Business News

President Joe Biden is using a historic trip to the Amazon on Sunday to highlight that US bilateral climate financing increased to $11 billion this year, meeting a pledge he made."The fight against climate change has been a defining cause of President Biden's leadership and presidency," the White House said in a statement ahead of Biden touching down in the Brazilian city of Manaus, in the Amazon.Biden is making his last swing through South America before handing over the presidency to Donald Trump -- a climate-change skeptic.The first sitting US president to make a trip to the vast tropical rainforest, Biden is to meet with Brazilian Indigenous leaders and sign a declaration making November 17 an International Conservation Day.The White House announcement of the $11 billion figure said that made "the United States the largest bilateral provider of climate finance in the world." It said the amount was six times what the US was providing at the start of Biden's term, in 2021.The European Union, however, remains the biggest global contributor to climate financing.Around half of all climate financing goes through multilateral funds that are co-managed by developing countries. That has spurred criticism of the US preference for bilateral funding.Rich nations raised $116 billion in 2022 in climate finance, according to the latest available data from the OECD.According to one study by British think tank ODI, the United States ranked second to last among 23 nations for progress toward providing a "fair share" of climate financing, based on their carbon footprint, population size and gross national income.Biden's Amazon stop is being squeezed between an APEC summit he attended in Peru, and a G20 summit in Rio de Janeiro he will take part in that starts Monday.Climate will be one of the topics on the G20 table, as negotiations taking place the same time at a UN climate summit in Azerbaijan appeared to stall.

Gold prices have experienced a significant decline of around 6% since Diwali, driven by a stronger dollar and concerns over US inflation data.The price of 24-carat gold per 10 grams, which was Rs 80,710 on November 1, fell to Rs 74,031 at the last closing. This sharp correction reflects the ongoing global economic pressures impacting commodity markets.The uptick in US inflation has sparked speculation about a potential shift in the Federal Reserve's monetary policy. While the Fed has been pursuing rate cuts as inflation approached its 2% target, the higher-than-expected CPI reading has raised concerns that further cuts may be paused. Additionally, the dollar index, which tracks the US dollar against six major world currencies, stood at 106.68.Markets now see a 62% chance of a 25 basis point rate cut in December, down from 83% a day earlier, according to the CME FedWatch Tool."Gold's weakness persisted with the price falling below $2,550 and near Rs 73,500 in MCX, as the dollar climbed above 106.50 and edged closer to 107. The US CPI data, which came in higher at 2.6% compared to the expected 2.4%, fueled the dollar's strength. While the Fed has been continuing with rate cuts as inflation approached its 2% target, the higher-than-expected CPI reading raises concerns that further cuts may be paused. This development added pressure on gold prices, which reacted negatively to the stronger dollar and the potential shift in Fed policy," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.MCX Gold and Silver Price UpdateGold futures for December delivery were up by 0.11%, trading at Rs 74,031 per 10 gm on the Multi Commodity Exchange at the time of writing. Meanwhile, silver futures for December delivery were also in the green, rising by 0.10% to Rs 88,505 per kg in early morning trade on Friday.Gold rates in physical markets:Gold Price today in DelhiStandard gold (22 carat) prices in Delhi stand at Rs 57,984/8 grams, while pure gold (24 carat) prices stand at Rs 61,848/8 grams.Gold Price today in MumbaiStandard gold (22 carat) prices in Mumbai stand at Rs 58,024/8 grams, while pure gold (24 carat) prices stand at Rs 61,832/8 grams.Gold Price today in KolkataStandard gold (22 carat) prices in Kolkata stand at Rs 57,280/8 grams, while pure gold (24 carat) prices stand at Rs 61,104/8 grams.Gold Price today in HyderabadStandard gold (22 carat) prices in Hyderabad stand at Rs 56,968/8 grams, while pure gold (24 carat) prices stand at Rs 60,760/8 grams.Gold Price today in ChennaiStandard gold (22 carat) prices in Chennai stand at Rs 56,808/8 grams, while pure gold (24 carat) prices stand at Rs 60,608/8 grams.(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times.)