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Gold remains volatile due to risk-off trading as investors are frightened by the Iran War
Analysts said that gold prices will continue to fluctuate in the short-term as investors cut risk. The Iran war is causing inflation fears, reducing bets for interest rate reductions and impacting the outlook of global growth. They said that in the long run, its role as an asset store will be reasserted. Spot gold has fallen 22% since the start of hostilities on February 28 and 15% in the fourth week. The gold is used to hedge against inflation. However, the increase in bets that rates will stay higher for longer due to the jump in energy prices is a hindrance for bullion. John Reade, senior strategist at the World Gold Council, said that gold should perform well in an environment of stagflation. However, there could be a lot more profit-taking and liquidation before then. The trades of 2025 are now being unwound and we have yet to see the stagflationary deals for 2026. NEEDS FOR LIQUIDITY OUTWEIGH SAFE HAVEN DEMAND Analysts at ANZ say that the one-day gold jump at the beginning of the Iran War followed by a period in which it fell is consistent with other episodes of extreme shocks where the initial demand for safe havens outweighed the liquidity needs. Gold prices initially rose when Russia invaded Ukraine, but fell as inflation rates increased after the invasion. The gold price rally, which took it from $1,650 an ounce in November 20,22 to $5,595 per ounce at a record in January 2026, was driven by central banks and institutional investment, before a wave speculative retail demand, especially in Asia, became part of the market. John Meyer, analyst at SP Angel, said: "The larger picture is unchanged. GOLD BACKED ETFS SEE OUTFLOWS In the early morning hours of Monday, gold reached a four-month low of $4,098 as the stock markets of China, the world's largest buyer of the metal fell by the most since a year. Gold spot prices last fell 2.5% to $4,377 per ounce after U.S. president Donald Trump announced that he would delay any attacks on Iran's energy infrastructure. According to WGC data, the gold-backed exchange traded funds (ETFs) have experienced outflows totaling $7.9 billion or 54.8 tons, mostly in the U.S. (Reporting and editing by Jan Harvey; Polina Devlin)
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Oil prices fall, but stocks rise on Trump's Iran pardon
The global stock market rebounded on Monday from its four-month low after the?U.S. Donald Trump said he would order the military not to strike Iranian energy plants or power stations, which will ease fears of an even greater oil shock. Trump said that the U.S. and Iran were in talks about ending the U.S. - Israel war against Iran. However, parliamentary speaker Mohammad Baqer Qalibaf - who was tipped to represent Iran in contact with the U.S. – posted on social media stating that no talks have been held. The dollar dropped against major currencies, and the cost of borrowing by government decreased. The comments buy time. They may need more time to prepare for whatever they are planning to do. David Bianco is Americas chief Investment Officer at DWS. He said, "I don't think this conflict will be resolved overnight." IRANIAN MEDIA 'CONTRADICT TRUMP’S COMMENTS U.S. Crude was last down 8.78% at $89.61 a barrel and Brent fell to $100.42 per barrel, down 9.64% for the day. The Dow Jones Industrial Average rose by 655.41 or 1.44% to 46,232.88. The S&P 500 gained 77.50 or 1.19% to 6,583.98. And the Nasdaq Composite jumped 273.61 or 1.26% to 21,921.22. The MSCI index of global stocks rose 4.77 points or 0.49% to 986.08. The pan-European STOXX 600 rose by 0.61%. INVESTORS EXPECT AN IMPROVEMENT IN TRIM RATE The 2-year yield in Britain, which has been the hardest hit by the bond sell-off since the beginning of the conflict, fell 17 basis points to 4.409% on Monday. The 10-year yield fell from its peak in 2008. Investors have lowered their expectations of Bank of England rate increases, pricing in only two hikes for this year compared to a Monday's estimate of?more? than three. They also reduced their expectations of the European Central Bank. The yield on the U.S. 10-year Treasury bond was 4.36%, while the yield on the two-year Treasury bond was 2 to 3 basis point lower. The dollar was generally soft. It had traded higher against most currencies before the headline. The euro last rose 0.23% to $1.1597. The market is not saying the worst 'is over', but the odds of the worst manifesting itself in the next couple of days has decreased, said Steven Englander of Standard Chartered, New York.
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Prosecutor at trial claims that a former US congressman secretly advocated for Venezuela
Former U.S. congressman lobbied illegally U.S. officials in order to reduce pressure on Venezuelan President Nicolas Maduro’s government. A U.S. prosecutor stated this on Monday at the opening of trial which will feature testimony by U.S. secretary of state Marco Rubio. In his opening statement at Miami Federal Court, David Rivera's lawyer told jurors that his client worked to remove Maduro and not his government from power. The federal court trial in Miami is based on a contract Rivera had signed with a U.S.-based subsidiary of Venezuelan state owned company for $50 million in 2017. In his opening statement, prosecutor Roger Cruz stated that the trial will showcase evidence on the role played by Venezuela's interim president Delcy Rodriquez in the alleged "lobbying" effort in the early days of Donald Trump's White House tenure. Trump has praised Rodriguez for taking over Maduro after his capture by U.S. Special Forces on January 3, 2017. Cruz informed jurors Rivera, a Republican Republican who served as southern Florida's representative in the U.S. House of Representatives between 2011 and 2013, had been lobbying U.S. government officials on behalf of Venezuela without registering under the Foreign Agents Registration Act as a foreign agent. Cruz stated that Rivera received a total of $20 million. Cruz said that Rivera and Nuhfer, his co-defendant in the case, had "sold their loyalty." The defendants offered access to United States politicians with whom they have spent decades building relationships. One of the 'U.S. Cruz stated that Rubio was one of the politicians Rivera met as part of his efforts to stave-off U.S. Economic Sanctions on Venezuela. Rubio is a former U.S. Senator and a political ally who Rivera once had, Cruz added. Rubio will be called to the stand as a witness on Tuesday. RIVERA MET WITH LAWMAKERS Rivera and Nuhfer both pleaded no contest to charges that included failing to register as an agent of a foreign country and money laundering. Edward Shohat was Rivera's attorney. He acknowledged that Rivera signed a contract to consult with an affiliate in the United States of Venezuelan oil company Petroleos de Venezuela, to try and resolve a dispute with Exxon Mobil. In his opening statement, he claimed that Rivera didn't have to register with FARA, because he had been paid by an American company and the contract was about business, not politics. Shohat said that Rivera, during meetings with Rubio, and Texas congressman Pete Sessions pushed to?help the Venezuelan Opposition oust Maduro. Shohat stated that "at no point in his life, David Rivera has done or said anything to normalize Nicolas Maduro's relationship with the United States." Sessions' office and the State Department did not respond to requests for comments. Exxon didn't immediately respond to an inquiry for comment. Anita Margot Moss is an attorney for?Nuhfer. She said Nuhfer believed in good faith that she didn't have to register as a Foreign Agent. TRUMP RAMPED UP SANCTIONS At ?the time of the alleged lobbying campaign, Venezuela was undergoing an economic crisis, Maduro's government was cracking down on street protests, and his opponents accused him of sidelining the opposition-controlled legislature. U.S. legislators were asking?Trump if he would increase pressure on Maduro. Prosecutors said that to compensate?Rivera Rodriguez ordered U.S. oil refining company Citgo, which is a PDVSA-owned subsidiary, to sign a consulting agreement with a firm owned by the former congressman. Venezuela's Information Ministry, which deals with media inquiries on behalf of the government, has not responded to a comment request. Trump increased sanctions against Venezuela despite the alleged efforts to lobby. (Reporting from Luc Cohen, New York; additional reporting by Humeyra Pauk, Washington; Caracas Newsroom; editing by Noeleen Walder; Nia Williams; Andrea Ricci).
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Google's president: US must invest more in energy to power AI
The U.S. might not be scaling up energy supplies quickly enough to "meet" the demand of the artificial intelligence expansion. Ruth Porat, President and Chief Investment Officer of Alphabet, the parent company of Google, said this on Monday. She was referring to how much capacity is needed to power AI data centers. She said that she was concerned about the fact that the United States is not embracing all energy sources to meet the current needs. Big Tech invests hundreds of billions in?expansion of energy-intensive server warehouses that are used for training and deploying artificial intelligence. The U.S.-based effort has faced challenges including long waiting times to connect to grids, and shortages of gas turbines, among others. Alphabet, the parent company of Google, recently took a historic step by purchasing a power firm to'serve its growth ambitions. It also invests in advanced nuclear reactors, and contracts with utilities to provide a 'demand response' program that requires data centers to reduce their electricity consumption during peak demand. In one project, the technology company has contracted with major electricity provider NextEra Energy to restart an Iowa nuclear power plant that had been shut down for its data centres. (Reporting and editing by Franklin Paul in Houston, Laila Kearney from Houston)
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Analysts say that despite a new loan, Brazil's CSN assets sales are still urgent.
Analysts on Monday said that a $1.2 billion bridge-loan secured by Brazilian steelmaker CSN last week from banks does not ease the group's need to sell assets in the near future and deal with its ballooning debt. Analyst?Pedro?Galdi at AGF said that the company is in a "firefighting mode". He expects that the company will continue to prioritize divestments in order to raise up 18 billion reais (about $3 billion) and reduce its debt. CSN reported recently that this debt had exceeded 40 billion reais. The company signed a binding agreement with a group banks at the end of the week for a credit facility worth $1.2 billion that could increase to $1.4. CSN announced in a statement released over the weekend that it plans to 'use the proceeds to refinance current debt and to pay fees, expenses, and other costs associated with the facility.' The initiative, they added, is part of an broader deleveraging program announced?in January. Igor Guedes is an analyst with Genial Investimentos, a Sao Paulo-based investment firm. He said that the bridge loan was a temporary solution to the company's problems, but it still remains under pressure. CSN's Chief Financial Officer Marco Rabello stated earlier this month that the company expected to complete the sale control of CSN Cimentos and a stake in their future logistics assets company in the third-quarter. The transactions are part a?plan to raise between 15 and 18 billion reais in capital this year to reduce financial risk. Rabello stated that CSN hired Morgan Stanley for advice on the sale control of CSN Cimentos, and Bradesco and Citibank were mandated to provide advice on "the process" involving their logistics company. Three people familiar with negotiations say Morgan Stanley has been in talks with both local and international companies about the sale of cement units, including Brazil's Votorantim, and J&F S.A. which controls JBS and the holding company J&F S.A. Morgan Stanley, Votorantim and J&F have declined to comment. CSN had no immediate comment. (Reporting and additional reporting by Alberto Alerigi Jr.; editing by Andrei Khalip.)
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Trump claims that there are major points of agreement in the talks with Iran
Donald Trump, the U.S. president, said on Monday that the United States had held talks with Iran in the last day and the two sides "had major points of agreement." He added that a deal to end the war could be reached soon. Trump said that his Middle East envoy Steve Witkoff, and Jared Kushner, his close adviser and son-in law had met with the Iranians Sunday. Discussions would continue Monday. We have had very intense discussions. We'll have to see how they go. We have major points of consensus, or almost all of them, as I'd say. Mr. Witkoff, and Mr. Kushner, had strong discussions," Trump told Florida reporters. In remarks made later in Memphis, Tennessee, Trump emphasized the likelihood of a successful deal. Trump stated that "we've been in negotiations with Iran for a very long time and they are serious this time." We're giving it a five-day trial, then we'll see what happens. "I think that at the end of this period, it could end up being an excellent deal for everyone." He refused to reveal who the United States spoke with in Iran but stated that it was not Iran's Supreme leader Ayatollah Khamenei. Trump said Iran had "some leaders left." Trump stated, "We are dealing with a man whom I believe to be the most respected leader and the person who is most respected by the world." Iran's Fars News Agency, citing a reliable source, stated that there were no direct or indirect communication with the United States. Strikes on Power Plants Postponed On Monday morning, Trump had backed off his threat to attack Iran's energy network. He said he would delay any attacks on energy infrastructure and power plants. The markets reacted quickly and strongly. Brent crude oil futures dropped sharply. The dollar was down against major currencies. Stock markets rose and government borrowing rates fell. Trump's statement on Monday was made after Iran had threatened to attack Israel’s power plants as well as those that supply U.S. bases in the Gulf if the U.S. targeted Iran’s power network. Trump warned on Saturday that if Tehran did not "fully open" Strait of Hormuz for all shipping in 48 hours, the Iranian power plants could be destroyed. Trump has set a deadline of 7:44 pm EDT (2344 GMT), on Monday. The Strait of Hormuz, which transports a fifth the world's oil and natural gas liquefied, has been effectively closed by Iranian attacks. Trump stated that the Strait of Hormuz would "open very soon" in case?the talks succeed. He added that it will be "jointly supervised" but he didn't specify who exactly. "Maybe me. "Maybe me." Trump: "Me and the Ayatollah ...", or whoever is the Ayatollah. The U.S.-Israel war that began on February 28 has killed more than 2,000 people, upended the markets, increased fuel prices, accelerated inflation fears, and shaken the Western Defense Alliance. The threat of a strike on the Gulf electricity grids has raised concerns about a mass disruption of desalination of drinking water and has further rattled the oil markets.
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UK summons Iranian Ambassador over allegations against men accused as spies
The British government announced on Monday that the Iranian ambassador in the UK was summoned. Last week, an Iranian national and a British-Iranian dual citizen were arrested on suspicion of aiding Iran's spy services. Two men were accused in a London Court last week of 'being involved in gathering information from Iranian spy services and conducting reconnaissance of Jewish targets within?Britain over a five-week period in the summer of last year. The British Foreign Office said that "national security is our number one priority and we take the threats posed by Iran and those who follow its orders 'extremely serious." "This government will do everything possible to protect the British public, including exposing Iran’s reckless and destabilising activities at home and abroad." Prosecutors said that Nematollah?Shahsavani, a 40-year-old dual British/Iranian national, was asked to conduct hostile surveillance on the Israeli Embassy in London, Britain's oldest Synagogue, and other Jewish targets. The defendants did not enter any plea and were remanded into custody until their next hearing on April 17 at London's?Old?Bailey court. British lawmakers and MI5 have warned for years about the threat posed by Iran. They've alleged that Tehran is behind over 20 kidnap- and assassination attempts. (Reporting and writing by Elizabeth Piper, editing by Michael Holden; Muvija M.
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Raptors shooting 61% on field is destroying Jazz
RJ Barrett scored 27 and Sandro mamukelashvili 23 points as the Toronto Raptors, visiting from Toronto, snapped a losing streak of two games with a 143 - 127 victory over the Utah Jazz on Monday in Salt Lake City. Ja'Kobe Walter made six 3-pointers for Toronto (40-31) and scored a season high 21 points. The team led by up to 35 points and shot 61.4% on the field. The Raptors were leading 117-88 by the end of third quarter, after the Jazz had been outscored 49-30. Toronto's 49 points tied its franchise record for the most?points scored in a quarter. Scottie Barnes scored 20 points for the Raptors. He also had seven rebounds, 10 assists, and Gradey Dick added 13. Jamal Shead set a new career high with 15?assists. Ace Bailey, who led Utah (21-51) in scoring with 37 points and seven 3-pointers, matched his previous career high. Brice Sensabaugh had a career-high?24 points. John Konchar scored 19, Oscar Tshiebwe tallied 16, and Kennedy Chandler had?13 points and nine assists. Utah has lost six of its seven previous games, and it was defeated 60-46 in the paint. Toronto led the Jazz 31-25 after the first quarter, when they held them to only 6-of-20 (30%) shots. Barnes scored back-to-back baskets with 2:30 remaining in the second quarter to give the Raptors a 60-47 lead. Toronto held a 6858 advantage at halftime. Barnes led Toronto in scoring with 16 points, while Bailey led Utah with 18 points. After a 20-6 run to start the third quarter, the?Raptors opened a 24 point lead. Barrett scored 18 in the third quarter to help Toronto gain control. Utah was trailing by 33 at the mid-point of the fourth quarter before a run of 24-3 cut the deficit down to?137 125 with just 1:48 left. Bailey led the rally, shooting 11 out of 21 shots from the field. He also shot 7?of ten from beyond the arc. The Raptors were without Brandon Ingram, Jakob Poeltl and Immanuel Quiley due to injuries. Toronto rookie forward Collin Murray-Boyles, who missed the previous 11 games due to a left thumb injury, returned and scored nine points with four rebounds. He played 17 minutes on the bench. Field Level Media
Petrobras Brazil is not considering a short-term increase in diesel prices, sources claim
Petrobras, the state-owned oil company in Brazil, will not raise diesel prices for the foreseeable future, according to a trio of sources. The firm is sticking with its policy of not passing on price swings abroad to the local consumer. Petrobras raised prices for distributors on March 14 but did not expect the impact to be large on consumers, since the government announced that it would scrap federal taxes on fuel.
One of the sources said, "There is nothing on the radar in the next few days."
The high diesel prices are a major concern to Brazil's president Luiz inacio Lula da Silva who is seeking re-election this year. Lula also imposed a tax of 12% on oil exports in addition to eliminating federal taxes.
Petrobras, since Lula's return to power in 2023 has changed its approach towards fuel pricing. It now absorbs shocks from abroad to keep prices stable for Brazilian consumers.
The state-run oil company has operated many of its refineries above their installed capacity in order to boost diesel production. They have also delayed scheduled maintenance. Reporting by Rodrigo Viga Gaier, Writing by Fabio Téixeira, Editing by Mark Porter & Paul Simao
(source: Reuters)