Gold prices declined on Thursday under pressure from a strengthening dollar, while surging oil prices renewed inflation concerns and dampened hopes for near-term interest rate cuts.
اضافة اعلان
By 01:03 GMT, spot gold fell 0.2% to $5,165.73 per ounce. U.S. gold futures for April delivery also dropped 0.2% to $5,171.40.
The U.S. dollar rose by 0.2%, making dollar-denominated commodities like gold more expensive for holders of other currencies.
Iran stated that the world must prepare for oil prices to hit $200 per barrel after its forces attacked commercial vessels on Wednesday. Meanwhile, the International Energy Agency (IEA) recommended releasing massive strategic reserves to mitigate one of the worst oil shocks since the 1970s.
Oil prices jumped at the start of trading, intensifying inflationary pressures as supplies from the Gulf remain limited amid the U.S.-Israeli war on Iran. Sources reported that Iran has planted approximately 12 mines in the Strait of Hormuz, a move that further complicates efforts to reopen the waterway, which is a vital route for global oil and liquefied natural gas (LNG) shipments.
The fighting has effectively closed the Strait of Hormuz, leaving tankers stranded for more than a week and forcing producers to suspend production as storage capacity nears its limit.
Regarding economic data, the U.S. Consumer Price Index (CPI) rose 0.3% in February, in line with expectations, compared to a 0.2% increase in January. The index has climbed 2.4% year-to-date through February, also matching forecasts. Investors are now awaiting the delayed release of January’s Personal Consumption Expenditures (PCE) price index data on Friday.
In other precious metals, spot silver remained steady at $85.82 per ounce. Spot platinum rose 0.3% to $2,175.32, while palladium increased by 0.6% to $1,646.17.
(Reuters)
