Gold price loses some 0.70% on Friday. It seems poised to end the week with losses of more than 2% as the Greenback remains the choice for safety amid the Middle East conflict, which has increased investors' angst over a reacceleration of inflation.

United States Baker Hughes US Oil Rig Count increased to 412 from previous 411

West Texas Intermediate (WTI) US Oil trades around $95.30 on Friday at the time of writing, virtually unchanged for the day, as markets balance supply relief measures with escalating geopolitical risks in the Middle East.

Commerzbank’s commodity team, including Barbara Lambrecht and colleagues, highlights that the Iran war has triggered the largest oil supply outages ever, with the IEA estimating losses of at least 8 million barrels per day.

Commerzbank analysts highlight that Aluminium has gained around 10% since early March as the Iran conflict amplifies supply concerns, especially given the Gulf’s producer role and China’s production cap.

Gold (XAU/USD) struggles to gain traction on Friday and remains on course for a second weekly decline as surging Oil prices stemming from the ongoing US-Iran war fuel inflation concerns and trigger a hawkish repricing of global interest-rate expectations, weighing on the non-yielding metal.

Commerzbank notes that the Strait of Hormuz closure has also halted Qatari LNG shipments, normally one-fifth of global supply, driving TTF natural gas to almost EUR 70/MWh.

Silver prices (XAG/USD) fell on Friday, according to FXStreet data. Silver trades at $82.37 per troy ounce, down 1.72% from the $83.82 it cost on Thursday.

BNY’s Bob Savage argues Oil markets will be driven by tanker availability, refining capacity and conflict duration, with crude above $80/bbl central to inflation and demand destruction risks.

Gold prices rose in India on Friday, according to data compiled by FXStreet.

Gold (XAU/USD) gains some positive traction during the Asian session on Friday and recovers a part of its losses recorded over the past two days.

Silver (XAG/USD) gains some positive traction during the Asian session on Friday and climbs back above the $85.00 mark in the last hour. The white metal, for now, seems to have snapped a two-day losing streak, though it remains on track to end the week on a flattish note.

 West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $95.75 during the early Asian trading hours on Friday. The WTI price surges due to the effective closure of the Strait of Hormuz amid conflict involving the United States (US), Israel, and Iran.

Iran’s new supreme leader, Mojtaba Khamenei, said in his first public statement since being appointed that the closure of the Strait of Hormuz maritime passage should be continued as a “tool to pressure the enemy,” CNBC reported on Thursday. 

Gold price (XAU/USD) faces some selling pressure near $5,090 during the early Asian session on Friday. The precious metal extends the decline amid a stronger US Dollar (USD) and higher Treasury yields.

West Texas Intermediate (WTI) crude Oil continues to experience extreme volatility, with prices rising more than 7.5% on Thursday as traders grow increasingly concerned about prolonged supply disruptions through the Strait of Hormuz amid the ongoing US-Iran war.

TD Securities strategist Pooja Kumra highlights that markets are focused on the Strait of Hormuz and Iran conflict scenarios, with prediction markets assigning only modest odds to a ceasefire by April 2026.

The new Supreme Leader of Iran, Mojtaba Khamenei, issued his first statement, which was shared on Iranian TV. Khamenei said that attacks on neighboring bases will inevitably continue and that Iran will not refrain from avenging the blood of its martyrs.

DBS Group Research’s Eugene Leow notes that despite a planned release of strategic reserves and expectations of a short conflict, WTI Oil has pushed above $90 per barrel.

In interviews with CNBC and CNN reported by Reuters, US Energy Secretary Chris Wright said that any release of Oil from the Strategic Petroleum Reserve (SPR) would likely take the form of swaps, designed to address short-term supply disruptions without direct costs to taxpayers.

TD Securities Senior Commodity Strategist Daniel Ghali notes that Shanghai silver arbitrage signals strong Chinese demand, contrasting with cautious Western investors after the Iran conflict. London OTC markets are still absorbing flows and lease rates point to better availability.

Gold (XAU/USD) recovers earlier losses and trades broadly flat on Thursday as the US Dollar (USD) pauses its intraday advance and Treasury yields ease somewhat after rising earlier this week. At the time of writing, XAU/USD trades around $5,170, rebounding from intraday lows near $5,125.

Societe Generale analysts describe Brent as having broken out of a large base and accelerated towards $120 before a steep pullback. The contract is holding above $81, with an upside gap near $93.80 and the $120 pivot high seen as a key hurdle.

ING strategists Warren Patterson and Ewa Manthey report LME Aluminium trading near four-year highs as Middle East conflict-driven supply risks support prices. Rising cancelled warrants and accelerating stock withdrawals point to growing physical tightness, particularly at Port Klang.

Brown Brothers Harriman’s (BBH) Elias Haddad highlights that Brent crude Oil briefly moved back above $100 per barrel after tanker attacks near Iraq and Dubai, reviving stagflation concerns and pressuring bonds and equities.

Silver prices (XAG/USD) rose on Thursday, according to FXStreet data. Silver trades at $86.84 per troy ounce, up 1.28% from the $85.74 it cost on Wednesday.

Silver price (XAG/USD) pares its recent losses registered in the previous session, trading around $86.90 per troy ounce during the European hours on Thursday.

TD Securities’ James Rossiter argues that major central banks have shifted their reaction functions after recent supply shocks, now placing greater emphasis on inflation and expectations than on growth.

Rabobank’s RaboResearch Global Economics & Markets team highlights rising geopolitical risks around Iran and Hormuz as Brent Oil trades close to $100.

MUFG’s Senior Currency Analyst Lloyd Chan highlights that Brent Oil has risen above US$90/bbl as supply risks from Iraq and the Strait of Hormuz overshadow the International Energy Agency’s record 400 million barrel emergency reserve release.