Gold falls 1.8% after report of U.S. sending more troops to Middle East
BNN Bloomberg
Gold prices fell by 1.8 per cent on Friday as the dollar strengthened on a report that the United States will deploy extra troops in the Middle East, fanning concerns of higher oil prices, inflation, and with it, elevated interest rates.
Spot gold fell 1.8 per cent to US$4,563.64 per ounce as of 2:14 p.m. ET after earlier rising one per cent. U.S. gold futures for April delivery were 0.7 per cent lower at $4,574.90.
The dollar and U.S. Treasury yields extended gains after a Reuters report, citing three U.S. officials, that the U.S. military is deploying thousands of additional marines and sailors to the Middle East.
A stronger dollar makes dollar-priced bullion less attractive to holders of other currencies.
The U.S.-Israeli war on Iran has killed thousands, spilled across the Middle East and hit the global economy since the two countries launched a joint attack on February 28. Iran’s prolonged blockade of the Strait of Hormuz could keep energy prices elevated and fuel inflation.
“Gold and silver are being dragged lower as markets climb the usual wall of worry ahead of the weekend,” said independent metals trader Tai Wong, adding: “Metals are especially wobbly after this week’s aggressive drawdown on rate hike fears. It should consolidate soon but it will be a bumpy ride.”
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Oil prices steadied on Friday on the intensifying Iran war to around US$110 a barrel, while global shares were mixed following Wall Street losses.
With energy markets reeling due to the U.S.-Israel war on Iran, there are calls for British Columbia to ramp up its production of liquefied natural gas.
Iran intensified its attacks on oil and natural gas facilities around the Gulf on Thursday, raising the stakes in a war that is sending shock waves through the global economy.
Canadian and U.S. stock markets fell on Thursday as higher oil prices stoked inflationary fears.
Canadian securities regulators on Thursday announced a pilot project to allow smaller issuers to voluntarily adopt a semi-annual financial reporting framework, in a bid to ease the regulatory burden for public companies.
ETF strategies shift to defensive sectors while targeting growth opportunities as volatility and geopolitical risks reshape investor sentiment.
When U.S. President Donald Trump returned to office last year, he launched a crusade to shift the country away from renewable energy, drastically undoing the climate-friendly policies of his Democratic predecessor to focus instead on oil and other fossil fuels as the answer to his goal of American energy dominance.
Markets remain resilient despite oil surge from Middle East conflict, as investors watch inflation risks and potential supply disruptions.
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The CEO of natural gas pipeline operator TC Energy Corp. says Canada risks missing out on opportunities to provide global markets with a secure supply of energy if permitting timelines aren’t significantly shortened.
Canada’s population decline is easing rental demand and weighing on housing as interest rates remain elevated and activity stays subdued.