but strengthening its weapons program, according to the Financial Times. "If we put aside our missile programme, we will be attacked more severely next time," stated Keyvan, a 27-year-old computer engineer. "After the war, we realise more than ever how invaluable these missiles are."

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Modern Ukrainian contrasts. Some save a camel, others repair equipment… pic.twitter.com/iAKkiYLO5Y

— MAKS 25 (@Maks_NAFO_FELLA) October 27, 2025

 In the video, released by one of the Ukrainian army units, Ukrainian army fighters can be seen standing next to a damaged M-113 APC that was hit and working to repair it. A few seconds after the video starts, a white pickup truck arrives from the front, carrying several more fighters, with a two-humped camel walking behind it, tied with a rope.

The unit that posted the video explained the camel was taken from a Russian position captured in a Ukrainian attack and that the animal, which is not found in the plains of eastern Ukraine, was wandering confused near the position. Russian army forces are known to use animals for transport or mobility purposes for fighters, as their units struggle increasingly with shortages of motorized vehicles damaged by Ukrainian fire. In the past, videos were released of Russian soldiers using horses, mules, and donkeys to move around the combat zone, which is full of mines and subject to constant threat from Ukrainian drones.

Bactrian camel somewhere in Russia or eastern Ukraine. pic.twitter.com/trbcEZVqDz

— History of Khorâsân and the Persianate World (@BiruniKhorasan) December 15, 2024

 The two-humped camel, or Bactrian camel by its scientific name, is a beast of burden domesticated in the deserts of Central Asia, and its thick fur provides protection not only from the heavy heat prevailing in the deserts during summer months but also from the cold and snows of winter. These camels can easily withstand the harsh Ukrainian winter and can carry a large amount of equipment.

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According to the US Treasury Department, the move is intended to strike the heart of the Russian economy and pressure the Kremlin to return to the negotiating table, due to "Russia's lack of serious commitment to a peace process to end the war in Ukraine."

"This is the most severe action taken since President Donald Trump assumed office," the Treasury said in a statement, explaining that the sanctions aim to "Increase pressure on Russia's energy sector and degrade the Kremlin's ability to raise revenue for its war machine and support its weakened economy."

"Now is the time to stop the killing and for an immediate ceasefire," said Secretary of the Treasury Scott Bessent. "Given President Putin's refusal to end this senseless war, Treasury is sanctioning Russia's two largest oil companies that fund the Kremlin's war machine. Treasury is prepared to take further action if necessary to support President Trump's effort to end yet another war. We encourage our allies to join us in and adhere to these sanctions."

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A FIFA investigation was launched last year regarding claims of discrimination by the Palestinian soccer Association against the Israeli association. FIFA is also investigating whether teams from Israeli settlements in the West Bank playing in Israeli competitions violate its rules. FIFA President Gianni Infantino has a close relationship with US President Donald Trump and regularly visits the White House, as reported by Sky News. Infantino, who was in New York for the UN General Assembly this week, referenced the war during a speech about a "divided world, in an aggressive world," after receiving an award.

Referencing the difficulty of sanctioning countries, Infantino said there are 80 ongoing conflicts. He added, "I suffer when I see children suffer. I cry when I see mothers crying, whether it's in Gaza... anywhere in the world." Sky News reported yesterday that European soccer officials are holding high-level talks about a possible ban, though no decision has been reached. Officials have debated why Russia remains banned for the war in Ukraine, yet Israel can still play in European competitions. UEFA, the European soccer federation where Israel plays and through which it would try to qualify for the tournament, previously said the conflicts started differently, with Russia's unprovoked invasion and Israel's response to the October 7, 2023, Hamas attacks. However, a UN commission has since accused Israel of committing genocide in Gaza, which Israel denies, leading to UN advisers calling for Israeli teams to be expelled.

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He made the remark in response to a reporter's question during a meeting with Ukrainian President Volodymyr Zelenskyy on the sidelines of the UN General Assembly in New York.

Later, in a post on his social media platform following the meeting, Trump wrote that he believes Ukraine can win the war against Russia.

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The Krishi refinery, located deep inside Russian territory near St. Petersburg, was hit during the night, with large flames rising from the damaged industrial complex. A urea production plant was also struck, and a fuel train was attacked near St. Petersburg, apparently as part of Ukrainian sabotage operations.

In less than a month and a half, Ukraine has carried out 17 attacks against 12 refineries across Russia. Together, those facilities account for 45% of Russia's fuel production. Analysts believe that between one-fifth and one-quarter of the country's refining capacity has been knocked out, causing billions of dollars in losses to the Russian economy and to Moscow's war effort. Ukraine has also targeted related infrastructure, including oil pipelines, transfer terminals and rail networks.

While Russia regularly strikes Ukraine's civilian infrastructure in an effort to hinder the country's defense industry and lower public morale, Kyiv has chosen to focus on Russia's oil sector, the biggest source of revenue for President Vladimir Putin's regime.

The toll of Ukraine's campaign is already being felt in Russia, where long lines have formed at gas stations in several major regions. In some places, fuel prices have jumped by dozens of percentage points at the few stations where supplies remain.

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The police were called to the scene due to a complaint about a "rampaging man" at the station. They found the suspect in a state of intoxication, which led them to the girl's body. Area residents described him to Bild as "a terrible person, completely insane."

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The Zaporizhzhia facility, which ranks as Europe's biggest nuclear plant and among the world's 10 largest, has remained under Russian control since March 2022. International Atomic Energy Agency personnel stationed at the site heard the blasts and witnessed smoke rising from the targeted area, according to Director General Rafael Mariano Grossi's statement to The Kyiv Independent.

Staff members at the nuclear complex informed the IAEA team that the auxiliary facility sustained damage from the bombardment, which coincided with military operations that agency personnel could hear from their position. The attacked buildings sit approximately 1,200 meters (0.75 miles) from the plant's main perimeter, yet smoke from the strike zone remained visible to monitors throughout the afternoon hours.

"Any attack in the vicinity of a nuclear power plant – regardless of the intended target – poses potential risks also for nuclear safety and must be avoided," Grossi stated, according to The Kyiv Independent. The IAEA chief emphasized the ongoing dangers, declaring that "once again, I call for maximum military restraint near nuclear facilities to prevent the continued risk of a nuclear accident."

The Saturday incident represents the most recent in a series of concerning developments that underscore the persistent nuclear safety threats arising from Russia's military campaign against Ukraine. The facility has experienced multiple security breaches and power disruptions since falling under Russian occupation more than two years ago.

Meanwhile, satellite imagery analysis suggests Russian forces are constructing new electrical infrastructure that could connect the Zaporizhzhia plant to Russia's power grid. The New York Times reported in May, citing a Greenpeace investigation, that Russian personnel have installed over 80 kilometers (50 miles) of high-voltage transmission lines along the Sea of Azov coastline since February 2025.

The newly constructed power lines connect the occupied cities of Mariupol and Berdyansk, according to the Greenpeace report cited by The New York Times. Nuclear energy experts believe this construction aims to link these transmission systems to a major electrical substation near Mariupol, which could then channel power from the Zaporizhzhia facility located approximately 225 kilometers (140 miles) away.

The potential connection would enable Russia to redirect Ukrainian nuclear-generated electricity into its own national grid, effectively appropriating the energy production from Ukraine's most significant atomic facility.

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Subkh welcomes what he calls a "positive change" in Israel's position. "We are grateful to Minister Sa'ar for condemning Russian attacks against civilians at the press conference," he said, noting this was the first time a senior Israeli official at such a level explicitly named Russia in this context. "We hope Israel will voice its position more strongly regarding the crimes being committed by Russia on Ukrainian territory, preferably by the highest-ranking officials."

The triangular relationship between Israel-Ukraine-Russia has not changed much during the war. Israel seeks to maintain correct relations with Moscow to protect its interests and strengthen or distance them according to global developments, while it openly supports Ukraine's territorial integrity but refrains from sending, selling, or transferring Israeli weapons through third parties to Kyiv. "Israel maintains direct dialogue with Moscow," Subkh said, recalling Israel's participation in the Victory Parade on May 9 – "We were not pleased with the participation," he admitted.

However, Subkh expresses appreciation for Israeli humanitarian aid. "During the conversation, Minister Sa'ar noted that MASHAV (the Center for International Cooperation at the Israeli Foreign Ministry) has only two aid targets – the Druze in Syria and Ukraine. This proves Ukraine holds a special place," he said, adding that Sa'ar announced water systems for southern regions affected by the war, following the transfer of warning systems and the field hospital that operated in the country throughout the war.

Last weekend, Russia launched 235 drones and 27 missiles in a massive attack on the city of Dnipro and its surrounding region, killing three civilians and wounding six. "A terrible night. A massive combined attack on the region," the regional governor wrote on Telegram, alongside photos of destroyed buildings and burned cars. The nighttime alerts and attacks are a reality for a long line of cities across Ukraine, including the capital Kyiv. Additional air defense systems are at the top of Ukraine's current priority list for military aid. "We desperately need to defend our skies. There is no safe place in Ukraine right now," Subkh emphasized in the interview. He clarified that Ukraine is prepared to purchase defense systems with full payment – "We are not asking for them for free. We have our own funding."

He also addressed reports about Patriot systems returned to the US from Israel – and then transferred to Kyiv. "There was so much commotion in the media around this issue," Subkh said, adding, "It's incorrect to think Israel supplies the necessary equipment directly to Ukraine. Partners are willing to facilitate equipment supply." Particularly interesting to Kyiv are Israeli technologies against drones – "Certain types of technologies Israel has, we urgently need them."

Although Israel has refused so far to transfer weapons to Kyiv, it agreed to launch a "strategic dialogue on the Iranian threat" – a move that could lead to intelligence and technological collaboration in the future. "There is a need to establish a communication line between Ukraine and Israel on the Iranian threat," Subkh explained. "You have a lot of information, sometimes unique, about Iran. We also have important information that could help Israel in dealing with the Iranian threat." Both sides agreed to establish a joint working group comprising representatives from various government ministries to monitor the process and foster cooperation.

Ukrainian intelligence across its various bodies has demonstrated impressive capabilities throughout the war, including complex operations deep in Russian territory, involving assassinations of senior officials, and, of course, the drone operation that severely damaged Moscow's strategic bomber fleet. Additionally, they have struck Russian forces and their allies worldwide in Syria, Sudan, and West Africa.

Subkh views the Israeli strike on Iranian capabilities very positively. "Apparently, the US and Israeli attacks against Iranian nuclear facilities threw the Iranian program back for a long period," he said, adding, "This is positive, I hope." When asked whether the damage to Iran's military capabilities will reduce supply to Russia, he responds confidently, "I believe so." According to him, "The less Russia depends on Iranian military equipment, the weaker Russia becomes," which is why Moscow turned to North Korea – "to compensate for what it doesn't receive from Iran."

The Ukrainian diplomat does not spare harsh criticism of Iran. "Iran is a partner in the crime of aggression against Ukraine because Iran supplies drones and drone technologies to Russia," he accused. "We have never heard from the Iranian government statements saying they condemn or at least oppose the use of Iranian drone technologies or Iranian-made drones against Ukraine. They have never done this, despite being able to."

He added that "I think the Iranian people deserve a better future, they are not satisfied with the regime they have. I don't think any nation would be happy to live under severe sanctions for decades." He added that he believes "positive changes might also happen in Iran."

The war in Ukraine has become a perfect example of the new warfare era – the drone age. From observation to attack, from intercepting UAVs to complex missions, drones have become a central tool on the battlefield. Against this backdrop, President Zelenskyy presented Minister Sa'ar with a cooperation proposal. "Israel can join our programs and benefit from Ukraine's extensive knowledge and expertise in drone production," Subkh recounted. "We have unique knowledge and experience; what's missing is funding," adding that Kyiv is also open to the possibility of drone production taking place outside Ukraine.

Regarding Gaza, Subkh presents the official Ukrainian position. "The humanitarian situation in Gaza is very serious," he said, noting that Ukraine supplied the Strip with at least 7,000 tons of grain and wheat as part of the "Grain from Ukraine" program. Kyiv supports increasing humanitarian aid to the Strip, a position that aligns with that of the European Union. In the same breath, he emphasized, "We condemn everything Hamas did and does, and we do not see Hamas as part of Gaza's future."

Outside the magnificent building of the Ukrainian Foreign Ministry, which was home to the headquarters of Ukraine's Communist Party before the USSR's collapse, a funeral is taking place for a senior commander killed in battle. Two long rows of officers and comrades-in-arms escort his coffin into the cathedral, passing by, kneeling. For now, Ukraine is "holding the line," but is also desperately calling for help.

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