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By Gregor Stuart Hunter SINGAPORE (Reuters) -The U.S. dollar surged to its strongest level against the yen in almost eight months in Asian trading on Wednesday as risks around the U.S. government shutdown intensified and traders tried to gauge the extent of fresh fiscal stimulus from Japan, boosting demand for assets considered to be safer havens. Against the yen, the dollar traded up as much as 0.5% at 152.6400 yen, its firmest since February 14, as investors weigh up the impact of Sanae Takaichi's economic policy settings. Takaichi, who surprised markets by winning the ruling party's leadership election over the weekend and is expected to become Japan's next prime minister, has left investors wondering whether the protégé of the late Shinzo Abe could usher in similar stimulus policies that may boost stocks but leave the yen fragile. "While the economic case for tighter monetary policy remains intact, we suspect that the Bank of Japan will use the pressure by Japan’s incoming government as an opportunity to delay rate hikes until January," analysts from Capital Economics wrote in a research report. The kiwi dollar tumbled as much as 1% to lows of $0.5739 after the Reserve Bank of New Zealand surprised the market with a larger-than-expected 50-basis-point interest rate cut and flagged more easing ahead following the recent deterioration in economic data. "The market only had a 30% chance of the RBNZ cutting by 50 basis points today," said Joseph Capurso, head of FX, international and geoeconomics research at Commonwealth Bank of Australia, which had correctly anticipated a 50 bps. "It was inevitable that the kiwi was going to fall." The Australian dollar slipped 0.4% to a low of $0.6558 as the volatility in the kiwi spilled over across the Tasman Sea. "This is a clear attempt from the RBNZ to get ahead of the curve and deliver some ‘shock therapy’ to business and consumer confidence," said Mike Jones, chief economist at Bank of New Zealand in Auckland. "It seems unlikely the RBNZ will stop at 2.50%, so wholesale interest rates look set to remain under pressure and that will probably cap any gains in the NZ dollar in the short-term." The dollar index, which measures the greenback's strength against a basket of six currencies, rose as much as 0.4% to 98.9320, its highest level since August 5, as U.S. President Donald Trump threatened to carry out mass firings of federal workers. With the shutdown entering its second week, the probability of an end to the standoff within the next week stands at 25%, according to the betting site Polymarket.Precious metals markets recorded fresh highs as investors sought safe havens, with spot gold prices breaching the $4,000 per ounce milestone for the first time."Uncertainty about the global economy is one of the main drivers, and the U.S. government shutdown isn't exactly helping sentiment, either," analysts from ING wrote in a research note. Demand for less risky assets pushed the yield on the benchmark 10-year Treasury bond slightly lower to 4.1229%, compared with the U.S. close of 4.127% on Tuesday. The Federal Reserve is still widely expected to lower interest rates later this month, with Fed funds futures implying a 94.6% probability of a 25-bps cut, according to the CME Group's FedWatch tool. The euro stood at $1.1617, down 0.4% in Asian hours, while sterling was at $1.33885, off 0.3%. The offshore yuan fetched 7.1466 yuan per dollar, unchanged compared with the previous session. (Reporting by Gregor Stuart Hunter; Editing by Shri Navaratnam, Christian Schmollinger and Kim Coghill)

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By Hannah Lang and Elizabeth Howcroft NEW YORK/PARIS (Reuters) -A race by crypto companies to sell tokens pegged to stocks is raising alarm bells among traditional financial firms and regulatory experts who warn that the fast-growing novel products pose risks to investors and market stability. Buoyed by President Donald Trump's pro-crypto stance and his administration's push for friendly regulations, the crypto industry is rushing to capitalize on a global surge in enthusiasm for the sector.  Robinhood, Gemini and Kraken among others have launched tokenized stocks in Europe, while Coinbase, Robinhood and startup Dinari are seeking approval to launch similar products in the United States. Nasdaq, meanwhile, last month became the first major exchange to propose offering tokenized shares.  The industry says tokenized shares — blockchain-based instruments that track traditional equities — could revolutionize stock markets by allowing shares to be traded 24/7 and settled instantly, boosting liquidity and reducing transaction costs. The combined value of tokenized public stocks geared toward retail investors as of September grew to $412 million, compared with just a few million dollars 12 months ago, according to tokenization tracker RWA.xyz. Although many products are marketed like stocks, they rarely offer the same rights, disclosures and protections as traditional equities. Instead, they more closely resemble riskier derivatives, according to a Reuters review of several products and interviews with a dozen industry executives and legal experts. That increases the hazards for investors, while tokenization more broadly could undermine market integrity and fragment liquidity if left unsupervised, critics say. "You're buying exposures to those shares through creating some sort of synthetic instrument," said Diego Ballon Ossio, a partner at law firm Clifford Chance in London. "A lot of the burden gets shifted on you to understand what exactly it is that you're buying." A few companies have issued their own experimental stock tokens on the blockchain – software that acts as a shared digital ledger – but most tokenized shares are pegged to public companies and issued by third parties like Ondo Global Markets and Dinari. Some tokens are backed 1:1 by underlying stocks, while others provide economic exposure through derivatives.  The industry is divided over which regulations apply to stock tokens, and investor rights and protections vary. Often, the products provide no ownership, voting rights or traditional dividends, while creating counterparty risk exposure to the token issuer.  For example, there are multiple tokens pegged to Nvidia and Tesla with a range of structures and terms and conditions. "The fact that different tokenized offerings have different rights and different disclosures … that's a real big worry," said Gabriel Otte, CEO of Dinari, which offers 1:1 collateralization.  Robinhood in June launched trading in tokens pegged to public companies and said it plans to offer tokenized stocks of private companies. To promote the launch, it gave away tokens pegged to OpenAI. Those tokens are derivative contracts backed by Robinhood's ownership of fund units in a special-purpose vehicle that holds OpenAI convertible notes, according to its terms and conditions. The announcement drew pushback from OpenAI, which said it had not blessed the offering. It also prompted scrutiny from Robinhood's European regulator. Johann Kerbrat, general manager of Robinhood Crypto, said the company clearly flags that its tokens are derivatives. "It's just one step forward to be able to have the benefits of no longer having multiple days to settle," he added.  While Robinhood is issuing public company tokens on the blockchain, it is not yet settling the trades on the blockchain, a spokesperson said. Gemini declined to comment. CORE INVESTOR PROTECTIONS In Europe, Robinhood, Kraken and others operate under the "MiFID" derivatives rules but some legal experts say that law is insufficient to oversee the novel products. Trump's crypto-friendly chair of the U.S. Securities and Exchange Commission, Paul Atkins, has indicated the agency plans to grant would-be issuers exemptions from securities rules.  That plan is facing opposition from powerful Wall Street players including Citadel Securities and the Securities Industry and Financial Markets Association, which say such major structural changes should go through a formal rulemaking process.  "Just because a security is represented on blockchain, that doesn't change the core investor protections and other provisions that apply to securities," said Peter Ryan, head of international capital markets at SIFMA.  In a July letter to the SEC, Citadel Securities raised concerns that tokenization would siphon liquidity away from public markets.  Spokespeople for the SEC declined to comment, while Citadel Securities did not provide comment beyond the letter.  A spokesperson for the European Securities and Markets Authority, which helps oversee MiFID, said it was aware of the potential risks of tokenization and was monitoring developments.  The World Federation of Exchanges recently urged regulators to crack down on tokenization, citing insufficient investor protections and liquidity fragmentation, although the group told Reuters it supports Nasdaq's proposal because it would treat tokens like traditional stocks. Coinbase is also in talks with the SEC about launching tokenized securities that would similarly grant investors the full legal rights and benefits associated with conventional stocks, according to a source familiar with the matter. Other issuers said they hew closely to traditional securities, anti-money laundering, bankruptcy protections and other rules.  Mark Greenberg, Kraken's global head of consumer, said the company offered the "gold standard" including 1:1 collateralization and investor disclosures, while dismissing derivative offerings as "IOUs." "Done right, tokenization enhances investor protections, rather than eroding them," said Ian De Bode, chief strategy officer at Ondo Finance.  (Reporting by Hannah Lang in New York and Elizabeth Howcroft in Paris; Editing by Michelle Price and Matthew Lewis)

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By Hannah Lang and Elizabeth Howcroft NEW YORK/PARIS (Reuters) -A race by crypto companies to sell tokens pegged to stocks is raising alarm bells among traditional financial firms and regulatory experts who warn that the fast-growing novel products pose risks to investors and market stability. Buoyed by President Donald Trump's pro-crypto stance and his administration's push for friendly regulations, the crypto industry is rushing to capitalize on a global surge in enthusiasm for the sector.  Robinhood, Gemini and Kraken among others have launched tokenized stocks in Europe, while Coinbase, Robinhood and startup Dinari are seeking approval to launch similar products in the United States. Nasdaq, meanwhile, last month became the first major exchange to propose offering tokenized shares.  The industry says tokenized shares — blockchain-based instruments that track traditional equities — could revolutionize stock markets by allowing shares to be traded 24/7 and settled instantly, boosting liquidity and reducing transaction costs. The combined value of tokenized public stocks geared toward retail investors as of September grew to $412 million, compared with just a few million dollars 12 months ago, according to tokenization tracker RWA.xyz. Although many products are marketed like stocks, they rarely offer the same rights, disclosures and protections as traditional equities. Instead, they more closely resemble riskier derivatives, according to a Reuters review of several products and interviews with a dozen industry executives and legal experts. That increases the hazards for investors, while tokenization more broadly could undermine market integrity and fragment liquidity if left unsupervised, critics say. "You're buying exposures to those shares through creating some sort of synthetic instrument," said Diego Ballon Ossio, a partner at law firm Clifford Chance in London. "A lot of the burden gets shifted on you to understand what exactly it is that you're buying." A few companies have issued their own experimental stock tokens on the blockchain – software that acts as a shared digital ledger – but most tokenized shares are pegged to public companies and issued by third parties like Ondo Global Markets and Dinari. Some tokens are backed 1:1 by underlying stocks, while others provide economic exposure through derivatives.  The industry is divided over which regulations apply to stock tokens, and investor rights and protections vary. Often, the products provide no ownership, voting rights or traditional dividends, while creating counterparty risk exposure to the token issuer.  For example, there are multiple tokens pegged to Nvidia and Tesla with a range of structures and terms and conditions. "The fact that different tokenized offerings have different rights and different disclosures … that's a real big worry," said Gabriel Otte, CEO of Dinari, which offers 1:1 collateralization.  Robinhood in June launched trading in tokens pegged to public companies and said it plans to offer tokenized stocks of private companies. To promote the launch, it gave away tokens pegged to OpenAI. Those tokens are derivative contracts backed by Robinhood's ownership of fund units in a special-purpose vehicle that holds OpenAI convertible notes, according to its terms and conditions. The announcement drew pushback from OpenAI, which said it had not blessed the offering. It also prompted scrutiny from Robinhood's European regulator. Johann Kerbrat, general manager of Robinhood Crypto, said the company clearly flags that its tokens are derivatives. "It's just one step forward to be able to have the benefits of no longer having multiple days to settle," he added.  While Robinhood is issuing public company tokens on the blockchain, it is not yet settling the trades on the blockchain, a spokesperson said. Gemini declined to comment. CORE INVESTOR PROTECTIONS In Europe, Robinhood, Kraken and others operate under the "MiFID" derivatives rules but some legal experts say that law is insufficient to oversee the novel products. Trump's crypto-friendly chair of the U.S. Securities and Exchange Commission, Paul Atkins, has indicated the agency plans to grant would-be issuers exemptions from securities rules.  That plan is facing opposition from powerful Wall Street players including Citadel Securities and the Securities Industry and Financial Markets Association, which say such major structural changes should go through a formal rulemaking process.  "Just because a security is represented on blockchain, that doesn't change the core investor protections and other provisions that apply to securities," said Peter Ryan, head of international capital markets at SIFMA.  In a July letter to the SEC, Citadel Securities raised concerns that tokenization would siphon liquidity away from public markets.  Spokespeople for the SEC declined to comment, while Citadel Securities did not provide comment beyond the letter.  A spokesperson for the European Securities and Markets Authority, which helps oversee MiFID, said it was aware of the potential risks of tokenization and was monitoring developments.  The World Federation of Exchanges recently urged regulators to crack down on tokenization, citing insufficient investor protections and liquidity fragmentation, although the group told Reuters it supports Nasdaq's proposal because it would treat tokens like traditional stocks. Coinbase is also in talks with the SEC about launching tokenized securities that would similarly grant investors the full legal rights and benefits associated with conventional stocks, according to a source familiar with the matter. Other issuers said they hew closely to traditional securities, anti-money laundering, bankruptcy protections and other rules.  Mark Greenberg, Kraken's global head of consumer, said the company offered the "gold standard" including 1:1 collateralization and investor disclosures, while dismissing derivative offerings as "IOUs." "Done right, tokenization enhances investor protections, rather than eroding them," said Ian De Bode, chief strategy officer at Ondo Finance.  (Reporting by Hannah Lang in New York and Elizabeth Howcroft in Paris; Editing by Michelle Price and Matthew Lewis)

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By Brijesh Patel and Anushree Mukherjee (Reuters) -Gold pushed through $4,000 an ounce to hit a record on Wednesday, driven by investors seeking safety from mounting economic and geopolitical uncertainty, alongside expectations of further interest rate cuts by the U.S. Federal Reserve. Spot gold was up 0.7% at $4,011.18 per ounce by 0300 GMT. U.S. gold futures for December delivery gained 0.7% to $4,033.40 per ounce. Traditionally, gold is seen as a store of value during times of instability. Spot gold is up 53% year-to-date after rising 27% in 2024. "There's so much faith in this trade right now that the market will look for the next big round number which is 5,000 with the Fed likely to continue to lower rates," said Tai Wong, an independent metals trader. "There will be some bumps in the road like a lasting truce in the Mideast or Ukraine but the fundamental drivers of the trade, massive and growing debt, reserve diversification, and a weaker dollar are unlikely to change in the medium term." The metal's rally has been driven by a cocktail of factors, including expectations of interest rate cuts, ongoing political and economic uncertainty, solid central bank buying, inflows into gold exchange-traded funds and a weak dollar. The U.S. government shutdown entered its seventh day on Tuesday. The shutdown has postponed the release of key economic indicators from the world's biggest economy, forcing investors to rely on secondary, non-government data to gauge the timing and extent of Fed rate cuts. Investors are now pricing in a 25-basis-point cut at the Fed meeting this month, with an additional 25-bp cut anticipated in December. "Rising uncertainty levels tend to fuel gains in the gold price and we are seeing this theme play out again," said KCM Trade Chief Market Analyst Tim Waterer. "Market dynamics of lower U.S. interest rates and the ongoing government shutdown are still working in favour of gold. But the temptation to take profits around the $4,000 mark pose a potential short-term risk." A "fear of missing out" is also boosting the rally, analysts say. Additionally, political turmoil in France and Japan has also boosted demand for the safe-haven bullion. "The latest leg higher has been sparked by the election of Sanae Takaichi over the weekend and the prospect of deeper deficit spending in Japan. That itself ties into a key theme at the moment: the 'run it hot' trade," said Capital.com analyst Kyle Rodda. Analysts expect strong inflows into exchange-traded funds backed by physical gold, central bank buying and the prospect of lower U.S. interest rates to support gold prices in 2026, prompting Goldman Sachs and UBS to raise their price outlooks. In other precious metals markets, spot silver rose 1.3% to $48.42 per ounce, platinum gained 2.5% to $1,658.40 and palladium climbed 1.8% to $1,361.89. (Reporting by Anushree Mukherjee, Brijesh Patel and Anmol Choubey in Bengaluru; Editing by Sriraj Kalluvila and Christian Schmollinger)

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By Jeslyn Lerh SINGAPORE (Reuters) -Oil prices rose on Wednesday as investors brushed off oversupply fears, having digested a decision earlier by OPEC+ to restrain production increases next month. Brent crude futures rose 48 cents, or 0.7%, to $65.93 a barrel by 0400 GMT. U.S. West Texas Intermediate crude climbed 51 cents, or 0.8%, to $62.24. The benchmarks settled broadly flat in the previous session as investors weighed signs of a supply glut against a smaller-than-expected increase to November output from the Organization of the Petroleum Exporting Countries and affiliates. "The market is in price limbo, with one side bent towards a possible supply glut and the other believing the ramp-up will not be as fast as anticipated," said Emril Jamil, a senior analyst at LSEG Oil Research. Prices are trading higher for now as some traders are holding long positions, or bets that prices will rise, on continued efforts to curb Russian crude flows, Jamil added. OPEC+ had opted for a rise of 137,000 barrels a day, the lowest amount among options the group discussed at the weekend. "Until the physical market shows signs of softening via rising inventories, investors are likely to discount the impact of the production increases," ANZ analysts said on Wednesday. Price gains are however capped as fears of Russian supply disruption eased, with crude oil shipments holding close to a 16-month high over the past four weeks, the ANZ analysts said. Investors are also awaiting U.S. inventory data from the Energy Information Administration later on Wednesday. On Tuesday, sources American Petroleum Institute figures said U.S. crude stocks rose by 2.78 million barrels in the week ended October 3. Conversely, gasoline and distillate inventories fell, the sources said, citing the API data. Meanwhile, U.S. oil production is likely to set a larger record this year than previously expected, the EIA said on Tuesday. (Reporting by Jeslyn Lerh; Editing by Christopher Cushing and Christian Schmollinger)

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By Francesco Guarascio and Phuong Nguyen HANOI (Reuters) -Honda's dominance of Vietnam's motorbike market is under threat as Hanoi pushes for a rapid switch to electric vehicles in a boost to local EV maker VinFast, according to industry data and the findings of a consumer survey. Vietnam's Prime Minister Pham Minh Chinh issued a directive in July that bans after 12 months fossil-fuel-powered motorbikes from the centre of the capital Hanoi and extends the scope of the ban from 2028. Honda and other motorbike makers have written to authorities criticising the changes as being too fast, according to two people with direct knowledge of the matter. The Japanese company's sales in Vietnam fell by nearly 22% in August from July, a 13% drop on the year, after the government's ban was announced, industry data showed. Partly in response to the government's policies, residents of Hanoi and Ho Chi Minh City, Vietnam's two largest cities, plan to choose an electric model for their next motorbike purchase, according to a survey conducted in September by market research firm Asia Plus Inc.  Representatives for Honda in Vietnam did not reply to requests for comment. The Vietnamese ministry responsible for transport did not reply to a request for comment but the government has said the new measures were needed to address air pollution in Hanoi, which at times tops the list of the world's most polluted cities.   LION'S SHARE OF THE MARKET Vietnam's two-wheeler market stands at $4.6 billion in 2025 and is projected to reach $6 billion by 2030, according to market research firm Mordor Intelligence. Petrol motorbikes dominate Vietnam's market, one of the world's largest. Honda sold 2.6 million vehicles in the country last year, more than 80% of the total. VinFast said it delivered 71,000 electric motorbikes. Honda, the world's largest manufacturer of motorbikes, is also producing electric models but it is not clear how many it sells in Vietnam. Of the 200 people polled in the survey, 54% said they would choose an electric motorbike for their next purchase, and only 24% would opt for a gasoline model. The main reason given for preferring an electric option was the government's policies to endorse EVs. In Hanoi, the share of interviewees saying they would choose an electric motorbike was 60%. Half of the poll respondents said they would consider buying a Honda motorbike and 32% said they would opt for a VinFast model. More than 80% said they already owned a Honda vehicle and 4% said they had a VinFast motorbike. "The rapid policy support, including phased bans, incentives, and public messaging, has significantly shaped consumer attitudes and could accelerate a market shift faster than traditional manufacturers anticipated," said Kengo Kurokawa, the head of Asia Plus. (Reporting by Francesco Guarascio; Additional reporting by Phuong Nguyen in Hanoi and Daniel Leussink in Tokyo; Editing by Muralikumar Anantharaman)

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(Reuters) -Gold surged above $4,000 an ounce to hit a record on Wednesday, driven by investors seeking safety from mounting economic and geopolitical uncertainty, alongside expectations of further interest rate cuts by the U.S. Federal Reserve. Bullion, which typically performs well when interest rates are low, has risen 52% this year, which in addition to geopolitical and economic uncertainty has been driven by central bank buying, monetary policy easing and a weaker dollar. Here are the different ways to invest in gold:   SPOT MARKET  Large buyers and institutional investors usually buy gold from big banks. Prices in the spot market are determined by real-time supply and demand dynamics.  London is the most influential hub for the spot gold market, largely because of the London Bullion Market Association. The association sets standards for gold trading and provides a framework for the over-the-counter market, facilitating trades among banks, dealers, and institutions. China, India, the Middle East and the United States are other major gold trading centres.  FUTURES MARKET  Investors can also get exposure to gold via futures exchanges, where people buy or sell a particular commodity at a fixed price on a particular date in the future. COMEX (Commodity Exchange Inc), part of the New York Mercantile Exchange, is the largest gold futures market in terms of trading volumes.  The Shanghai Futures Exchange, China's leading commodities exchange, also offers gold futures contracts. The Tokyo Commodity Exchange, popularly known as TOCOM, is another big player in the Asian gold market. EXCHANGE-TRADED PRODUCTS Exchange-traded products or exchange-traded funds issue securities backed by physical metal and allow people to gain exposure to gold prices without taking delivery of the metal itself. [GOL/ETF]  Exchange-traded funds have become a major category of investment demand for the precious metal. Inflows into physically-backed gold exchange-traded funds are $64 billion so far this year, according to data from the World Gold Council, with a record $17.3 billion in September alone. BARS AND COINS  Retail consumers can buy gold from metals traders selling bars and coins in a shop or online. Gold bars and coins are both effective means of investing in physical gold.     DRIVERS: INVESTOR INTEREST AND MARKET SENTIMENT  Rising interest from investment funds in recent years has been a major factor behind bullion's price moves.  Sentiment driven by market trends, news, and global events can fuel speculative buying or selling of gold.  FOREIGN EXCHANGE RATES Gold is a popular hedge against currency market volatility. It has traditionally moved in the opposite direction to the U.S. dollar, since weakness in the U.S. currency makes dollar-priced gold cheaper for holders of other currencies and vice versa. MONETARY POLICY AND POLITICAL TENSIONS The precious metal is widely considered a safe haven during times of uncertainty. U.S. President Donald Trump's trade tariffs and his imposition of additional duties on Chinese goods have sparked a global trade war, rattling currency markets and sparking fears of a spike in U.S. inflation. The trade war, which has roiled financial markets and raised recession fears, is escalating, with Trump hiking tariffs on Chinese imports to an effective rate of 145%, while China has raised tariffs on U.S. goods from 84% to 125%. The policy decisions of global central banks also influence gold's trajectory. Lower interest rates reduce the opportunity cost of holding gold since it pays no interest.  CENTRAL BANK GOLD RESERVES Central banks hold gold in their reserves. Central bank demand has been robust in recent years because of macroeconomic and political uncertainty. More central banks plan to add to their gold reserves within a year, despite high prices for the metal, the World Gold Council said in its annual survey in June. Global gold demand, including over-the-counter trading, rose by 1% to a record high in 2024, the World Gold Council said, adding that central banks sped up buying in the fourth quarter. China's gold holdings totalled 74.06 million fine troy ounces at the end of September, up from 74.02 million in the previous month, data from the People's Bank of China showed on Tuesday. (Compiled by Bangalore Commodities and Energy Team; Editing by Christian Schmollinger)

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By Brijesh Patel and Anushree Mukherjee (Reuters) -Gold pushed through $4,000 an ounce to hit a record on Wednesday, driven by investors seeking safety from mounting economic and geopolitical uncertainty, alongside expectations of further interest rate cuts by the U.S. Federal Reserve. Spot gold was up 0.7% at $4,011.18 per ounce by 0300 GMT. U.S. gold futures for December delivery gained 0.7% to $4,033.40 per ounce. Traditionally, gold is seen as a store of value during times of instability. Spot gold is up 53% year-to-date after rising 27% in 2024. "There's so much faith in this trade right now that the market will look for the next big round number which is 5,000 with the Fed likely to continue to lower rates," said Tai Wong, an independent metals trader. "There will be some bumps in the road like a lasting truce in the Mideast or Ukraine but the fundamental drivers of the trade, massive and growing debt, reserve diversification, and a weaker dollar are unlikely to change in the medium term." The metal's rally has been driven by a cocktail of factors, including expectations of interest rate cuts, ongoing political and economic uncertainty, solid central bank buying, inflows into gold exchange-traded funds and a weak dollar. The U.S. government shutdown entered its seventh day on Tuesday. The shutdown has postponed the release of key economic indicators from the world's biggest economy, forcing investors to rely on secondary, non-government data to gauge the timing and extent of Fed rate cuts. Investors are now pricing in a 25-basis-point cut at the Fed meeting this month, with an additional 25-bp cut anticipated in December. "Rising uncertainty levels tend to fuel gains in the gold price and we are seeing this theme play out again," said KCM Trade Chief Market Analyst Tim Waterer. "Market dynamics of lower U.S. interest rates and the ongoing government shutdown are still working in favour of gold. But the temptation to take profits around the $4,000 mark pose a potential short-term risk." A "fear of missing out" is also boosting the rally, analysts say. Additionally, political turmoil in France and Japan has also boosted demand for the safe-haven bullion. "The latest leg higher has been sparked by the election of Sanae Takaichi over the weekend and the prospect of deeper deficit spending in Japan. That itself ties into a key theme at the moment: the 'run it hot' trade," said Capital.com analyst Kyle Rodda. Analysts expect strong inflows into exchange-traded funds backed by physical gold, central bank buying and the prospect of lower U.S. interest rates to support gold prices in 2026, prompting Goldman Sachs and UBS to raise their price outlooks. In other precious metals markets, spot silver rose 1.3% to $48.42 per ounce, platinum gained 2.5% to $1,658.40 and palladium climbed 1.8% to $1,361.89. (Reporting by Anushree Mukherjee, Brijesh Patel and Anmol Choubey in Bengaluru; Editing by Sriraj Kalluvila and Christian Schmollinger)

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(Reuters) -Anthropic, the artificial intelligence startup backed by Alphabet's Google and Amazon.com, said on Tuesday it will open its first office in India next year, aiming to tap into the country's growing appetite for AI tools. The move comes as AI adoption in India accelerates, fueled by rising enterprise tech spending, a growing pool of skilled talent, and increasing investor interest. India, home to nearly a billion internet users, is becoming a major battleground for global AI players. The Asian country has emerged as Anthropic's second-largest consumer market for its chatbot Claude, which competes with OpenAI's ChatGPT and is noted for its strong coding capabilities. Anthropic currently offers both free and paid tiers of Claude in India but has not yet introduced local currency pricing. Co-founder and CEO Dario Amodei is scheduled to visit India this week to meet with public officials and corporate partners, the $183 billion company said. The new office will be located in Bengaluru, widely recognized as the technology hub of India, and operations will start early 2026, Anthropic said. The location would serve as its second office in the Asia Pacific region after Tokyo, it added. OpenAI, backed by Microsoft, was formally registered as a legal entity in India in 2025 and plans to open its first India office in New Delhi later this year. OpenAI and Anthropic face strong competition in India from rivals such as Google's Gemini and AI startup Perplexity, both of which have launched offerings that make their advanced plans free for many users in the market. Last month, Anthropic announced plans to triple its international workforce to meet a surge in demand for its Claude AI models outside the United States. (Reporting by Mrinmay Dey in Bengaluru; Editing by Alan Barona, Janane Venkatraman and Sherry Jacob-Phillips)

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By Anushree Mukherjee and Brijesh Patel (Reuters) -Gold pushed through $4,000 an ounce to hit a record on Wednesday, driven by investors seeking safety from mounting economic and geopolitical uncertainty, alongside expectations of further interest rate cuts by the U.S. Federal Reserve. Spot gold was up 0.5% at $4,002.53 per ounce by 0213 GMT. U.S. gold futures for December delivery gained 0.5% to $4,025 per ounce. Traditionally, gold is seen as a store of value during times of instability. Spot gold is up 52% year-to-date after rising 27% in 2024. "There's so much faith in this trade right now that the market will look for the next big round number which is 5,000 with the Fed likely to continue to lower rates," said Tai Wong, an independent metals trader. "There will be some bumps in the road like a lasting truce in the Mideast or Ukraine but the fundamental drivers of the trade, massive and growing debt, reserve diversification, and a weaker dollar are unlikely to change in the medium term." The metal's rally has been driven by a cocktail of factors, including expectations of interest rate cuts, ongoing political and economic uncertainty, solid central bank buying, inflows into gold exchange-traded funds and a weak dollar. The U.S. government shutdown entered its seventh day on Tuesday. The shutdown has postponed the release of key economic indicators, forcing investors to rely on secondary, non-government data to gauge the timing and extent of Fed rate cuts. Investors are now pricing in a 25-basis-point cut at the Fed meeting this month, with an additional 25-bp cut anticipated in December. Additionally, political turmoil in France and Japan has also boosted demand for the safe-haven bullion. A "fear of missing out" is also boosting the rally, analysts say. "What we see now is that investors are buying gold, despite the price being high, and this is amplifying the move further," said UBS analyst Giovanni Staunovo. Spot silver rose 0.5% to $48.03 per ounce, platinum gained 2.2% to $1,653.21 and palladium climbed 1.3% to $1,355.32. (Reporting by Anushree Mukherjee, Anmol Choubey and Brijesh Patel in Bengaluru; Editing by Sriraj Kalluvila and Christian Schmollinger)

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