CMX Morning Update
Spot gold is steady near $5,152/oz, edging lower for a second session as higher oil prices and firm US inflation data fuel inflation concerns and dampen expectations of near-term rate cuts.
WTI crude jumped over 8% to near $95/bbl for a second session as Iran conflict risks overshadowed a coordinated strategic reserve release.
LME base metals are trading on a mixed note, with prices drawing support from persistent concerns over tightening global supply as the ongoing Middle East conflict continues to show little sign of de-escalation.
Markets largely dismissed the move, with the IEA’s record 400 million-barrel emergency oil release seen as insufficient to meaningfully ease supply concerns.
After the latest U.S. CPI data release, market focus now turns to upcoming U.S. jobless claims and remarks from the BOE governor.
