Commodities - Azzet - Business news, investments companies & executives

Sign inJoin Now

Commodities

Commodities
Gold ETFs hit record US$701bn; price stays above 5K
Three new World Gold Council reports on central bank activity, ETF flows and market conditions show who is buying, why momentum has held, and where the risks sit. Wall Street, for its part, is broadly onside. Gold finished February at US$5,222 per ounce (oz) - up 5% for the month and 20% year-to-date. The metal is trading around $5,079/oz as of today, holding in the low-$5,000s as markets continue to weigh the U.S.-Iran conflict, firm oil prices, and lingering tariff and recession concerns. That puts gold still up more than 16% year-to-date and well within striking distance of its all-time high of $5,594/oz set on 29 January - a reasonable place to ask what is actually driving the structural bid beneath the daily noise. On 2 February, J.P. Morgan raised its end-2026 gold price target to $6,300/oz - up from $5,055/oz - citing what it called an "ongoing, unexhausted trend of reserve diversification". J.P. Morgan analysts noted this week that "conflict-driven surges in gold come and go, though geopolitical risks broadly are likely to stay on the boil" - a view that underpins their $6,300/oz forecast for end-2026. Deutsche Bank reiterated its $6,000/oz target the same day J.P. Morgan revised higher. Goldman Sachs
Commodities
Oil dips as US weighs futures market move
Oil prices fell for the first time in six sessions during Friday's Asian trade as the United States considered intervening in the oil futures market to limit price increases and granted waivers allowing Indian refiners to purchase Russian crude to help ease supply shortages triggered by the Middle East conflict. By 2:45 pm AEDT (3:45 am GMT), Brent crude futures were down $0.92, or 1%, at US$84.54 per barrel, while U.S. West Texas Intermediate crude slipped $0.95, or 1.2%, to $80.06. The decline followed a sharp rally earlier in the week, driven by escalating hostilities involving Iran and concerns about disruptions to global energy flows through the Strait of Hormuz. The United States and Israel launched military strikes against Iran on 28 February, triggering a conflict that has halted tanker traffic through the strategic waterway. The Strait of Hormuz typically carries around one-fifth of the world’s daily oil supply. The fighting has also forced the shutdown of refineries and oil production facilities, while liquefied natural gas plants across key Middle East energy-producing regions have suspended operations. Despite Friday’s pullback, crude prices have still surged this week. Brent has risen 15.9% so far du
Commodities
Markets: Gold rises as US-Iran conflict continues
Gold prices moved higher in Thursday’s Asian trading session as investors sought safe-haven assets amid escalating geopolitical tensions and rising potential of more accommodative United States monetary policy. By 3:15 pm AEDT (4:15 am GMT), spot gold was trading 0.9% higher at US$5,184.67 per ounce, approaching the key US$5,200 level. The rally came as the conflict involving the United States, Israel and Iran intensified. The war escalated sharply on Wednesday after a U.S. submarine sank an Iranian warship off the coast of Sri Lanka while air defences from the North Atlantic Treaty Organization intercepted an Iranian ballistic missile fired towards Turkey. Geopolitical uncertainty increased further as reports indicated that the powerful son of Iran’s slain supreme leader had emerged as a leading candidate to succeed him. On the monetary policy front, Donald Trump on Wednesday officially nominated former Federal Reserve governor Kevin Warsh to serve as the next chair of the central bank. Warsh is widely viewed as supportive of more accommodative policy settings, raising expectations that interest rates could be lowered later this year. Economic data released in the United States also drew investor attention. Figu
Commodities
Oil climbs as Hormuz disruption deepens
Oil prices rose during Thursday's Asian trade amid ongoing concerns over the prolonged disruption of shipping through the Strait of Hormuz, with the widening conflict between the United States and Iran threatening vital Middle Eastern energy flows. By 2:30 pm AEDT (3:30 am GMT), Brent crude was up $2.35, or 2.8%, at US$83.67 per barrel - it's highest level since 19 July 2024, while West Texas Intermediate crude gained $2.43, or 3.3%, to $77.09 per barrel, trading at levels not seen since 23 June, 2025. The escalation in energy markets followed a further expansion of the U.S.-Iran conflict on Wednesday after a U.S. strike hit an Iranian warship off the coast of Sri Lanka. At the same time, Republicans in the United States Senate backed the military campaign led by Donald Trump against Iran. Lawmakers voted against a bipartisan resolution that sought to halt the air campaign and require Congress to authorise further hostilities against Iran. Supply pressures have also emerged within the region’s energy producers. Iraq, the second-largest crude producer within OPEC, has cut production by nearly 1.5 million barrels per day due to a lack of available storage and export routes, according to officials. Analysts at ANZ s
Commodities
Iran, oil and the market rotation hiding in plain sight
Four days into Operation Epic Fury, the Strait of Hormuz is functionally closed, a Fed governor is arguing for rate cuts regardless, and a record sector rotation is reshaping the S&P 500 from the inside. Defence Secretary Pete Hegseth said in a televised briefing on Wednesday that U.S. and Israeli forces had achieved "uncontested airspace" over Iran and delivered "twice the air power of shock and awe" in just four days. The Iranian navy had been destroyed, he said, and a warship torpedoed in the Indian Ocean marked the first such sinking since World War Two. Brent crude settled at US$81.40 a barrel on Tuesday, up roughly 10% since strikes began on February 28, after President Trump said the U.S. Navy would escort tankers through the Strait of Hormuz and provide government-backed insurance for vessels willing to transit. Meanwhile, the S&P 500 remains within 2% of all-time highs.The case to keep cuttingFed Governor Stephen Miran appeared on Bloomberg Television on Wednesday and argued the oil shock is a headline inflation event, not a core inflation event, and that the Fed should "look through" it as central bankers have done for decades before 2022. He said the policy settings today bear no resemblance to the pandem

Commodities
Gold rebounds after losing key US$5,200 support
Gold prices rebounded in Asian trading on Wednesday, recovering part of the sharp losses recorded in the previous session as investors returned to safe-haven assets amid escalating tensions in the Middle East. By 3:05 pm AEDT (4:05 am GMT), spot gold was up 1.7% at US$5,176.57 per ounce, after briefly retesting the $5,200 level earlier in the session. The recovery mirrored price action seen during Tuesday’s Asian hours, with renewed geopolitical concerns helping offset pressure from a firm U.S. dollar and shifting expectations around U.S. monetary policy. The latest bounce followed a heavy sell-off on Tuesday, when gold settled 4.4% lower as investors unwound positions in the precious metal to cover losses in global equity markets. Despite the rebound, the U.S. dollar remained broadly supported, underpinned by rising geopolitical risks and fading expectations of near-term interest rate cuts from the Federal Reserve. A moderation in oil’s rally also contributed to gold’s stabilisation. Crude prices consolidated after President Donald Trump sought to reassure markets that the United States would provide insurance for vessels operating in the Gulf amid Iranian attacks. Trump added that U.S. military forces would esc
Commodities
Oil extends rally as US-Iran war disrupts supply
Oil prices rose for a fourth consecutive session during Wednesday’s Asian trading as the United States-Israeli war on Iran disrupted Middle East production and effectively halted exports through key regional routes. By 2:50 pm AEDT (3:50 am GMT), Brent crude futures were up 72 cents, or 0.9%, at US$82.12 a barrel, after touching their highest level since 16 January 2025 in the previous session. West Texas Intermediate crude gained 43 cents, or 0.6%, to $74.99, holding near its strongest level since 23 June 2025. The advance followed fresh military strikes on Tuesday, when Israeli and U.S. forces targeted sites across Iran. Tehran responded with attacks on energy infrastructure in a region responsible for just under one-third of global oil output. Iraq, the second-largest crude producer in Organization of the Petroleum Exporting Countries, has reportedly reduced output by nearly 1.5 million barrels per day — around half its production — because of storage constraints and the absence of viable export routes. Iran has also targeted vessels in the Strait of Hormuz, the critical chokepoint through which roughly one-fifth of global oil and liquefied natural gas flows. Shipping traffic has remained effectively closed for a
Commodities
Gold nears US$5,400 amid safe-haven flows
Gold prices advanced on Tuesday as investors sought safe-haven assets amid the deepening conflict in Iran, with the precious metal once again testing the key US$5,400 level after volatile trading in the previous session. By 3:15 pm AEDT (4:15 am GMT), spot gold was up 0.8% at US$5,363.04 per ounce, supported by persistent geopolitical uncertainty and a softer global risk tone. Demand for bullion strengthened as United States President Donald Trump signalled further escalation in the ongoing war with Iran, warning that a “big wave” of military action is yet to come. Trump pledged retaliation following an attack on the U.S. embassy in Riyadh and the deaths of U.S. military personnel during the conflict. Late on Monday, a Saudi Defence Ministry spokesperson confirmed that the U.S. Embassy in Riyadh had been targeted by two Iranian drones. U.S. Secretary of State Marco Rubio said the United States is preparing for a “major uptick” in attacks in Iran over the next 24 hours, reinforcing expectations of heightened military activity. The escalation followed Israeli strikes on Beirut’s southern suburbs, with Hezbollah launching rockets and drones toward Israel in response to the death of Iranian Supreme Leader Ali Khamene
Commodities
Oil prices climb as Iran conflict deepens
Oil prices rose for a third consecutive session on Tuesday as the expanding United States-Israeli conflict with Iran heightened concerns over supply disruptions across the Middle East and shipping through the critical Strait of Hormuz. By 3 pm AEDT (4 am GMT), Brent crude futures were up $1.64, or 2.1%, at US$79.38 per barrel. U.S. West Texas Intermediate crude gained $1.12, or 1.6%, to trade at $72.35 per barrel. The rally reflects mounting fears that the conflict could significantly disrupt output and exports from a region that accounts for a substantial share of global energy supply. ANZ analysts said: “The longer the conflict persists, the greater the impact on the oil market it will have. While Middle Eastern producers such as Saudi Arabia, UAE and Iraq are still producing oil despite exports being hampered, storage facilities are likely to fill up quickly, leading to a halt to production. “ Tensions intensified after reports that an Iranian Revolutionary Guards official declared the Strait of Hormuz closed and warned that Iran would fire on any vessel attempting to transit the waterway. On a typical day, crude shipments equivalent to around one-fifth of global oil demand pass through Hormuz, alongside tankers