Gold is also being impacted by rising anticipation that the US Federal Reserve won’t cut interest rates this year, while Fed chair Jerome Powell said inflation would rise. Gold tumbled another 3.5% to $4,488 per ounce on Friday, marking an 11% fall for the week and the largest weekly loss the precious metal has seen since 1983 as geopolitical instability and uncertainty in the Middle East continue to weigh on the markets. Gold has fallen more than 15% since Feb. 28, when the US and Israel first attacked Iran, erasing part of the rally that pushed its price up to the $5,500 mark in late January and casting doubt on its safe haven status. TradingView confirmed that March 16-20 was gold’s worst-performing week since 1983. The 11% weekly fall was slightly larger than the last week of January, when gold shot up to about $5,320 before diving to $4,650, a drop that saw more than $2 trillion shaved off the precious metal’s market cap in days. Read more
SMOKE rises after an Iranian retaliatory salvo damaged an Israeli oil refinery in Haifa.—Reuters • Tehran strikes Qatari LNG plant, Saudi and Kuwaiti refineries • Trump warns of ‘furious response’ if attacks on Qatar continue • Rules out troop deployment, but officials say reinforcements under review • Hegseth sets no timeline for war; White House to seek $200bn more from Congress • Global energy markets shaken; Brent jumps to $119, gas prices up 35pc • Riyadh asserts it reserves right to retaliate after refinery drone strike • Netanyahu says Israel ‘acted alone’ in striking Iran gas field • Claims Tehran no longer able to enrich uranium or build missiles DOHA: As Washington rushed to arm its Gulf allies with a $16.46 billion military package, Iran issued its starkest warning yet, vowing “zero restraint” if its energy infrastructure is targeted again, pushing the Middle East closer to a regional war. The developments came after Iranian attacks on the world’s largest LNG plant in Qatar and refineries in Saudi ...