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Commodities
Gold holds above US$4,300 ahead of Fed rate call
Gold prices held firm above the US$4,300 level during Asian deals on Tuesday, as investors reassessed geopolitical developments and prepared for a key Federal Reserve policy meeting. By 3:50 pm AEST (5:50 am GMT), spot gold was trading 0.2% higher at US$4,317.84 an ounce. The precious metal paused its recent three-day recovery as traders became more cautious about the durability of a tentative peace agreement between the United States and Iran. The agreement, announced on Sunday, paved the way for the reopening of the Strait of Hormuz and initially boosted risk appetite across global markets. However, investor optimism has moderated as questions remain over the details and long-term sustainability of the accord. Market participants have also shifted their attention toward upcoming central bank decisions, particularly the U.S. Federal Reserve's policy meeting, which is set to conclude on Wednesday (Thursday AEST). The meeting will be the first chaired by Kevin Warsh since he succeeded Jerome Powell, adding further significance to the event for financial markets. As investors position ahead of the Fed's decision, the U.S. dollar has regained some ground after weakening sharply following the announcement of the p
Commodities
Oil extends decline on supply return hopes
Oil prices extended losses during Tuesday's Asian trade as investors assessed the potential resumption of supply through the Strait of Hormuz while awaiting further details on a preliminary agreement aimed at ending the conflict involving Iran. By 3:20 pm AEST (5:20 am GMT), Brent crude futures were down 40 cents, or 0.5%, at US$82.77 a barrel, while U.S. West Texas Intermediate crude fell 19 cents, or 0.2%, to US$80.56 a barrel. The declines followed sharp losses in the previous session, when Brent and WTI settled down 4.8% and 4.9%, respectively. Markets reacted to comments from U.S. President Donald Trump, who said a memorandum of understanding had been signed to end the U.S.-Israeli war with Iran, although the full details of the agreement have yet to be released. The prospect of restored oil flows through the Strait of Hormuz, a critical shipping route for global energy supplies, has eased concerns over potential disruptions that had previously supported prices. Early indications suggest the agreement would reopen the blockaded waterway and extend a ceasefire for 60 days, providing negotiators with time to address more contentious issues, including the future of Iran's nuclear programme. Despite the prospect
Commodities
Gold rebounds as focus turns to Fed rate decision
Gold extended its recovery for a third consecutive session on Monday, as investors reacted to news of a peace agreement between the United States and Iran and turned their focus towards this week's Federal Reserve policy meeting. The precious metal traded above the US$4,300 level during Asian hours after rebounding from year-to-date lows near the $4,000 mark reached last week. By 3:50 pm AEST (5:50 am GMT), spot gold was up 2.4% at US$4,315.37 per ounce. Market sentiment improved after the United States and Iran reached an initial peace agreement on Sunday, ending nearly four months of conflict. The deal is scheduled to take effect on Friday, 19 June, subject to a formal signing ceremony in Switzerland. President Donald Trump posted on Truth Social, saying that the agreement would ensure the Strait of Hormuz remained “toll-free”. The easing of geopolitical tensions sparked a rally across Asian equity markets and encouraged investors to move away from traditional safe-haven assets. At the same time, the U.S. dollar weakened as traders sought higher-yielding and risk-sensitive investments. Gold also benefited from a sharp decline in oil prices after confirmation that the Strait of Hormuz would reopen. Lower e
Commodities
Oil slides to 3mth low on US-Iran deal
Oil prices fell to their lowest levels since March during Monday's Asian deals after United States President Donald Trump and Iran's deputy foreign minister said an initial agreement had been reached to end the conflict between the two countries and restore shipping through the Strait of Hormuz. By 3:10 pm AEST (5:10 am GMT), Brent crude futures had fallen $4.07, or 4.7%, to $83.26 a barrel, while U.S. West Texas Intermediate crude dropped $4.31, or 5.1%, to $80.57 per barrel. Both benchmarks touched their lowest levels since 10 March after already declining more than 3% on Friday as expectations grew that a diplomatic resolution was within reach. The breakthrough followed announcements that the United States and Iran would sign a memorandum of understanding in Switzerland on Friday. Pakistan Prime Minister Shehbaz Sharif, whose country has acted as a mediator during negotiations, confirmed the planned signing. Trump also said on Sunday that the Strait of Hormuz would reopen on a "toll free" basis and that the United States would end its naval blockade of Iranian ports, raising hopes that a key global energy artery could soon return to normal operations. Analysts at ANZ said shipping activity remained cautious de
Commodities
Gold falls back below US$4,200 as US dollar rebounds
Gold resumed its decline during Asian trading on Friday, falling back below the UD$4,200 level after a recovery in the previous session as investors reassessed the prospects of a peace agreement between the United States and Iran. By 4:00 pm AEST (6:00 am GMT), spot gold prices were down 0.7% at $4,182.00 per ounce. The precious metal had rebounded from year-to-date lows on Thursday after U.S. President Donald Trump cancelled planned strikes against Iran and suggested a peace agreement could soon be reached. However, renewed uncertainty surrounding negotiations and continuing tensions in the Strait of Hormuz helped revive demand for the U.S. dollar, weighing on gold prices. According to reporting from Reuters, Trump said an agreement with Iran could be signed “maybe over the weekend in Europe” and added that the Strait of Hormuz would reopen “as soon as we sign” the documents relating to what he described as a “great settlement”. However, optimism surrounding a diplomatic breakthrough faded after a spokesperson for Iran's Foreign Ministry stated that Tehran had not yet made a final decision regarding any agreement with Washington. The conflicting signals from regional stakeholders dampened enthusiasm for safe-hav

Commodities
Oil falls following cancellation of planned strikes
Oil prices declined for the second consecutive session during Friday's Asian trade, after United States President Donald Trump cancelled planned military strikes against Iran, easing concerns over an immediate escalation in the Middle East despite continuing disruptions to global energy supplies. By 2:55 pm AEST (4:55 am GMT), Brent crude futures were down $1.62, or 1.8%, at $88.76 a barrel. U.S. West Texas Intermediate crude fell $1.45, or 1.7%, to $86.26 a barrel. The declines followed losses overnight after Trump reversed course on plans to strike Iran. The president, who had earlier threatened to hit Iran "very hard", said on Thursday that discussions with Tehran had advanced and that a peace agreement reopening the Strait of Hormuz to shipping could be signed as soon as this weekend. However, Iran's semi-official Fars news agency reported that Tehran had not approved the text of any proposed agreement, casting uncertainty over the prospects for a diplomatic breakthrough. Analysts at ING said the recent stability in oil prices understated the extent of supply disruptions caused by the conflict in the Persian Gulf. "The relatively benign price action in recent weeks masks the scale of the supply disruptions from
Commodities
Gold rebounds slightly from 7mth lows
Gold prices edged higher during Thursday's Asian session, recovering modestly from seven-month lows, although the precious metal remained under pressure as investors assessed elevated United States inflation and escalating hostilities in the Middle East. By 4:00 pm AEST (6:00 am GMT), spot gold was up 0.4% at US$4,088.75 an ounce after falling sharply in recent sessions. Despite the rebound, sentiment towards the precious metal remained fragile following stronger-than-expected U.S. inflation data and a renewed escalation in military conflict between the United States and Iran. The U.S. military launched another round of strikes against Iranian targets overnight, while President Donald Trump warned that further attacks would follow if Tehran failed to agree to a peace deal. Tehran also announced the complete closure of the Strait of Hormuz and claimed that two vessels operating in the strategic waterway had been targeted. Meanwhile, regional tensions broadened after Israel's Home Front Command issued an early warning following reported launches from Lebanon towards northern Israel. The renewed escalation has cast doubt over the durability of the ceasefire reached earlier this year and has supported demand for the
Commodities
Oil prices lift as traders monitor US-Iran conflict
Oil prices rose during Thursday's Asian deals after Iran announced the closure of the Strait of Hormuz following fresh United States military strikes, intensifying concerns over global energy supplies and raising fears of a broader regional conflict. By 2:50pm AEST (4:50am GMT), Brent crude futures were up $1.14, or 1.2%, at $94.24 a barrel, while US West Texas Intermediate crude gained $1.22, or 1.4%, to $91.25 a barrel. The gains followed a dramatic escalation in tensions between Washington and Tehran after U.S. forces launched additional strikes against multiple targets in Iran and President Donald Trump threatened further military action if a peace agreement is not reached. Iran's top joint military command announced on Thursday that the Strait of Hormuz had been closed to oil tankers and commercial shipping, warning that any vessel attempting to transit the strategic waterway would be fired upon. The Strait of Hormuz is one of the world's most important energy corridors, typically handling around one-fifth of global oil and gas shipments. Disruptions to traffic through the passage have been a major factor supporting elevated oil prices in recent months. Analysts at ING said the latest developments reinforced ex
Commodities
Gold refreshes multi-month lows; focus turns to US CPI
Gold extended its recent decline during Wednesday's Asian deals, falling to its lowest level since March as investors awaited key United States inflation data and continued to favour the U.S. dollar amid persisting tensions in the Middle East. By 3:40 pm AEST (5:40 am GMT), spot gold was down 1.6% at $4,193.72 per ounce, leaving the precious metal near three-month lows and below the closely watched $4,200 level. Investor hopes for a diplomatic resolution were dealt a setback after the United States launched strikes against Iran. The action followed accusations by President Donald Trump that Tehran had shot down an American Apache helicopter operating near the Strait of Hormuz. In response, the Iranian Islamic Revolutionary Guard Corps (IRGC) said on Wednesday that it had struck 21 U.S. military targets across the Middle East, further heightening geopolitical tensions. Despite gold's traditional role as a safe-haven asset during periods of uncertainty, traders have instead favoured the U.S. dollar amid expectations that the conflict could contribute to inflationary pressures and keep U.S. interest rates elevated. Market attention is now firmly focused on the release of the U.S. consumer price index (CPI), which is