Metals

Bullion has still gained around 18% so far this year and has largely held above the US$5,000-an-ounce threshold

Now entering its 13th day, the US-Israeli war with Iran continues to disrupt oil production and refining across the Middle East

Higher borrowing costs are a headwind for precious metals, which do not pay interest

The effective closure of the Strait of Hormuz has led oil prices to surge and raised concerns about inflation

Investors expect the US Federal Reserve to keep interest rates steady at the end of its two-day meeting on Mar 18

Bullion has risen about 20% so far this year

The US dollar strengthened, making dollar-denominated assets such as bullion more expensive for other currency holders

A stronger greenback typically makes dollar-denominated assets such as bullion more expensive for other currency holders

The metal has gained about a quarter so far this year

Markets currently expect three 25-basis-point rate cuts from the Federal Reserve this year, according to CME’s FedWatch Tool