Gold prices stayed above the $4,400 mark per ounce on Thursday, rebounding from an earlier dip in the previous trading session. As of 0419 GMT, spot gold increased by 0.3% to $4,414.28 per ounce, while U.S. gold futures for December delivery edged down 0.1% to $4,457.20. The US dollar remained subdued during Asian market hours, supporting bullion priced in the US currency. Gold, which had approached the stronger levels seen late Wednesday after recovering from earlier losses, closed the session near these highs.

El Niño drought puts fresh pressure on Panama Canal capacity and reservoir levels. (AI-generated image) Capacity reductions at the Panama Canal commenced after rainfall and watershed inflows fell below expected levels during the wet season. Initially, daily crossings decreased from higher numbers to 34 before the planned reduction to 32. The canal relies heavily on freshwater reserves stored in Gatun Lake and Alhajuela Lake to operate its locks, as each transit involves water to elevate or lower vessels between the Atlantic and Pacific Oceans. Throughout fiscal year 2026, the canal averaged 35 transits per day up to June 30. Between October and June, it recorded 10,726 crossings, marking a 5.2% rise compared to the same period a year earlier. These figures precede the worsening of rainfall conditions, which have now led to the implementation of new operational restrictions. The canal continues to serve as a vital route for container ships, tankers, bulk carriers, and other vessels involved in international trade. Reservoir levels influence daily transit capacity The availability of water has historically dictated the number of ships that can pass through the canal during dry spells. During the severe drought of 2023, daily transits dropped to 22 in December as Gatun Lake levels fell to unusually low points. Conditions improved after rainfall returned, and water conservation measures helped reservoirs recover. Canal authorities now continuously monitor lake levels, watershed inflows, and precipitation to determine daily operational capacity. In addition, officials have

This strategic deal signifies Europe’s first major shift of a German automotive plant into a military hardware manufacturing site amidst broader industry restructuring across Europe’s auto sector. The site will serve as the location for an initial flagship project with Israeli defense contractor Rafael Advanced Defense Systems, focusing on providing air defense components tailored for European security markets. Skilled technical workers inspect precision machinery components on modern factory floors. Under the joint ownership structure, the Tel Aviv-based investment firm Aurelius Capital will hold a majority stake in the facility, while the state of Lower Saxony, Volkswagen’s second-largest shareholder, will maintain a minority interest. The primary project involves a manufacturing collaboration with the state-owned Israeli defense company Rafael Advanced Defense Systems. Plans focus on producing specialized systems and mechanical parts for air defense infrastructure meant for procurement by Germany and allied European nations. The decision to repurpose the Osnabrück plant follows Volkswagen’s 2024 strategic plan to cease passenger vehicle assembly at the site by mid-2027, citing ongoing industrial overcapacity. According to statements from the factory works council, the defense manufacturing project is expected to secure roughly 1,200 specialized technical jobs at the facility. This move aligns with broader trends of European vehicle manufacturers exploring alternative industrial conversions to manage excess manufacturing capacity, with Israel, Aurelius, and the German government taking a leading role in the transformation of VW’s Osnabrück plant. Israeli Private Equity Firm Collaborates with Lower Saxony for Defense Sector Expansion Volkswagen’s top executives stressed that the sale comple