Commodities● Neutral
Gold, silver under pressure this week as US-Iran conflict, oil rally cloud outlook
Gold fell 1.2% to $2,315, silver dropped 2.8% as oil above $90 and Iran tensions redirected capital. The jobs report Friday is the next catalyst.
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Gold and silver declined this week. A rally in crude oil above $90 a barrel and heightened US-Iran tensions redirected capital flows. Spot gold fell 1.2% to $2,315 an ounce by midweek. Silver dropped 2.8% to $29.40 an ounce. Brent crude climbed to its highest since October on supply disruption fears after new US sanctions on Iranian oil exports.
The oil rally drew liquidity out of precious metals. The dollar firmed against major currencies, adding pressure on gold and silver. Iran's threat to close the Strait of Hormuz if attacked pushed oil higher. Gold typically rises on geopolitical stress. This week it fell.