[MARKET ANALYSIS] Crude benchmarks have waned off best levels, spot gold remains below USD 4k/oz
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[MARKET ANALYSIS] Crude benchmarks have waned off best levels, spot gold remains below USD 4k/oz
[MARKET ANALYSIS] European bourses mixed, with tech slumping following selling in Asia; Volvo Car falls after highlighting China weakness, Burberry reports sales growth
Bahrain Defence Forces say Iranian aerial attacks were intercepted and destroyed today
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- The US continued to strike Iran for a sixth consecutive night. Following that, Iran claimed that power facilities, bridges and civilian infrastructure were struck. And in response, Iran launched its own strikes on Gulf neighbours.
- More pertinently was a severe warning from the Iranian Army Spokesman. He stated that if the US strike the infrastructure of Iran, all infrastructure in the region will be a legitimate target; he added that “either all countries in the region can export oil or no one can”.
- Crude benchmarks spent the overnight session in the green, amidst the aforementioned developments. However, benchmarks eventually waned off best levels into the European morning; Brent Sep’26 (+0.5%) holds towards the lower end of a USD 83.71-85.50/bbl range.
- Spot gold (+0.5%) is incrementally firmer this morning, though still remains just shy of the USD 4k/oz mark, after dipping below that mark in the prior session. Recent pressure has been driven by the ongoing inflationary woes surrounding the latest US-Iran escalation. Nonetheless, some analysts remain confident in the structural drivers for the yellow metal, namely, continued central bank purchases. Elsewhere, base metals are broadly in the red this morning – hampered by the risk tone. 3M LME Copper trades within a USD 13,429-13,563/t range.
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