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Commodities
Gold climbs above US$4,950 to fresh record
Gold prices surged to fresh record highs during Friday's Asian trade, extending a powerful rally as geopolitical tensions and uncertainty over the future direction of United States monetary policy fuelled demand for the safe-haven metal. By 4 pm AEDT (5 am GMT) spot gold was up 0.4% to trade at fresh record highs of US$4,957.05 per ounce, putting it on track for a weekly gain of more than 7%. Analysts pointed to a combination of monetary policy expectations and currency moves underpinning the rally. ANZ analysts said: "Gold climbed to a fresh high on expectations of further monetary easing and a weaker USD. Sentiment was boosted by better-than-expected U.S. economic data. "The U.S. economy expanded in the third quarter slightly more than previously reported. However, it was a smaller rise in jobless claims and a solid rise in personal spending which triggered a selloff in the USD. "This helped increase investor appetite for the precious metal, which offset a fall in haven buying as geopolitical tensions eased." Safe-haven demand has been supported by elevated geopolitical risks, including tensions involving Venezuela, Iran and Greenland, as well as renewed concerns over the U.S. Federal Reserve’s independence.
Commodities
Oil rebounds on Iran supply fears after Trump remarks
Oil prices rebounded on Friday after United States President Donald Trump renewed threats against Iran, raising concerns that escalating tensions with the major Middle Eastern producer could disrupt global crude supplies. By 3:30 pm AEDT (4:30 am GMT), Brent crude futures for March delivery were up 48 cents, or 0.8%, at $64.54 per barrel. U.S. West Texas Intermediate crude also rose 48 cents, or 0.8%, to $59.84 per barrel. The rebound followed losses of about 2% in the previous session. Prices recovered after Trump told reporters aboard Air Force One that the United States had an “armada” heading toward Iran, while adding that he hoped it would not be used. The comments came as he renewed warnings to Tehran over the killing of protesters and any move to restart its nuclear programme. A U.S. official said warships, including an aircraft carrier and guided missile destroyers, are expected to arrive in the Middle East in the coming days. Iran is the fourth-largest producer within the Organization of the Petroleum Exporting Countries and a key supplier to China, the world’s second-largest oil consumer. Both Brent and WTI were on track for weekly gains of around 0.6%. Prices had climbed earlier in the week on Trump’s
Commodities
Gold slips from record as safe-haven demand falters
Gold prices slipped from all-time highs during Asian trade on Thursday, trading back below the US$4,800 level as easing geopolitical tensions reduced demand for safe-haven assets. By 3:45 pm AEDT (4:45 am GMT), spot gold was down 0.7% at $4,796.25 an ounce. The pullback followed comments from United States President Donald Trump, who said he would step back from imposing tariffs on European nations that had opposed his push to take control of Greenland. Trump added that the United States and the North Atlantic Treaty Organization had “formed the framework of a future deal with respect to Greenland”. Optimism that a resolution to the dispute could be reached without escalating tariffs has weighed on traditional safe-haven assets such as gold in the near term. However, Trump did not provide details on the parameters of the so-called “framework”, leaving uncertainty over what any agreement would entail. Germany’s finance minister, Lars Klingbeil, warned against premature optimism following Trump’s decision to ease tariff threats, noting that renewed tensions between the United States and the European Union could still emerge. Any signs of escalation would likely restore support for gold prices. Separately, Gol
Commodities
Mission Critical: The new era of state-sponsored mining
The G7’s proposed price floor for critical minerals effectively marks the end of the free market in the resources sector. For three decades, the global economy treated commodities as neutral inputs that traded efficiently based on price and availability, but that structure collapsed in Washington this week. Azzet’s Mission Critical is a weekly column that lays out the ebbs and flows around critical minerals supply chains - from pricing, production, refinement and mergers & acquisitions, to manufacturing and consumer products. Western governments have now conceded that private capital cannot compete against state-sponsored monopolies that prioritise strategic control over profit - as has played out with China. The consequential policy shifts for resources extraction are profound in the sense that they represent a formal split in the global commodities market. The market is now dividing into two distinct tiers: a "Red Price" driven by Chinese internal demand and a "Blue Price" set by Western security needs. Take the elements neodymium and praseodymium - magnet rare earths in high demand into the future.Source: AzzetFor critical minerals stocks, the G7-subsidised "Blue Price" becomes the only relevant valuation metric.
Commodities
Markets: Oil edges higher as tariff tensions recede
Oil prices edged higher on Thursday after United States President Donald Trump stepped back from threats to impose tariffs linked to his push to acquire Greenland, easing fears of a U.S.-Europe trade war and supporting expectations for global economic growth and oil demand. By 2:50 pm AEDT (3:50 am GMT), Brent crude was up 10 cents, or 0.2%, at US$65.34 per barrel, while U.S. West Texas Intermediate crude for March delivery rose 15 cents, or 0.3%, to $60.77 per barrel. Prices had already gained momentum earlier in the week, climbing more than 1.5% on Tuesday and a further 0.4% on Wednesday, after OPEC+ producer Kazakhstan halted output at its Tengiz and Korolev oilfields on Sunday due to power distribution issues. ANZ analysts commented in a note to clients: "Crude oil prices were steady as traders took stock of the geopolitical backdrop. Trump’s demands to acquire Greenland and calls for peace in the Ukraine continue to dominate discussions in the market. “In his Davos speech, Trump said that Russia and Ukraine are at a point now where they can come together and get a deal done. An end to the war would likely result in U.S. sanctions on Russia being removed, which would limit disruptions to supplies. "However, sent

Commodities
Gold hits record above US$4,850 amid trade fears
Gold prices surged to a fresh record above US$4,850 per ounce on Wednesday, supported by strong safe-haven demand and a weaker United States dollar as President Donald Trump’s pursuit of Greenland threatened to reignite a trade war with Europe and strain the NATO alliance. By 3:30 pm AEDT (4:30 am GMT) spot gold rose 1.8% to fresh record highs of US$4,851.40 per ounce. The precious metal has benefitted from rising geopolitical uncertainty and a broad retreat in risk assets. Spot silver, by contrast, slipped 0.4% to $94.07 an ounce, retreating from Tuesday’s record high of $95.87. According to a BBC report on Wednesday, the European Parliament is planning to suspend approval of a U.S. trade deal agreed in July, citing sources close to its international trade committee. The suspension is expected to be announced in Strasbourg later on Wednesday. Heightened tensions between the U.S. and Europe are likely to underpin demand for traditional safe-haven assets in the near term, particularly gold. On Tuesday, Trump said there was “no going back” on his goal to control Greenland, refusing to rule out the use of force and sharply criticising NATO allies. He later struck a more conciliatory tone, saying, “We will ⁠work s
Commodities
Oil prices slip amid easing Kazakh supply fears
Oil prices fell during Wednesday's Asian trade as expectations of a build-up in United States crude inventories outweighed lingering concerns over a temporary halt in production at two major oilfields in Kazakhstan, while renewed geopolitical tensions continued to cap gains. By 2:55 pm AEDT (3:55 am GMT) Brent crude futures were down 72 cents, or 1.1%, at US$64.20 per barrel, while U.S. West Texas Intermediate crude for March fell 57 cents, or 0.9%, to $59.79 per barrel. Both benchmarks had climbed nearly $1 a barrel, or about 1.5%, in the previous session after OPEC+ producer Kazakhstan halted output at the Tengiz and Korolev oilfields on Sunday due to power distribution issues. ANZ analysts said the production halt followed precautionary shutdowns after fires at power generators servicing the fields. “Kazakhstan’s largest oil producer recently halted production at the Tengiz and Korolev fields as precautionary measures after two fires at power generators. The Tengiz field is expected to remain shut for at least 10 days. This comes after Kazakhstan reduced oil production after drone strikes affected the Caspian Pipeline Consortium’s shipping terminal in Russia, which is the outlet for about 80% of Kazak exports. "R
Commodities
US natural gas prices surge amid US Arctic blast
United States natural gas futures posted their largest single-day gain in almost four years on Tuesday as forecasts shifted sharply colder, raising expectations of surging heating demand and possible supply disruptions during a prolonged Arctic blast. Futures for February delivery traded up 79 cents or 25.3% to US$3.89 per million British thermal units (mmbtu). Prices rose as much as 29% intraday to $3.990/mmbtu, marking the strongest daily price increase since early 2022. The rally was driven by updated weather models pointing to widespread freezing conditions across the United States over the long holiday weekend and into the weeks ahead. Market positioning also amplified the move. Hedge funds increased bearish bets on natural gas last week, leaving prices vulnerable to a sharp short-covering rally once forecasts turned decisively colder. “Frigid weather is set to reshape the near-term natural gas outlook as Arctic air masses flash across the eastern U.S. and the huge weather demand gain over the MLK weekend threatens severe market dislocation,” EBW Analytics were quoted as saying in a CNBC story on Tuesday. According to the National Weather Service, a major winter storm is expected to bring heavy snow, sleet a
Commodities
Gold trades at record highs amid safe-haven demand
Gold prices edged higher during early Asian trading on Tuesday, trading at record highs as investors sought refuge in safe-haven assets amid persistent geopolitical and economic uncertainty, following fresh tariff threats from United States President Donald Trump. By 3:15 pm AEDT (4:15 am GMT), spot gold prices were up 0.2% at US$4,681.36 an ounce. The move came after Trump said on Saturday that the United States would impose new tariffs on imports from eight European countries that oppose his plan to acquire Greenland. The countries named include Denmark, Norway, Sweden, France, Germany, the Netherlands, Finland and the United Kingdom. The announcement stoked fears of a broader trade conflict and lifted demand for traditional safe-haven assets such as gold. Adding to market unease, reports suggest the European Union is considering retaliatory measures, including a €93 billion (A$161.3 billion) package of tariffs on U.S. imports. Attention is also turning to the U.S. Federal Reserve’s upcoming policy meeting. Markets are currently pricing in a 5% chance of a rate cut at the January meeting, according to the CME Group FedWatch Tool. Expectations that the Fed will keep interest rates higher for longer tend to su