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Commodities
Gold slips below US$5,200 level; US bond yields rise
Gold prices edged lower on Thursday as rising United States Treasury yields and a stronger U.S. dollar weighed on the precious metal, even as escalating tensions in the Middle East continued to support safe-haven demand. By 3:45 pm AEDT (4:45 am GMT), spot gold was trading 0.6% lower at US$5,144.60 per ounce, slipping below the $5,200 level as the metal struggled to find clear direction. The decline came as the U.S. dollar strengthened amid heightened geopolitical risks following intensified attacks linked to the conflict involving Iran. Tehran has stepped up strikes on tankers and vessels in Iraqi waters and near the strategically vital Strait of Hormuz, raising concerns about global energy supply routes and the potential for broader economic disruption. Oil prices resumed their upward trajectory as fears of supply interruptions resurfaced, even after the United States and the International Energy Agency announced the release of emergency oil reserves aimed at stabilising markets. The International Energy Agency agreed to release 400 million barrels of oil from member nations’ strategic reserves, with the United States contributing 172 million barrels from its Strategic Petroleum Reserve. Despite the move, crude
Commodities
Brent crude surges past US$100; Iran attacks more ships
Oil prices surged during Thursday’s Asian session as escalating attacks on vessels in the Strait of Hormuz heightened fears of supply disruptions, overshadowing efforts by global authorities to calm energy markets through strategic reserve releases. By 2:45 pm AEDT (3:45 am GMT), Brent crude futures had climbed $8.76, or 9.5%, to US$100.74 per barrel, while U.S. West Texas Intermediate crude rose $7.60, or 8.7%, to $94.85 per barrel. The sharp rally came despite coordinated attempts by the International Energy Agency and the United States to release crude from emergency reserves in order to stabilise markets following the outbreak of conflict involving Iran. Analysts at ANZ commented in a note to clients: "So far, market pricing continues to reflect an assumption that the conflict will be contained and relatively short-lived. "This is evident in the sharp reaction in front-month prices, the more muted response further along the curve and the reliance on inventories and spare capacity to absorb any disruption. “We think this framework underestimates the risk of supply losses compounding over time.” The analysts added that while inventory releases could help ease near-term pressure on prices, they would likely prov
Commodities
Gold rises ahead of key US CPI report
Gold prices lifted modestly during Asian trade on Wednesday, as investors positioned ahead of key United States inflation data that could influence the outlook for Federal Reserve interest rates. By 3:40 pm AEDT (4:40 am GMT), spot gold was up 0.3% at US$5,208.03 per ounce. Despite escalating tensions from the ongoing conflict in the Middle East, gold has struggled to fully capitalise on its traditional role as a safe-haven asset and inflation hedge in recent sessions. Part of the support for gold on Wednesday came from falling oil prices, which improved risk sentiment across financial markets and contributed to a softer U.S. dollar. A Wall Street Journal report indicating that the International Energy Agency (IEA) has proposed the largest release of emergency oil reserves in its history weighed on crude prices and helped boost broader market confidence. The improvement in risk sentiment reduced demand for the U.S. dollar as a haven asset, indirectly supporting gold prices. Investors are now focusing on the upcoming U.S. consumer price index (CPI) report, which is expected to provide important clues about the trajectory of inflation and the potential timing of interest rate cuts by the Federal Reserve later this
Commodities
Oil prices mixed as IEA reportedly weighs record release
Oil prices traded mixed during Wednesday's Asian session after reports that the International Energy Agency (IEA) is considering the largest emergency oil release in its history to counter supply disruptions stemming from the war involving Iran. By 2:50 pm AEDT (3:50 am GMT), Brent crude futures were down 12 cents, or 0.1%, at US$87.68 per barrel. U.S. West Texas Intermediate crude traded 12 cents higher, or 0.1%, at US$83.57 per barrel. According to a report by the Wall Street Journal, the proposed release from strategic reserves would exceed the 182 million barrels that IEA member countries collectively released in 2022 following Russia’s full-scale invasion of Ukraine. The proposal comes as the conflict involving Iran continues to raise concerns about global oil supply, particularly given the strategic importance of the Strait of Hormuz. Military activity intensified on Tuesday as U.S. and Israeli forces conducted what the Pentagon described as the most intense strikes of the conflict so far. The U.S. military also said it had “eliminated” 16 Iranian mine-laying vessels near the Strait of Hormuz, according to the U.S. Central Command. Trump has repeatedly stated that the United States is prepared to escort oil
Commodities
Gold rises 0.5% as Iran war fears ease
Gold prices ticked higher during Asian trade on Tuesday as improving risk sentiment across global financial markets supported the precious metal as market participants reacted to easing oil prices and signals that the conflict in the Middle East may be nearing an end. By 3:15 pm AEDT (4:15 am GMT), the metal was trading 0.5% higher at US$5,163.20 per ounce. Investor sentiment improved after United States President Donald Trump suggested the war with Iran could soon conclude. Trump told CBS News on Monday: "I think the war is very complete, pretty much. They have no navy, no communications, they’ve got no Air Force.” The remarks helped fuel a rebound in equity markets and a sharp reversal in oil prices, which had surged roughly 25% to three-year highs during the height of the geopolitical tensions. Additional reports that Washington may consider softening sanctions on Russian energy exports also contributed to the easing in energy prices and further supported the recovery in global risk appetite. However, analysts warn that the outlook for energy markets remains uncertain, which could continue to influence gold’s trajectory in the near term. Some Gulf producers have already reduced oil output amid disruptions t

Commodities
Oil down over 5% as Trump signals war nearing end
Oil prices retreated during Tuesday's Asian trade after reaching their highest levels in more than three years during the previous session, as United States President Donald Trump suggested the war in the Middle East could soon end. By 2:45 pm AEDT (3:45 am GMT), Brent crude futures were down $5.21, or 5.3%, at $93.75 per barrel. U.S. West Texas Intermediate crude fell $5.19, or 5.5%, to $89.58. The decline followed a dramatic surge in oil prices on Monday, when both benchmarks briefly climbed above $100 per barrel amid fears of major supply disruptions. During the session, Brent crude touched a high of $119.50 per barrel, while WTI reached $119.48 — their highest levels since mid-2022 — after supply cuts by Saudi Arabia and other producers intensified concerns about tightening global oil markets. ING economists commented: "Reports that G-7 finance ministers were considering a significant release of oil from strategic reserves, along with comments from President Trump suggesting that the war might end soon, sent prices plunging later in the session. At one point, Brent traded towards $85/bbl. "Trump’s words will only go so far. Ultimately, the market will need to see a resumption of oil flows through the Strait of H
Commodities
Gold slips as oil shock lifts US dollar
Gold prices fell at the start of the week as surging oil prices and a stronger United States dollar weighed on the precious metal amid intensifying conflict in the Middle East and a growing global energy shock. By 3:40 pm AEDT (4:40 am GMT) Spot gold dropped 1.6% to $5,087.98 an ounce, although the metal recovered slightly from earlier losses that briefly pushed prices close to the US$5,000 level during Monday’s trading session. The decline comes as global markets grapple with a dramatic surge in oil prices, which has triggered a broad sell-off across risk assets and strengthened the U.S. dollar as investors seek safety. Crude prices have soared amid fears of severe supply disruptions following the escalation of hostilities in the Middle East and the ongoing siege of the Strait of Hormuz, one of the world’s most important energy shipping routes. Several Gulf producers have already scaled back oil production as security risks increase and export routes remain constrained. The disruption has intensified fears of a prolonged energy supply shock that could push global fuel prices significantly higher, sparking fresh concerns about global inflation, with investors increasingly worried that rising fuel costs could complic
Commodities
Oil surges over 20% as Iran war disrupts supply
Oil prices surged over 20% during Monday's Asian session, climbing to their highest level since mid-2022 as the expanding conflict between the United States, Israel and Iran disrupted Middle Eastern energy supplies and threatened to choke off shipments through the critical Strait of Hormuz. By 3 pm AEDT (4 am GMT), Brent crude futures had jumped $24.91, or 24.9%, to US$115.78 per barrel, while U.S. benchmark West Texas Intermediate crude futures rose $24.55, or 27%, to $115.45 per barrel. The latest spike comes after a dramatic rally last week when Brent crude surged 27%, and WTI climbed 35.6% as traders reacted to the rapid escalation of hostilities across the Middle East. The surge in prices reflects growing fears that the conflict could trigger a sustained disruption to global energy supplies, particularly as the Strait of Hormuz remains effectively blocked. Several major oil producers have already begun reducing output as exports from the region face mounting logistical constraints. ING analysts noted: "Iraq, the first to start cutting supplies last week, has reportedly reduced output by around 1.5m b/d. Meanwhile, over the weekend, Kuwait reportedly cut output by as much as 300k b/d. "The longer this goes on
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