Rome has implemented a new 30 kph (19 mph) speed limit throughout its historic centre, joining other European capitals like London, Paris, and Brussels in efforts to make city streets safer. The reduced limit, nearly half of the previous 50 kph cap, aims to lower accidents and reduce pollution in areas crowded with cars, residents, and tourists. Authorities plan a gradual enforcement period of 30 days to help drivers adjust.
City transport chief Eugenio Patane emphasized that lower speeds save lives, noting that speeding contributes to 7.5% of road accidents in Rome. Similar initiatives in Bologna have shown promising results, with road accidents dropping 13% and fatalities falling by nearly 50% after introducing a 30 kph limit. Mayor Roberto Gualtieri has also expanded the number of speed cameras and encouraged alternatives to private cars to further improve safety and air quality.
Reactions among residents and drivers are mixed. Some, like scooter rider Barbara Barattolo, welcomed the change as a measure to reduce risks on busy streets. Others, including taxi driver Cristiano, criticized the limit as excessively low in certain areas. Authorities estimate the new regulation will cut noise levels in the city centre by around 2 decibels, addressing long-standing complaints about congestion and pollution.
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Ukraine has declared a state of emergency in its energy sector, particularly targeting Kyiv, as ongoing Russian attacks continue to leave thousands of residents without power amid harsh winter conditions. Overnight temperatures in the capital recently dropped to around -20°C, exacerbating the humanitarian impact of missile and drone strikes that disrupted electricity, heating, and water supplies. President Volodymyr Zelensky accused Moscow of deliberately exploiting the severe cold as part of its war strategy.
Following a special cabinet meeting, Zelensky announced the creation of a 24/7 task force to repair energy infrastructure and procure essential equipment from abroad. Emergency help points are being expanded across Kyiv to provide heat and power to residents, with a possible easing of the midnight curfew. The First Deputy Prime Minister and Minister of Energy has been tasked with overseeing these emergency operations.
Russian attacks on energy systems have also affected south-eastern Ukraine, leaving over one million people without heating and water at times. Ukraine’s largest private energy provider, DTEK, reports constant strain from repeated waves of drone, cruise, and ballistic missile attacks, struggling to maintain power for 5.6 million Ukrainians as the fourth anniversary of Russia’s full-scale invasion approaches.
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Italian fashion influencer Chiara Ferragni has been acquitted of aggravated fraud charges, bringing to an end a two-year controversy over the promotion of charity-linked Christmas cakes and Easter eggs. A Milan court cleared Ferragni and two co-defendants after a fast-track trial, rejecting prosecutors’ claims that consumers had been deliberately misled. Conviction could have resulted in a prison sentence, but the judge ruled there was no aggravating fraud.
The case, dubbed “pandorogate,” stemmed from the 2022 sale of pink, special-edition pandoro cakes branded with Ferragni’s name and linked to a children’s hospital in Turin. While consumers believed proceeds would support the hospital, it later emerged the producer had made a one-off €50,000 donation before sales began. Ferragni, whose companies earned about €1 million from the promotion, later pledged to donate an equivalent amount to the hospital.
Although acquitted, Ferragni had previously faced a €1 million fine from Italy’s competition authority and agreed to further charity payments over similar claims involving Easter eggs. The scandal damaged her public image and personal life, including the breakdown of her marriage to rapper Fedez. It also prompted Italy to tighten transparency rules for influencers involved in fundraising initiatives.
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Italy has renewed a strong appeal urging its citizens to leave Iran due to growing security concerns, the foreign ministry said on Wednesday. Around 600 Italians are currently in Iran, most of them based in Tehran, according to the ministry, which said the warning reflects the deteriorating situation in the country.
The appeal comes as Iran’s leadership struggles to contain its most serious domestic unrest since the 1979 Islamic Revolution, amid rising international tensions. Tehran has sought to deter repeated threats of U.S. intervention voiced by President Donald Trump in support of anti-government protesters, adding to regional instability.
Italy’s foreign ministry also said precautionary measures were being taken to protect more than 900 Italian military personnel deployed across the region, including about 500 in Iraq and 400 in Kuwait. Foreign Minister Antonio Tajani chaired a high-level meeting with diplomats, defence officials and intelligence representatives, reaffirming Italy’s condemnation of the violent repression of protests in Iran and what it described as serious human rights violations.
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Ukrainian anti-corruption investigators have accused former prime minister and opposition leader Yulia Tymoshenko of bribery, alleging her involvement in a vote-buying scheme, a source familiar with the case said on Wednesday. The accusation comes as part of a widening anti-graft crackdown that has shaken Ukraine’s political establishment. The National Anti-Corruption Bureau of Ukraine (NABU) said it had served bribery charges to an opposition party leader without naming Tymoshenko directly.
According to NABU, the investigation uncovered a “systemic” scheme in which lawmakers allegedly received payments in exchange for voting instructions or abstentions. The bureau said the plan was not a one-off arrangement but a long-term mechanism involving advance payments and coordinated parliamentary behavior. Tymoshenko, a prominent figure of the 2004 Orange Revolution, denied all allegations and said in a social media post that she would defend herself in court.
The probe forms part of a broader anti-corruption drive that has ensnared senior officials and lawmakers across the political spectrum, amid Ukraine’s push to meet European Union standards. Tackling corruption is central to Kyiv’s EU accession ambitions, though recent high-profile cases have underscored the scale of the challenge. Tymoshenko, who served as prime minister in 2005 and from 2007 to 2010, now leads a smaller parliamentary faction, with her political influence having waned in recent years.
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Germany’s finance minister Lars Klingbeil has called for a new era of “European patriotism” to protect the continent’s economic interests amid rising global tensions. Speaking at a lecture in Berlin, Klingbeil proposed that companies receiving state aid should be required to keep jobs within Europe and that public procurement policies should prioritise goods produced in the region.
Klingbeil said Europe must fundamentally rethink its economic strategy as traditional alliances weaken and trade becomes increasingly politicised. He argued that the transatlantic relationship is changing, pointing to signs that the United States is turning away from Europe both politically and culturally. At the same time, he warned that trade is being weaponised through subsidies, tariffs, export controls and industrial overcapacity, placing strain on Germany’s export-driven economy.
To address these challenges, Klingbeil outlined a strategy focused on strengthening European unity, diversifying trade ties beyond the United States and shielding European markets from unfair competition. He said Europe must become more sovereign and resilient, cautioning that relying solely on exports is no longer sufficient in a rapidly shifting global economic order.
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Hungary’s main opposition Tisza party has widened its lead over Prime Minister Viktor Orban’s ruling Fidesz party, according to two opinion polls released on Wednesday, raising the stakes ahead of the April 12 parliamentary election. The vote marks the first time in years that Orban, who has been in power since 2010, faces a serious electoral challenge, with implications for both Hungary’s political direction and the wider European landscape.
A survey by pollster Median showed Tisza, led by former government insider Peter Magyar, extending its advantage over Fidesz to 12 percentage points among decided voters. Tisza was backed by 51% of voters, while support for Fidesz slipped to 39%. Median noted that while Tisza is mainly attracting voters from other opposition parties, Fidesz has struggled to regain ground despite economic incentives and efforts to rally voters around fears linked to the war in Ukraine.
A second poll by the Idea Institute also pointed to a strong showing for Tisza, placing it at 48% support—10 points ahead of Fidesz. Magyar has pledged to keep Hungary firmly anchored in the European Union and NATO while pursuing pragmatic ties with Russia, contrasting with Orban’s closer relations with Moscow and frequent clashes with Brussels. Apart from the two main rivals, only the far-right Our Homeland party is seen as having a realistic chance of entering parliament.
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Russian authorities have detained the chief doctor and the acting head of the intensive care unit at a maternity hospital in the Siberian city of Novokuznetsk after nine newborn babies died over a short period earlier this month. Investigators said the detentions are part of a criminal case into suspected negligence, with the deaths triggering widespread shock and public anger across the country.
The babies, born between December 1 and January 12, died during Russia’s extended New Year holiday at Hospital No. 1 in Novokuznetsk. Officials have not yet disclosed the exact causes of death, but the State Investigative Committee said the infants died due to the doctors’ improper performance of their professional duties while organising and providing medical care. Video released by investigators showed one suspect being led away in handcuffs.
Media reports said the hospital had a poor reputation and had received multiple warnings from health authorities in recent months. Personal accounts from mothers alleged serious medical failings, including lack of medicines and abusive behaviour by staff, though Reuters could not independently verify these claims. The tragedy has raised wider questions about healthcare standards in regional Russia and comes amid concerns over how such incidents undermine efforts to boost the country’s declining birth rate.
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Gold had a blockbuster year in 2025, delivering returns in the range of 70–75% in rupee terms and setting multiple all‑time highs in both international and domestic markets. The rise in price far outpaced what most analysts had pencilled in a year earlier. As investors look ahead to 2026, the balance of strong safe‑haven demand, central‑bank buying and a broadly bullish commodities backdrop suggests further gains are likely, albeit at a more moderate pace than in 2025.
2025: A Year That Surprised Everyone
Most analysts entered 2025 expecting a good year for gold, but few anticipated the scale of the rally that eventually unfolded. Forecasts published in late 2024 typically clustered between 2,300 and 2,700 dollars an ounce for 2025, with even bullish scenarios stopping short of the levels ultimately reached. After all, gold went on to surge past 4,000 dollars an ounce at its October peak, with domestic prices in India approaching ₹1.4 lakh per 10 grams as the year drew to a close.
For Indian investors, this translated into calendar‑year returns of roughly 70–75%, making gold one of the best‑performing mainstream asset classes of 2025. The magnitude of the move was such that even long‑time gold bulls were forced to revise up their targets as the year progressed.
Why the Meteoric Rise
Two structural forces were central to gold’s stellar performance: sustained central‑bank accumulation and easy global liquidity conditions, particularly in the United States. A recent analysis of official‑sector activity shows that annual central‑bank net purchases averaged about 473 tonnes between 2010 and 2021, then jumped to 1,136 tonnes in 2022, 1,051 tonnes in 2023 and 1,045 tonnes in 2024, with 2025 recording 950 tonnes of purchases. This extraordinary appetite reflects a desire among many reserve managers to diversify away from the US dollar at a time of heightened geopolitical risk and concerns about the long‑term sustainability of developed‑market fiscal positions.
India’s own central bank has been an active participant in this trend. The Reserve Bank of India’s gold reserves rose to about 880 tonnes by the third quarter of 2025, up significantly from earlier years, and a larger proportion of these holdings is now kept domestically rather than overseas. These additions underscore gold’s growing role in India’s external balance‑sheet resilience and send a powerful signal to domestic investors about the metal’s strategic importance.
On the macro side, persistently loose fiscal and monetary policy in the United States has been a powerful tailwind. Large fiscal deficits, rising public debt and a stop‑start approach to tightening have kept real interest rates contained and revived fears of long‑term dollar debasement. With markets increasingly pricing in further rate cuts into 2026, non‑yielding assets such as gold have benefited from a lower opportunity cost of carry.
The Broader Commodities Boom
Gold’s outperformance in 2025 did not occur in isolation; it was part of a broader upswing across the commodities complex. Silver, the traditional high‑beta counterpart to gold, almost tripled in domestic terms, with some estimates placing its annual gain at around 150–170%, supported by both safe‑haven flows and surging industrial demand from sectors such as electronics, solar and electric vehicles.
Base metals also joined the party. Copper prices on Indian exchanges delivered returns of more than 60% in 2025, while aluminium and other industrial metals posted strong double‑digit gains on the back of tightening supply, energy‑transition investment and restocking in key manufacturing hubs. This synchronous rally across precious and base metals suggests that investors were not only seeking safety, but also positioning for a new capex cycle and a world increasingly constrained by resource bottlenecks.
2026 Outlook: Tailwinds, Headwinds, and Forecasts
Looking ahead, consensus projections still point to upside for gold, but from a much higher base and with greater dispersion in views. Major investment banks now see gold averaging somewhere in the mid‑4,000s per ounce in 2026, with some calling for targets as high as 4,900–5,000 dollars under benign conditions that do not assume a full‑blown crisis.
On the tailwind side, three factors stand out: * Ongoing central‑bank demand, particularly from emerging markets seeking to diversify reserves. * Expectations of further monetary easing in advanced economies, which would keep real yields low and support non‑yielding assets. * Elevated geopolitical tensions and “fragmentation risk”, which sustain safe‑haven flows into gold and other real assets. * Set against these are some potential headwinds. A sharper‑than‑expected slowdown in global growth could dampen jewellery and industrial demand, especially in Asia. A strong rebound in the US dollar, perhaps triggered by a more hawkish Federal Reserve path, could also cap dollar‑denominated gold prices even if local‑currency prices remain firm in emerging markets. Finally, after the extraordinary gains of 2025, there is always the risk of intermittent profit‑taking as leveraged players rebalance portfolios.
Taken together, these forces argue for a more measured performance in 2026: gold is unlikely to repeat the fireworks of the previous year, but the fundamental backdrop still appears supportive of an upward drift rather than a reversal. The fact that silver, copper and aluminium have all outpaced gold in percentage‑return terms reinforces the view that a broader commodities cycle is under way, with gold acting as both anchor and barometer of investor sentiment.
Where Might Gold Be by End‑2026?
Forecasting precise price levels is always hazardous, more so after a year as exceptional as 2025. Nonetheless, looking at the prevailing central‑bank buying patterns, projected interest‑rate cuts and the continued churn in global geopolitics, it is reasonable to expect gold to finish 2026 modestly higher than current levels rather than meaningfully lower. Many institutional forecasts cluster around a further 10–15% upside over a two‑year horizon, implying that by December 2026, international prices could be broadly in line with the 4,500–4,900‑dollar‑per‑ounce range, with domestic prices in India adjusting accordingly based on currency movements and local demand.
A December 2025 commodities outlook note from Goldman Sachs forecasts gold at 4,900 dollars per ounce by the end of 2026, supported by strong central‑bank demand and expected US Federal Reserve rate cuts. JP Morgan’s late‑2025 outlook calls for gold to average about 5,055 dollars per ounce in the fourth quarter of 2026, one of the more optimistic projections among major banks. The bank cites persistent central‑bank purchases (around 566 tonnes per quarter) and a Fed easing cycle, alongside worries about stagflation and currency debasement, as key supports for this higher path.
For investors and policy‑makers alike, the key message is that gold’s role as a strategic hedge has been reaffirmed, not diminished, by its recent outperformance. Central‑bank purchases, including those of the Reserve Bank of India, underline the metal’s importance as a reserve asset, while households have been reminded once again of its ability to protect real wealth in an era of loose monetary and fiscal policies aggravated by geopolitical flux. The most prudent base case, therefore, is for a continued, moderate appreciation in gold over 2026, with volatility along the way but with its safe‑haven status firmly intact.
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Dutch chipmaker Nexperia faces a public court battle in Amsterdam as European managers challenge its Chinese owner Wingtech over company control. The dispute has contributed to a shortage of chips used by car manufacturers and escalated last September when the Dutch government temporarily seized control of Nexperia over fears of transferring operations and intellectual property to China. The seizure was later revoked to ease tensions with Beijing.
Nexperia produces silicon wafers in Europe, which are shipped to China for cutting and packaging. In October, the Amsterdam Enterprise Court suspended Wingtech founder Zhang Xuezheng as Nexperia CEO and stripped Wingtech of control over the shares, citing concerns about mismanagement and potential conflicts of interest due to Zhang’s ownership of a Shanghai factory selling wafers to Nexperia. The current hearing will determine whether a full investigation into alleged mismanagement should proceed or if previous rulings should be reversed.
Wingtech is expected to argue that Zhang’s plans were in line with Chinese market opportunities, highlighting significant sales and growth prospects in China. Meanwhile, Nexperia has split operations between Europe and China, stopped shipments to China due to nonpayment, and is investing $300 million in Malaysia to serve non-Chinese customers. The Dongguan subsidiary has rebranded as “Nexperia China” and plans to replace European production with Chinese alternatives, including output from Zhang’s WingSkySemi plant.
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