Gold rate today: Yellow metal hits record high on MCX, check the latest prices in your city on August 29

Gold futures inch lower but are on track to end the week significantly higher on mounting expectations of a September U.S. interest-rate cut. Futures are down 0.1% at $3,470.20 a troy ounce but are up 1.5% on week. The precious metal has continued to gain after Federal Reserve Chair Jerome Powell's speech at the Jackson Hole symposium last week, in which he cautiously opened the door to easing monetary policy, XS.com's Linh Tran says in a note. The latest U.S. economic data has made the picture more complex and could temper gold's rally, though geopolitical instability continues to support safe-haven demand for bullion, Tran says. The medium-term outlook for gold is cautiously positive, though short-term gold prices may fluctuate sharply on economic data, Tran says. (joseph.hoppe@wsj.com)

By Hiroto Nishihara / Yomiuri Shimbun Staff Writer

The Japanese government intends to conduct a pilot program to develop hubs for advanced recycling next fiscal year, with an objective of accelerating the circulation of resources such as plastics and metals, including rare metals.

The program will be conducted from the standpoint of economic security, as the government aims to build a system for reusing resources that had previously been unutilized because of reasons such as being exported abroad.

According to the Environment Ministry, about 20% of iron scrap generated in Japan — amounting to about 6.9 million tons — was exported overseas in 2023 without being reused. About 70% of plastic waste — about 5.5 million tons — was incinerated. In addition, about 70% of recycled plastic was exported.

One of the reasons why domestic resource circulation is limited is believed to lie in the structure of waste disposal and recycling industries, which are small-scale companies scattered across the nation. They often lack the technology to extract the materials needed for recycling products made of multiple materials. Even if they have the recycling technology, only a few operators can supply recycled materials that meet the standards of quality and quantity demanded by manufacturers.

To improve this situation, the government will promote the development of facilities equipped with advanced dismantling and sorting technologies to extract recyclable materials from waste, as well as manufacturing facilities capable of producing and supplying recycled materials in mass quantities. The government aims to make such facilities as hubs and establish networks with manufacturers seeking to utilize recycled materials.

In the next fiscal year starting April 2026, the government will conduct the pilot project that provides such support as technological improvements to waste treatment and recycling companies. It will also create connections between such companies and manufacturers. The Environment Ministry is set to include related expenses in the ministry's budgetary request for fiscal 2026.

It has become a global trend for countries to enclose resources, exemplified by China's move to tighten export restrictions on certain rare metals. There have been discussions in the European Union to require new vehicles to contain a minimum of 20% recycled plastic. The need for recycling is growing in Japan as the country relies heavily on imports for securing resources. The government aims to improve domestic resource circulation with the pilot project.

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This article is from The Yomiuri Shimbun. Neither Dow Jones Newswires, MarketWatch, Barron's nor The Wall Street Journal were involved in the creation of this content.

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Oil prices slip in early trading but remain on track for a modest weekly gain, as traders balance concerns over softer demand heading into the fall and risks of disruption to Russian supplies. Brent crude and WTI are both down 0.6% to $67.57 and $64.19 a barrel, respectively. Both benchmarks settled higher in the previous session, supported by Ukraine's attacks on Russian energy infrastructure and German Chancellor Friedrich Merz reportedly saying direct talks between Russia's Vladimir Putin and Ukraine's Volodymyr Zelensky wouldn't happen. "The lack of progress towards a peace deal means risks of sanctions and secondary tariffs continue to hang over the oil market," analysts at ING say. However, growing fears of a looming supply glut later this year are clouding the market's outlook, capping price gains despite a higher geopolitical-risk premium. (giulia.petroni@wsj.com)

Newcastle coal futures fell below $110 per tonne in late August, marking a seven-week low after Indonesia scrapped the mandate requiring miners to use government benchmark prices as the minimum for mineral and coal sales.

The policy shift allows miners to sell at prices below government-set levels, with industry participants favoring the Indonesian Coal Index for its greater transparency, more frequent updates, and typically lower price levels compared with official benchmarks.

Indonesia, the world’s third-largest coal producer, reported output of 833 Mt and exports of 566 Mt in 2024.

On the demand side, top consumer China saw a surge in new coal power projects during the first half of the year, even as it added record levels of clean energy capacity.

Africa's top coffee producers, Ethiopia and Uganda, are reporting higher exports in response to improved global prices, contributing to the recovery of the continent's shipments, says Oxford Economics Africa. The strong performance from the two leading growers helped to lift Africa's raw coffee bean exports by 28% on year to 2.2 million 60-kilograms in June. "Uganda was the driving factor behind the continent's stellar performance in June, reflecting good harvest conditions and some front-loading of exports to take advantage of high global benchmark prices" Oxford notes. "In turn, Ethiopia posted a 15.0% y/y jump to 0.8 million bags exported during the month of June." (Nicholas.Bariyo@wsj.com;@Nicholasbariyo)

Malaysian palm oil futures slipped almost 1% to around MYR 4,400 per tonne, marking losses for the second session to notch their lowest level in two weeks.

A stronger ringgit and weakness in rival edible oils on the Dalian and Chicago exchanges weighed on sentiment, while caution grew ahead of the official August PMI in the mainland, with traders watching closely as China remains a key buyer of palm oil.

Broader energy markets also offered little support, with crude oil heading for its first monthly drop in four.

Still, the contracts are set for a third straight monthly gain, surging about 4% so far, underpinned by strong exports.

Cargo surveyors estimated Malaysian shipments rose between 10.9% and 16.4% during August 1–25.

In India, the world’s top importer, demand prospects improved ahead of the Diwali festival season in mid-October.

Meanwhile, Indonesia, the largest producer, secured a U.S. tariff exemption on commodities including palm oil, a move that could reshape trade flows.