0745 GMT - Gold prices are on track for a weekly loss, with futures in New York below $5,100 a troy ounce. Bullion is pressured by a stronger dollar, rising oil prices and uncertainty surrounding Federal Reserve policy. "The USD has strengthened due to its safe-haven status, particularly as rising oil prices benefit the U.S. which is a net energy exporter," analysts at ANZ say. "Concerns are mounting over the Fed's approach to rate cuts, with higher oil prices raising the possibility of renewed inflation pressures." In early trading, gold futures slip 0.6% to $5,095.30 a troy ounce, while the U.S. dollar index is up 0.3% to 100.06, making dollar-denominated commodities more expensive for overseas buyers. (giulia.petroni@wsj.com)
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Brent Holds Above $100 as Hormuz Blockade Remains Key Concern
0736 GMT - Oil prices hold on to gains, with Brent crude above $100 a barrel despite U.S. efforts to boost global supplies by temporarily allowing countries to purchase Russian oil already at sea. "Quick measures are unlikely to relieve the pressure," Ipek Ozkardeskaya from Swissquote says. The oil market's main concern remains the blockade of the Strait of Hormuz. U.S. Treasury Secretary Scott Bessent called for an international coalition to escort tankers through the strait "as soon as it is militarily possible," though Iran's new leader has vowed to keep blocking the waterway. In early trading, Brent rises 1% to $101.51 a barrel, while WTI is up 1.1% to $91.50. The benchmarks are on track for weekly gains of around 9% and 11%, respectively. (giulia.petroni@wsj.com)
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Iron Ore Rises, Supported by Near-Term Supply Concerns -- Market Talk
0337 GMT - Iron ore is higher in early Asian trading. Prices are supported by near-term concerns about spot liquidity, according to Nanhua Futures analysts in a research note. However, valuations have been high in recent sessions while steel fundamentals remain lukewarm, they note. Investors could consider taking profit at a high level, they note. The most-traded iron-ore contract on the Dalian Commodity Exchange is 3% higher at 817.0 yuan a ton. (tracy.qu@wsj.com)
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(END) Dow Jones Newswires
03-13-26 0917ET
