Iraq-Türkiye Pipeline Shutdown on Turkish Government Orders

A worker performs checks at Türkiye's Mediterranean port of Ceyhan, which is run by state-owned Petroleum Pipeline Corporation (BOTAS), some 70 km (43.5 miles) from Adana February 19, 2014. (Reuters)
A worker performs checks at Türkiye's Mediterranean port of Ceyhan, which is run by state-owned Petroleum Pipeline Corporation (BOTAS), some 70 km (43.5 miles) from Adana February 19, 2014. (Reuters)
TT
20

Iraq-Türkiye Pipeline Shutdown on Turkish Government Orders

A worker performs checks at Türkiye's Mediterranean port of Ceyhan, which is run by state-owned Petroleum Pipeline Corporation (BOTAS), some 70 km (43.5 miles) from Adana February 19, 2014. (Reuters)
A worker performs checks at Türkiye's Mediterranean port of Ceyhan, which is run by state-owned Petroleum Pipeline Corporation (BOTAS), some 70 km (43.5 miles) from Adana February 19, 2014. (Reuters)

The Kurdistan Pipeline Company has shut the Iraq-Türkiye pipeline at the request of the Turkish government, oil companies in the regions said on Monday.

The news comes after comes after Iraq on Saturday halted crude exports from its northern region after the country won an arbitration case in which it said that Türkiye violated a joint agreement by allowing the Kurdistan Regional Government (KRG) to export oil to Ceyhan.

Iraqi Kurdistan-focused oil firm Genel Energy Plc said it expects the shutdown to be temporary and that it continues to produce oil into storage facilities.

Meanwhile, Norway's Middle East-focused oil firm DNO said the KRG instructed it to temporarily halt oil deliveries to the pipeline for export.



Gold Holds Steady with All Eyes on Trump's Tariff Plans

FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa
FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa
TT
20

Gold Holds Steady with All Eyes on Trump's Tariff Plans

FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa
FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa

Gold prices held steady on Wednesday following a 2% decline in the previous session, while investors focused on US President Donald Trump's tariff plans, which have raised concerns about a trade war.

Spot gold was little changed at $2,912.69 an ounce, by 1120 GMT, after hitting a more than one-week low on Tuesday. Trump's trade policies, seen as inflationary and with potential to spark tiffs with trade partners, saw safe-haven gold hitting a record high of $2,956.15 on Monday.

US gold futures rose 0.3% to $2,926.70.

"The sharp correction in gold followed equities and bitcoin lower, but the bullion market saw some good bargain-hunting on the lows and unlike other asset classes, recovered its composure," independent analyst Ross Norman said, Reuters reported.

The dip in prices is "likely to stimulate good physical offtake and provide an entry point for those that may have missed the bull run," he added.

Wall Street's main indexes touched a one-month low on Tuesday and bitcoin slumped 5.6%.

Trump opened yet another front on Tuesday in his assault on global trade norms, ordering a probe into potential new tariffs on copper imports.

Rising price pressures due to tariffs could force the Federal Reserve to keep interest rates higher. Bullion is a preferred hedge against uncertainty and inflation, but higher rates can reduce its appeal as it yields no interest.

Focus was also on the US Personal Consumption Expenditures (PCE) report, the Fed's preferred inflation gauge, due on Friday.

The recent gains, which took gold within striking distance of $3,000, appeared to run out of steam, suggesting some traders had taken the opportunity to lock in profits, Frank Watson, market analyst at Kinesis Money, said in a note.

"Central bank behaviour will be key to gold's fortunes, as they have been an important element for demand in recent years."

Spot silver gained 0.1% to $31.77, platinum rose 0.9% to $974.86 and palladium added 1.6% to $942.29.