Gold Prices Retreat as Trump Threatens Further Attacks on Iran

An Indian woman displays a gold jewelry piece at a jewelry store in Bangalore (AFP)
An Indian woman displays a gold jewelry piece at a jewelry store in Bangalore (AFP)
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Gold Prices Retreat as Trump Threatens Further Attacks on Iran

An Indian woman displays a gold jewelry piece at a jewelry store in Bangalore (AFP)
An Indian woman displays a gold jewelry piece at a jewelry store in Bangalore (AFP)

Gold retreated from two-week highs on Thursday after US President Donald Trump said that Washington would continue its military campaign in Iran in the coming weeks, pushing crude prices sharply higher and dampening hopes of interest rate cuts.

Spot gold was down 2% at $4,664.39 per ounce, as of 0439 GMT, snapping a four-day winning streak, while US ‌gold futures slid 2.5% ‌to $4,691.10.

The pullback followed bullion's climb to ‌its ⁠highest level since March ⁠19, prior to Trump's remarks, said Reuters.

In a prime-time address to the nation late on Wednesday, Trump said the United States would carry out aggressive strikes on Iran over the next two to three weeks and was nearing "completion of its main strategic objectives" in the conflict.

"Gold is pulling back after two superb days, as ⁠President Trump was quite bellicose in his tone, referring ‌to aggressive plans over the coming ‌weeks... it suggests the optimism of the last few days was exuberant ‌and there will be some retracement ahead of the long ‌weekend," independent metals trader Tai Wong said.

Markets reacted swiftly: the 10-year US Treasury yield and the dollar index both advanced, pressuring dollar-denominated gold.

Meanwhile, Brent crude surged more than 6% after Trump indicated continued targeting of Iran's energy ‌infrastructure, raising supply concerns.

Gold had already been under pressure, dropping 11% in March, its worst monthly performance ⁠since 2008, ⁠following the outbreak of the Iran conflict on February 28. The surge in oil prices has fueled inflation concerns, complicating the Federal Reserve's monetary policy outlook.

Expectations for U.S. rate cuts remain low through most of 2026. Bets for a December reduction have fallen to just 12%, down from around 25% before Trump's latest comments.

While gold typically benefits during periods of inflationary pressure and geopolitical tension, higher interest rates reduce its appeal by increasing the opportunity cost of holding the non-yielding asset.

In other metals, spot silver fell 4.6% to $71.67, platinum dropped 2.5% to $1,914.61 and palladium shed 1.4% to $1,451.92.



China’s October Crude Oil Imports Rise to Highest Level Since March Amid Middle East War

A ship loaded with oil docks at a pier with the help of a tugboat at the port of Qingdao, in eastern China's Shandong province, June 12, 2025. (AFP via Getty Images)
A ship loaded with oil docks at a pier with the help of a tugboat at the port of Qingdao, in eastern China's Shandong province, June 12, 2025. (AFP via Getty Images)
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China’s October Crude Oil Imports Rise to Highest Level Since March Amid Middle East War

A ship loaded with oil docks at a pier with the help of a tugboat at the port of Qingdao, in eastern China's Shandong province, June 12, 2025. (AFP via Getty Images)
A ship loaded with oil docks at a pier with the help of a tugboat at the port of Qingdao, in eastern China's Shandong province, June 12, 2025. (AFP via Getty Images)

China's October oil imports fell 13.3% from a year earlier but reached the highest level since March this year after the US-Israeli war on Iran disrupted supplies from the Middle East, official data showed on Tuesday.

China, the world's biggest oil buyer, imported 41.94 million metric tons of crude oil ‌in October, ‌or 9.88 million barrels ‌per day, ⁠with the daily ⁠import rate up 9.4% from September, according to data from the General Administration of Customs.

China’s oil product exports, including gasoline, diesel, jet fuel and fuel oil, fell to 5.18 million ⁠tons in October from 7.16 million ‌tons in ‌September, but were up 14.6% from a ‌year earlier, according to the data.

Refined ‌oil product exports in the first 10 months of the year totaled 46.59 million tons, down 2% from a year earlier.

Oil ‌product imports rose to 3.15 million tons in October from ⁠1.85 ⁠million tons in September. January-to-October imports fell to 27.15 million tons from 34.19 million tons a year earlier.

Data also showed that natural gas imports, including liquefied natural gas and pipeline gas, rose 2.4% from a year earlier to 10.01 million tons in October.

January-to-October natural gas imports totaled 99.22 million metric tons, down 2.8% from a year earlier.


Haitham Al Ghais Announces COP31 As The ‘Age of all Energies’

The Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais (X)
The Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais (X)
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Haitham Al Ghais Announces COP31 As The ‘Age of all Energies’

The Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais (X)
The Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais (X)

The Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, said on Monday that the world will require more electricity in the decades to come, but it will also need more from almost all other energy sources.

“The future is not about focusing on one particular energy and conveniently forgetting the role of others. Today we hear much talk of the ‘Age of Electricity’, but that is not fully switched on. The future should be about the ‘Age of all Energies’ and an understanding of how important each energy is to others,” Al-Ghais wrote in an op-ed published in the Turkish Anadolu Agency.

The op-ed comes as the 31st United Nations Climate Change Conference (COP31) is taking place from 9 to 20 November 2026 in Antalya, Türkiye.

According to the OPEC Secretary General, four points illustrate some of the blind spots in the discourse around electrification.

First, he spoke about the ‘electrification of everything’ that has a material reality.

“The so-called ‘Age of Electricity’ depends on adding hardware everywhere. It is device and equipment intensive. It means filling homes, offices, cars and cities with more and more things,” he said.

Therefore, the production and delivery of such equipment utilize international supply chains, with materials making multiple journeys, often crisscrossing the globe, before the final assembly line, he wrote.

“These logistics are overwhelmingly dominated by petroleum powered transportation modes,” the OPEC chief noted.

Additionally, he wrote, more electrification will also lead to an ‘Age of More Cables and Chargers.’

According to Al-Ghais, “Each gadget that it depends on adds at least one power brick and cable. Many will add two or three. This means dozens of separate chargers, low-voltage power supplies and leads, and, in the case of electric vehicles (EV), the heavy cable and fixed internal wiring that tie this all together.”

Second, he wrote, electrifying everything means more petroleum-derived products. “The devices this goal depends on are plastic intensive. Plastic insulation and jackets will be needed for cables. Chargers and power blocks are plastic shells around transformers. These devices also require packaging, often made from plastic material,” he noted.

Also, some electrified technologies require substantially more plastic components than the traditional systems they replace.

For example, Al-Ghais wrote, a mid-sized EV is likely to contain 45% more plastic and polymer composites than a similarly sized petrol or diesel model.

In this regard, he said the petrochemical requirements for ‘electrification’ are often overlooked.

“They did not receive much attention in the International Energy Agency's (IEA) Special Report on Electrification written in advance of COP31,” he noted.

Moreover, Al-Ghais said from the perspective of EVs, it is important to remember the other challenges facing their expansion, such as the availability of critical minerals, public charging capacity, subsidies and the market realities impacting both manufacturers and consumers.

Third, he referred to what OPEC has written repeatedly, saying that petroleum and petroleum-derived products are essential for manufacturing, maintaining and installing electricity grids.

Al-Ghais said that these include cables, overhead lines, pylons, transformers, substations, and control systems.

“As high-voltage subsea cables proliferate, this will see a surge in demand for specialized plastics and polymers,” he added.

Fourth, Al-Ghais said petroleum-derived products are important for electricity generation, regardless of the source.

“On average, 15% of the weight of a wind turbine is made from petroleum-derived materials like fiberglass, resin or plastic. About 10% of a typical crystalline silicon solar panel is made from plastic,” he explained.

Also, he said, petroleum-derived products are essential across value chains for manufacturing, building and transporting renewable technologies.

“This underscores the fact that energy sources are not locked in a zero-sum game where growth in one results in decline for another. They do not operate in silos. All energies will be required to meet global energy demand growth, address energy poverty that continues to impact billions around the world and provide energy security,” he wrote.

The OPEC Secretary General concluded that rather than neatly categorizing energy eras based on sources, perhaps it will be useful to recognize their interdependence and the reality that we are in the ‘Age of all Energies.’


Hormuz LNG Traffic Hits Highest in October since Iran War Began

 Vessels at the Strait of Hormuz, as seen from Musandam, Oman, November 9, 2026. REUTERS/Stringer
Vessels at the Strait of Hormuz, as seen from Musandam, Oman, November 9, 2026. REUTERS/Stringer
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Hormuz LNG Traffic Hits Highest in October since Iran War Began

 Vessels at the Strait of Hormuz, as seen from Musandam, Oman, November 9, 2026. REUTERS/Stringer
Vessels at the Strait of Hormuz, as seen from Musandam, Oman, November 9, 2026. REUTERS/Stringer

The monthly ‌tally of laden liquefied natural gas (LNG) tankers exiting the Strait of Hormuz reached its highest in October since the US-Iran conflict disrupted shipping this year, vessel tracking data showed.

-Last month, 31 LNG tankers went through the key waterway, according to data from S&P Global Energy, of which 23 were loaded at Ras Laffan in Qatar and eight at Das Island in ‌the United Arab Emirates.

-October exports were the highest ‌since ⁠February when the war ⁠started and were up from September's corresponding tally of 23 vessels exiting the strait, the data showed.

-"We are looking at UAE back to pre-war transit levels and Qatar at over 30% of pre-war Hormuz transits," said Eric ⁠Yep, a senior principal analyst at S&P ‌Global Energy.

-Kpler's ‌shiptracking data showed 42 LNG cargoes were loaded in ‌October, up from 27 in September.

-The ‌changes come as Ras Laffan's October loadings reached 35 cargoes, surpassing 2.7 million tons, the highest since the war started, according to Kpler data. Qatar exported ‌nearly 6.2 million tons in February.

-Two of the vessels carrying LNG ⁠from ⁠Ras Laffan that exited the strait subsequently conducted ship-to-ship (STS) transfers off the coast of Oman's Sohar anchorage, Kpler data showed. The SC Prestige transferred LNG to the BW ENN Crystal Sky, which is now bound for South Korea.

-The Al Mafyar moved its LNG to Shandong Redwood and Ejnan, both of which delivered the cargoes to Pakistan.

-Das Island exports held steady at seven loadings in October, flat with September, Kpler data showed.