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Gold Prices Drop Sharply as Rally Stalls, Global Stocks Mixed

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Gold prices tumbled sharply on Wednesday, ending a months-long rally that had pushed the metal to record highs, while global stock markets closed the day with mixed results as investors took profits and reassessed risks.....KINDLY READ THE FULL STORY HERE▶

The price of gold fell by about 5.7 percent, marking its biggest single-day drop since 2013, according to MarketWatch. The sell-off followed a steep rally that had lifted gold by more than 50 percent this year, driven by expectations of interest rate cuts, inflation concerns, and strong demand from central banks and investors seeking safety.

Analysts said the sudden decline was largely due to profit-taking after the extended rally. “It’s been cruising along for a while, magnificently, and every now and then the market just slams the brakes to make sure the passengers are still awake,” said Adam Koos, president of Libertas Wealth Management Group.

The drop in gold came as the U.S. dollar strengthened and oil prices rose, adding further pressure on the precious metal. Benchmark Brent crude gained more than 1.5 percent, supported by concerns about supply cuts and geopolitical tensions in the Middle East. The dollar’s advance typically makes gold more expensive for buyers using other currencies, reducing demand.

Stock markets showed mixed performance across major regions. In Asia, Japan’s Nikkei index rebounded after the government announced a new stimulus package under Prime Minister Sanae Takaichi. European shares traded mostly flat, with investors watching for signals on future interest rate moves from the European Central Bank. On Wall Street, the S&P 500 closed little changed after an early slide, as traders balanced strong corporate earnings with caution over high valuations.

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The sell-off in gold may also reflect a broader pause in risk appetite. Investors have been monitoring political uncertainty and economic data closely, especially with upcoming central bank meetings in the United States and Europe. The delay of a planned summit between U.S. President Donald Trump and Russian President Vladimir Putin, along with questions about a potential meeting with China’s Xi Jinping, added to investor unease.

Market analysts said the gold correction may not signal the end of its long-term strength. “The underlying drivers for gold — such as inflation worries, currency weakness, and geopolitical risk — are still in place,” said one commodities strategist cited by MarketWatch. “This may simply be a healthy pullback after a rapid rise.”

Meanwhile, investors are shifting attention toward upcoming U.S. economic reports, including inflation and jobless data, which could shape expectations for the Federal Reserve’s next policy decision. The Fed has hinted at possible rate cuts later this year, but officials have stressed that the timing will depend on incoming data.

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The recent turbulence underscores how quickly market sentiment can change after long rallies. While gold had been one of the top-performing assets of 2025, its sudden slide highlights growing caution among traders amid uncertain global conditions.

Oil’s steady rise, the dollar’s strength, and mixed equity results suggest markets remain in a phase of adjustment rather than crisis. Still, the sharp move in gold serves as a reminder that even safe-haven assets can face volatility when investors rush to lock in profits.

Analysts expect gold to stabilize once profit-taking eases, though short-term swings are likely to continue. If inflation pressures persist or geopolitical risks intensify, demand for gold could rise again. For now, markets appear to be catching their breath after months of optimism.

The coming weeks will test whether this is a brief pause or a deeper correction. Investors worldwide are watching closely to see if gold can regain momentum — or if the rally that defined much of the year has finally reached its peak.

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“ADC Ex-Chairman Nwosu Speaks On Hotly Contested Presidential Ticket Zoning”.

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The founder and pioneer National Chairman of the African Democratic Congress (ADC), Ralph Nwosu, has said the party has not yet reached a final decision on zoning its presidential ticket ahead of the 2027 general elections.....KINDLY READ THE FULL STORY HERE▶

reports that Nwosu made this known in an interview with Punch, while responding to calls by former Vice President Atiku Abubakar for the North to produce the next president.

He explained that the ADC currently maintains an open structure regarding its presidential ticket, giving all regions equal opportunity to contest.

According to him, “In ADC, it is open.”

Nwosu noted that zoning had been a subject of discussion during coalition negotiations, with some Northern stakeholders arguing for fairness based on political rotation since 1999.

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He said some young Northerners who visited him argued that since the return to democracy, power has been shared unevenly between the North and South, which influenced how he now views the debate.

He added that while he had not initially considered it from that angle, the argument reflects a political reality being discussed within the system.

On how the party intends to choose its presidential candidate, Nwosu said the ADC is considering two possible methods—consensus and direct primaries.

He explained that if stakeholders agree, a consensus arrangement would be adopted, but where disagreements arise, the party would proceed with direct primaries, and the winner would emerge as the flagbearer.

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Nwosu also disclosed that several prominent politicians have indicated willingness to support whoever emerges as the party’s candidate, regardless of outcome.

He mentioned figures such as Rotimi Amaechi, Atiku Abubakar, and Peter Obi as those who have reportedly made such commitments, adding that he expects Rabiu Kwankwaso to also take a similar stance.

He stressed that transparency remains central to the ADC’s internal processes, noting that this principle guided the party’s leadership structure and decision-making.

According to him, the leadership arrangement, including the role of David Mark, was supported because of the need for credible and transparent primaries within the party.

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“2027: Kwankwaso Makes Double Appeal To Nigerians Ahead Of Elections”.

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Former presidential candidate of the New Nigeria Peoples Party (NNPP), Rabiu Kwankwaso, has called on Nigerians both within the country and in the diaspora to actively participate in the 2027 general elections.....KINDLY READ THE FULL STORY HERE▶

reports that Kwankwaso, a chieftain of the African Democratic Congress (ADC), made the appeal in a video posted on his official handle on Monday night.

The former Kano State governor urged citizens, particularly young people, to complete their voter registration with the Independent National Electoral Commission (INEC) ahead of the polls.

He also encouraged Nigerians to register with the African Democratic Congress (ADC), as the coalition party positions itself ahead of the 2027 elections.

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He said, “Fellow Nigerians, it is time for every eligible Nigerian young and old, in the cities and in the villages, at home and in the diaspora to take two decisive steps:

“Register to vote with the Independent National Electoral Commission (INEC) without delay.

“Register with the African Democratic Congress (ADC).”

Meanwhile, a factional leader within the ADC, Nafi’u Bala Gombe, has dismissed any engagement with Kwankwaso, claiming his past actions towards the North make such discussions meaningless.

Speaking in an interview with Premier Radio in Kano, Gombe accused Kwankwaso of failing to act in the best interest of Northern Nigeria when he had the opportunity.

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He further alleged that Kwankwaso contributed to the region’s political setbacks, insisting he did not use his past positions to bring meaningful development.

Gombe said Kwankwaso once reached out with suggestions on solutions for the North, but he rejected the idea, accusing him of failing the region when it mattered most.

He also claimed that Kwankwaso’s participation in the last general election weakened the North’s political influence, especially with other major contenders in the race.

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“Adasobo Festival Lights Up Kishi As Hunters Display Courage, Tradition And Unity”.

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The ancient town of Kishi in Irepo Local Government Area of Oyo State came alive on Monday as indigenes and visitors gathered to celebrate the centuries-old Adasobo Festival, a cultural event deeply tied to the identity and heritage of the people.....KINDLY READ THE FULL STORY HERE▶

The festival, which attracts sons and daughters of Kishi from across Nigeria and the diaspora, is marked by traditional rites, symbolic performances, and communal gatherings that reflect the town’s rich cultural history.

During a visit by our correspondent on April 20, 2026, key locations such as the palace of the Iba of Kishi and Ansarudeen School—situated near the town’s market and serving as major festival grounds—were filled with activity. Chiefs, elders, and residents all gathered in colourful traditional attire to observe the rituals and pay homage to the monarch.

Royal Presence And Cultural Celebration

The Iba of Kishi sat in state as traditional chiefs and subjects paid homage in line with long-established customs. The palace courtyard was filled with drumming, chants, and cultural performances that entertained the gathering.

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The monarch and his wife were seen enjoying the festivities while awaiting the return of hunters who had gone into the forest as part of the festival’s traditional rites.

Speaking on the significance of the event, the Laha of Kishi land, Dr Yusuf Adeleke Ibrahim, described the Adasobo Festival as a strong symbol of unity and identity for the people.

He explained that the hunters’ expedition into the forest and the presentation of their catch form a key part of the tradition, with rituals performed upon their return.

According to him, the festival is not only a celebration but also a reminder of ancestral roots and communal bonds.

Another traditional leader added that the festival helps younger generations reconnect with their heritage at a time when modern influences are gradually affecting cultural practices.

Hunters’ Return Highlights Festival

A major highlight of the celebration was the return of local hunters from the surrounding forests with animals they had successfully hunted. Their arrival was met with excitement as residents lined the streets to welcome them.

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The display of the hunted game is symbolic, representing courage, skill, and the historical importance of hunting in the community’s way of life.

Beyond its cultural significance, the festival also boosted social and economic activities in the town, with traders, food vendors, and artisans recording increased patronage as visitors thronged the area.

Reunions, music, and celebrations filled the streets as families and friends came together for the occasion.

Grand Finale Ahead

Dr Ibrahim also announced that the grand finale of the Adasobo Festival will take place on Saturday, with dignitaries and neighbouring communities expected to attend.

Residents expressed anticipation for the closing ceremony, which is expected to feature more elaborate cultural displays and larger crowds.

For the people of Kishi, the Adasobo Festival remains more than a cultural event—it is a living tradition that preserves their history, celebrates their identity, and strengthens their unity.

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