LONDON: Gold edged up on Wednesday, as uncertainty about Brexit talks, French elections, and US President Donald Trump’s economic policies boosted safe-haven buying and offset a firmer dollar.
Spot gold was up 0.1 percent at $1,252.11 per ounce at 1505 GMT. US gold futures slipped 0.3 percent to $1,251.90.
“There are a lot of uncertainties regarding the Trump reflation trade after the failure last week to overhaul Obamacare, and uncertainty in Europe with French elections coming up and the official start today of Brexit negotiations,” said Carsten Fritsch, an analyst at Commerzbank in Frankfurt.
“The general picture is still positive (for gold) with dips seen as buying opportunities,” he said.
A firmer dollar capped gains in gold, as it hit a fresh eight-day high after Chicago Fed President Charles Evans said he supported one or two more US rate hikes this year.
“A resurgent US dollar, along with higher US yields and equities has taken the momentum out of the gold rally for now,” said Jeffrey Halley, senior market analyst at OANDA.
Strength in the US currency makes dollar-denominated gold more expensive for holders of other currencies, potentially decreasing demand. Independent technical analyst Cliff Green said the gold price would need to take a breather after failing to break above its 200-day moving average at $1,260.
“It is possibly highlighting the upper boundary of a new consolidation phase with prices likely to experience a rather choppy, two-way market action in the weeks ahead,” Green told the Reuters Global Gold Forum.
“It is certainly a peak for the time being but it is also a pivotal level that if breached could trigger more serious gains later in the year,” he said.
Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, which is considered a gauge of investment demand, reported an outflow of 1.8 tons on Tuesday.
Gold ticks higher as Brexit triggered
Gold ticks higher as Brexit triggered
Aramco’s 13% rally helps Saudi stocks post second weekly gain
RIYADH: Saudi Aramco extended its year-to-date rally to nearly 13 percent on Thursday, helping the Kingdom’s benchmark stock index secure a second straight weekly gain despite a weaker final trading session.
Saudi Aramco shares, which carry the heaviest weighting on the Saudi Exchange, closed at SR26.86 ($7.16), leaving the stock 12.72 percent higher since the start of 2026. The stock also remained 3.09 percent above last week’s close, even after falling 1.1 percent in Thursday’s session.
The rise in energy shares came as escalating tensions in the Middle East pushed oil prices above $100 a barrel, after attacks on tankers in the Gulf and the Strait of Hormuz heightened concerns over supply disruptions.
The Tadawul All Share Index maintained its weekly uptrend, rising nearly 1.07 percent week on week to close at 10,778.32, despite falling 0.45 percent in Thursday’s session. Compared with the first trading day of the year, the index has gained 4.01 percent.
Total trading turnover on the benchmark index reached SR5.05 billion at Thursday’s close, with 88 stocks advancing and 176 declining.
Aramco’s performance continued to anchor sentiment after the company reported adjusted net income of $104.7 billion for 2025 earlier this week, while net profit fell 12.1 percent year on year to $93.39 billion, compared with $106.25 billion in 2024, as lower crude prices weighed on earnings despite higher sales volumes across oil, gas and refined products.
On a March 10 earnings call, Aramco CEO Amin Nasser warned that prolonged disruption in the Strait of Hormuz could have severe implications for global energy markets. Roughly 20 percent of the world’s oil normally passes through the waterway each day, but shipments have been largely blocked.
“There would be catastrophic consequences for the world’s oil markets and the longer the disruption goes on ... the more drastic the consequences for the global economy,” he said.
“While we have faced disruptions in the past, this one by far is the biggest crisis the region’s oil and gas industry has faced.”
Saudi equities showed mixed performance in Thursday’s session. The MSCI Tadawul Index fell 5.99 points, or 0.40 percent, to close at 1,476.76.
The Kingdom’s parallel market Nomu gained 132.47 points, or 0.6 percent, to close at 22,370.4, with 38 stocks advancing and 34 declining.
On March 11, the International Energy Agency announced the release of 400 million barrels of oil from its reserves, the largest such move in its history. As part of that, the US said it would release 172 million barrels starting next week.
