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Gold Weakens as Inflation Concerns Lift US Bond Yields and USD; Downside Remains Cushioned
Gold (XAU/USD) trades with a negative bias for the second consecutive day on Thursday, though it lacks follow-through selling and stalls the intraday slide near the $5,125 area. A fresh leg up in Crude Oil prices threatens the inflation outlook and overshadows signs of moderating price growth in the
Fxstreet
Thu, Mar 12
China orders immediate ban on fuel exports for March — Reuters
The Chinese government has effectively banned refined fuel exports for March "with immediate effect”, Reuters reported on Thursday. This measure comes as another step to pre-empt a potential domestic fuel shortage caused by the US-Israeli war on Iran.
US Officials Say Iran Laid Mines in the Strait of Hormuz — WSJ
Iran intensified its efforts to halt traffic through the Strait of Hormuz, a critical oil conduit. The US military has turned down requests to escort tankers or other civilian ships through the strait, with defense officials saying it won't do so until the threat of Iranian fire has eased.Gold remains subdued as inflationary risks reduce Fed rate cut bets
Gold price (XAU/USD) extends its losses for the second successive session, trading around $5,150 during the Asian hours on Thursday. The bullion price slides as surging oil prices heightened inflationary risks and reduced the likelihood of Federal Reserve (Fed) interest rate cuts.Fxstreet
Thu, Mar 12
US to release 172 million barrels of oil from strategic petroleum reserve
The US President Donald Trump administration plans to release 172 million barrels from the US emergency oil reserve as part of the coordinated effort by nations around the world to ease soaring crude and gasoline prices amid the Iran war, Bloomberg reported on Wednesday.US President Donald Trump: IEA decision to release oil from reserve will reduce oil prices
US President Donald Trump said on Wednesday that the US knocked out Iran's navy and leaders. Trump added that the International Energy Agency (IEA) decision to release oil from reserves will substantially reduce oil prices.Fxstreet
Wed, Mar 11
Sea drones target oil tankers in the Middle East as conflict risks widen — Reuters
Naval drones have been used in at least two attacks on oil tankers in the Gulf region since war erupted between the United States (US), Israel and Iran, suggesting a dangerous new threat in the key shipping lane, Reuters reported on Wednesday.Silver Price Forecast: XAG/USD falls as US Dollar gains, geopolitical risks persist
Silver (XAG/USD) trades lower on Wednesday, hovering around $85.30 at the time of writing, down 2.12% on the day. The precious metal struggles to extend its recent gains as a rebound in the US Dollar (USD) and higher US Treasury yields weigh on demand for non-yielding assets.
Fxstreet
Wed, Mar 11
IEA announces largest coordinated release of 400 million barrels from Oil reserves
The International Energy Agency (IEA) announced that its 32 member countries unanimously agreed to make 400 million barrels of Oil from their emergency reserves available to the market, notes Reuters. The proposed move represents the largest coordinated release of strategic Oil reserves in history.
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