Israel demolishes UNRWA facility in East Jerusalem, drawing int'l condemnation

Israeli forces on Tuesday stormed the United Nations Relief and Works Agency (UNRWA) compound in East Jerusalem, using bulldozers to demolish its facilities and drawing swift international condemnation.

After a full day of demolition, nearly all buildings inside the compound had been flattened or severely damaged. Israeli flags were seen raised at the site, while the United Nations (UN) flag had been taken down.

On Wednesday, Israel also cut electricity at other UNRWA-affiliated facilities, including educational and medical buildings, and announced plans to suspend water supplies to these sites as well.

Israeli authorities claimed that UNRWA staff were directly involved in attacks carried out in October 2023, and alleged that the agency's infrastructure had been used by armed groups for military activities. Additionally, Israel said it would prohibit UNRWA from continuing its operations in the area.

Notices posted by the Israel Land Authority at the entrance warned that entry was forbidden and that violators would bear consequences.

UNRWA Commissioner-General Philippe Lazzarini refuted Israel's claims on Wednesday, saying that Israel's assertion over the compound was groundless and lacked legal validity. He emphasized that the UN General Assembly has affirmed that Israel's presence in East Jerusalem violates international law and must be brought to an end as soon as possible.

The forced demolition has drawn strong criticism and opposition from the United Nations, Palestinian authorities, and neighboring countries, who argue that the action violates international law and constitutes a clear infringement of the privileges and immunities of UN institutions. Many have called on Israel to halt actions against UN agencies and to effectively safeguard the rights of Palestinian refugees.

Israel demolishes UNRWA facility in East Jerusalem, drawing int'l condemnation

The Gold and silver futures hit new record highs on Thursday as investors were flocking to safer assets.

On the New York Mercantile Exchange (NYMEX), the most-active February gold futures contract soared past 4,900 U.S. dollars per ounce during the session, while March silver futures climbed above 96 U.S. dollars per ounce.

Chart-based buying was the feature of the day as both metals remained in firmly bullish technical postures.

Benefiting from rising investment demand, robust industrial consumption and dwindling physical supplies, silver prices have risen 31 percent so far in January after soaring nearly 150 percent in 2025.

More market analysts are becoming increasingly cautious on the precious metal, as the odds of a major drawdown in silver prices have risen.

A speculative frenzy has become the major driving force behind the silver rally, and this could prove to be unsustainable. Moreover, the magnitude of the latest upsurge is difficult to justify by fundamentals. Analysts noted that there are clear signs of "Fear of Missing Out"-driven buying.

Silver's surge to fresh record highs could eventually be self-defeating, analysts said.

Analysts favor gold over other precious metals, arguing that it has the most attractive risk-reward profile. Besides safe-haven demand, gold will be the sole beneficiary of the broad-based efforts of emerging market central banks to diversify their reserves.

Goldman Sachs has raised its December 2026 price target for gold to 5,400 dollars per ounce, given private sector and emerging market central banks' diversification into gold.

Gold, silver futures continue to hit record highs as investors flock to safer assets