Gold, silver see price gains on safe-haven bids

Gold and silver are rallying sharply in early U.S. trading Thursday on renewed safe-haven demand tied to escalating Middle East conflict risk. April gold was last up $42.30 to $5,176.70, while March silver rose $1.637 to $84.27, as risk aversion increases and energy/shipping disruption risks widen. The article flags the Iran war entering its sixth day with continued aerial strikes and elevated uncertainty, including reports of an oil tanker attack off Iraq and broader threats to Persian Gulf shipping. Bloomberg-cited developments include China ordering top refiners to suspend gasoline/diesel exports (to prioritize domestic supply), and multiple VLCC supertankers diverting away from planned Persian Gulf loadings—tightening logistics and potentially sustaining higher crude risk premia (Brent referenced around $84). Macro spillovers are also highlighted: the IMF warned the conflict could hit energy prices, sentiment, growth, and inflation, creating new policy challenges. In the U.S., the Fed’s Beige Book described activity as “slight to moderate” with “moderate” inflation across most districts—an environment where geopolitical energy shocks could quickly re-price inflation expectations and real yields, typically supportive for precious metals. Near-term catalysts for PM pricing include further Strait of Hormuz/shipping headlines, any U.S./Iran escalation signals, and follow-through in oil and rates (real yields/FX) as markets re-assess stagflation risk.