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After US Pressure, Asian Refineries Seek Iran Oil Alternatives

Crude oil is dispensed into a bottle in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration
Crude oil is dispensed into a bottle in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration
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After US Pressure, Asian Refineries Seek Iran Oil Alternatives

Crude oil is dispensed into a bottle in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration
Crude oil is dispensed into a bottle in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration

Asian oil importers are stepping up efforts to diversify crude sources and Iranian oil payment mechanisms after the US announced it is pressing buyers to completely eliminate Iran imports by November 4.

As refineries companies in Taiwan, Japan, South Korea and UAE seek to reduce imports, in which the ban on Iranian oil has become imminent amid US strictness not to give exemptions to any state to import any Iranian packages, the companies in India are still waiting for the government’s decision to stop the importing of Iranian oil or not.

An official from the United States Department of State stated Tuesday that the US demanded from all countries to halt Iranian oil imports starting November 4.

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Gold Edges Higher in Holiday Trade; Eyes on Fed's 2025 Plan

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
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Gold Edges Higher in Holiday Trade; Eyes on Fed's 2025 Plan

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold inched higher on Thursday in holiday-thinned trade, as investors focused on the US Federal Reserve's interest rate strategy and anticipated tariff policies under President-elect Donald Trump, both of which could influence the metal's direction in the coming year.

Spot gold rose 0.2% to $2,619.59 per ounce, as of 0023 GMT.

According to Reuters, bullion has surged approximately 27% so far this year, scaling multiple record highs, fueled by significant Fed rate cuts, including a jumbo reduction in September, and heightened geopolitical uncertainties.

Meanwhile, US gold futures steadied at $2,637.10.

In a holiday-curtailed week, trading volumes will likely thin out as the year-end approaches, and Markets are eyeing jobless claims data due later in the day, while preparing for major policy shifts, including tariffs, deregulation and tax changes, in 2025 as Trump returns to the White House in January.

On the geopolitical level, the Palestinian militant group Hamas and Israel traded blame on Wednesday over their failure to conclude a ceasefire agreement despite progress reported by both sides in past days.

Gold is considered a safe investment option during economic and geopolitical turmoil and tends to thrive in a low interest rate environment.