Gold prices extended their stellar run on Monday, topping $3,100 per ounce to hit another record high, as uncertainty around tariffs that would stoke inflation and hinder economic growth lifted safe-haven demand and kept bullion on course for its strongest quarter since 1986.
Spot gold rose 1% to $3,114.77 per ounce by 11:56 a.m. ET, having hit a record of $3,128.06 earlier. U.S. gold futures were up 1% at $3,147.60.
“The ongoing uncertainty regarding tariffs has affected equity markets and brought another round of safe-haven buying into the gold market,” said David Meger, director of metals trading at High Ridge Futures.
“There are certain technical areas of resistance along the way that could cause a little profit-taking or pullback. But the ongoing bullish trend remains in place. The fundamental underpinnings remain in place.”
U.S. President Donald Trump is expected to announce reciprocal tariffs on April 2, while automobile tariffs will take effect on April 3.
Trump said on Sunday he would impose secondary tariffs of 25%-50% on buyers of Russian oil if he feels Moscow is blocking his efforts to end the war in Ukraine.
Bullion has gained around 18% so far this year, after rising more than 27% in 2024, supported by a favorable monetary policy backdrop, robust central bank buying and demand for exchange-traded funds, among other factors.
On the technical front, gold’s Relative Strength Index stands above 77, indicating the market is overbought, but analysts said the momentum has defied any standard logic of where prices are positioned.
Wall Street big banks have raised their outlook on gold prices citing trade-war tensions and strong central bank demand, with Goldman Sachs expecting gold to surpass $4,500 within the next 12 months under extreme market conditions.
“There are signs of strong Chinese buying activity that are flowing through ... We expect the continued uncertainty with respect to Trump’s trade policy to fuel macro funds to purchase more gold,” said Daniel Ghali, commodity strategist at TD Securities.
Spot silver slipped 0.9% to $33.81 an ounce, platinum rose 0.5% to $988.05 and palladium gained 0.8% to $979.70. All three metals were headed for monthly gains.
“Silver hasn’t been able to benefit from the rise in gold, it really reflects idiosyncratic strength in the gold price as opposed to weakness in the silver price,” Ghali said.
South Korean stocks shed 3% on Monday to a near two-month low, pressured by the upcoming US reciprocal tariffs and the short-selling ban's removal from March 31 by the Financial Services Commission.
The Korea Composite Stock Price Index, or Kospi, was down by 76.86 points, or 3%, to close at 2,481.12. The Kosdaq also fell by 20.91 points, or 3.01%, to 672.85.
US President Donald Trump said Sunday that the reciprocal tariffs of 25% on all automotive imports, effective from April 2, will apply to all countries.
The FSC lifted its short-selling ban from Monday, with institutional investors required to implement computerized systems to prevent naked short selling.
The government will temporarily expand the designation of overheated short-selling stocks until May 31 to ease volatility. Retail investors will also face the same stock borrowing and repayment conditions as institutions
In economic news, South Korea's overall industrial output increased by 1% in February, compared with a decline of 2.8% in the previous month, according to data from Statistics Korea released Monday.
A Reuters poll has estimated industrial production to have increased 0.8% in the month. The public administration index declined, while service, mining and manufacturing, and construction industries saw monthly gains.
Total industrial production increased by 0.6% in February from the same month last year.
In corporate news, Hyundai Steel 004020 will suspend all rebar production at its Incheon plant in April to address mounting losses from falling prices.
The company said it was a strategic production cutback, not routine maintenance, as it sought to balance supply and demand. The Incheon facility, with an annual rebar capacity of 1.5 million tons, has never faced a full production halt before.
The steel producer has entered into emergency management mode, citing weak domestic demand and excess supply from China. Its other rebar plants will remain operational.
Shares of Hyundai Steel fell over 3% at market close on Monday.
Global energy major Shell is warning Opposition Leader Peter Dutton that his plan to impose unprecedented export curbs on Queensland’s liquefied gas producers would stunt investment in new projects while failing to boost supplies of the fuel.
The Coalition has unveiled an east-coast gas reservation plan to keep more supplies onshore, rather than loaded onto ships to be sold to buyers in Asia, as it seeks an election fight with the Albanese government over energy prices and the cost of living.
While Australia is one of the world’s top shippers of LNG, most of that gas is produced in Queensland or WA, and is sold on long-term contracts to buyers in Asia. Credit: Bloomberg
The proposed scheme is being billed as a way to head off the worsening threat of gas shortfalls emerging in Victoria and NSW later this decade as ageing gas fields in the Bass Strait that have long supplied the local market rapidly deplete with scant new projects to replace them. But the Coalition’s plan drew immediate scrutiny from experts and industry leaders doubtful of its ability to affect gas and electricity bills.
In a major intervention in the debate, the Australian chair of British oil and gas supplier Shell will tell a conference on Tuesday that forcing a domestic gas-reserve scheme on the industry risks worsening the shortfall risks in NSW and Victoria by disrupting the market and making it more difficult for companies to green-light spending on crucial new supply projects.
Repsol Chief Executive Officer Josu Jon Imaz poses before taking part in the economic forum "Wake Up! Spain" in Madrid, Spain, March 31, 2025. REUTERS/Susana Vera
(Reuters) -French oil group Maurel et Prom said on Monday that the United States had revoked its licence to operate in Venezuela, sending its shares plunging 15% in early trade.
Reuters reported on Saturday citing sources that the Trump administration had notified foreign partners of Venezuelan state oil firm PDVSA of the imminent cancellation of authorisations that allowed them to export Venezuelan oil and byproducts.
Spanish oil company Repsol was also notified that its licence had been revoked, it said on Monday, prompting Foreign Minister Jose Manuel Albares to say that his government would defend the interests of the firm.
Italy's Eni confirmed on Sunday that it was also notified by U.S. authorities that it would no longer be allowed to receive oil from PDVSA as payment for gas it produces in Venezuela.
Oil and gas operations in Venezuela were normal on Monday, vice president and oil minister Delcy Rodriguez said in a social media post.
"Those transnational companies whose license was revoked by the U.S. government at the request of failed Venezuelan extremists are welcome to continue to participate in production in a win-win scheme of contracts with national industry," she said.
Former President Joe Biden's administration had authorised exceptions to U.S. sanctions on Venezuela to allow individual companies to source Venezuelan oil to feed refineries from Spain to India.
U.S. President Donald Trump issued an executive order last week declaring that any country buying oil or gas from Venezuela will pay a 25% tariff on trades with the United States.
M&P, majority-owned by the government of Indonesia, was granted a licence in May 2024 for its 40% consolidated interest in Venezuelan firm Petroregional del Lago, which operates the Urdaneta Oeste field in Lake Maracaibo.
The company said in a press release that it had received notification of the licence revocation from the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) dated March 28 with a wind-down period until May 27.
"M&P is currently assessing the implications of this decision in close consultation with its legal advisers," it added.
M&P shares were down by 15% in Paris as of 0854 GMT, Repsol was down 1.5% in Madrid while Italy's Eni was only slightly lower.
India's Reliance Industries, operator of the world's largest refining complex, will halt Venezuelan oil imports after the United States announced the 25% tariff on nations buying crude from the South American nation, three sources told Reuters last week.
The Indian conglomerate had obtained approval from U.S. authorities last year and has been importing an average of 2 million barrels of Venezuelan crude per month, according to LSEG data.
(Reporting by Michal Aleksandrowicz in Gdansk; Editing by Jamie Freed, Milla Nissi, Jason Neely and Mark Porter)
Copyright 2025 Thomson Reuters.
OPEC+, led by Saudi Arabia and Russia, has revealed plans to increase oil production following years of delays. The group intends to raise output by 138,000 barrels per day, with a gradual rise to 2.2 million barrels per day by 2026. President Donald Trump urged the oil cartel to lower prices, linking high costs to the ongoing war in Ukraine.
OPEC+ stated, “This gradual increase may be paused or reversed subject to market conditions,” adding, “This flexibility will allow the group to continue to support oil market stability.”
Trump said, “Right now the price is high enough that that war will continue. You gotta bring down the oil price. That will end that war. You could end that war.”
Trump has also pledged to expand U.S. oil and gas production to boost domestic manufacturing and energy exports. However, analysts noted that lower oil prices could discourage domestic production.
Under pressure from Trump, Japan and South Korea have expressed interest in investing in the Alaska LNG project. The plan includes an 800-mile pipeline to transport natural gas from the Arctic Circle to southern Alaska.
Trump said, “Japan and South Korea and other nations want to be our partner with investments of trillions of dollars each. It’s all set to go.” Trump added, “We have more liquid gold under our feet than any nation on earth. It’s called drill, baby, drill.”
Alaska LNG has faced challenges due to high costs and lengthy construction timelines, with officials in Japan and South Korea previously declining to participate. However, Trump’s threat of tariffs have spurred discussions.
Japanese Chief Cabinet Secretary Yoshimasa Hayashi said maintaining strong business relations with the U.S. could lead to progress in liquefied natural gas. South Korea’s Trade Minister Ahn Dukgeun also discussed the project with U.S. officials.
Grace Hall covers U.S. politics & news for content partner Modern Newsstand LLC.
https://www.newsbreak.com/miami-herald-1592483/3942419759371-liquid-gold-trump-s-oil-and-gas-plan
Slovakia will receive a significantly larger share of gas supplies from PJSC Gazprom via Turkey and Hungary through the Turkish Stream pipeline, which will alleviate concerns about supplies after the cessation of transit through Ukraine. Meanwhile, there are currently no clear deadlines for the possible resumption of transit through Ukraine, said Slovak Economy Minister Denisa Sakova, UNN reports, citing Bloomberg.
Details
Starting on Tuesday, the country will begin receiving supplies in an amount "multiple" of the current one, Vojtech Ferenc, CEO of state-owned utility Slovensky Plynarensky Priemysl AS, told reporters in Bratislava. He declined to specify the volumes.
The additional Russian fuel, the publication writes, will bring "some relief" to landlocked Slovakia, one of the countries most affected by Moscow's halt to supplies to Europe via Ukraine earlier this year. Although Gazprom will continue to ship the same amount of gas to Europe via Turkish Stream, a large share will now go to Slovakia just as the crucial season for building up stocks for next winter begins, the publication points out.
Slovakia began receiving Russian gas via the Turkish Stream pipeline in February. Most of Europe has abandoned Russian pipeline gas since Moscow's invasion of Ukraine in 2022. However, several countries, including Slovakia, have continued to rely on Gazprom supplies via Ukraine and have been "forced" to buy more expensive supplies elsewhere, the publication writes.
There are currently no clear deadlines for the possible resumption of transit through Ukraine, Slovak Economy Minister Denisa Sakova said at the same briefing. Sakova is said to be in regular talks with the European Commission on the issue.
SPP's Commercial Director Michal Lalik added that while repairs to the Russian gas metering station "sudja" may take some time, other connection points are functioning.
The OPEC+ group’s production increase and expectations of weaker demand growth due to the U.S. tariff policies and potential economic slowdown will cap oil price rises this year, the monthly Reuters poll showed on Monday.
Brent Crude prices are set to average $72.94 a barrel this year, according to the poll of 49 analysts and economists in March. That’s lower than the average of $74.63 per barrel expected by the experts in the February Reuters survey.
WTI Crude, the U.S. benchmark, is set to average $69.16 per barrel in 2025, down from the $70.66 expected in February.
On Monday morning, oil prices were trading very close to the average analyst estimates for the whole of 2025.
The front-month WTI Crude futures were trading slightly higher at $69.45 as of 7:40 a.m. Brent Crude prices were up by 0.5% at $74.05.
The start of the easing of the OPEC+ cuts from April 1, growth in non-OPEC+ supply from the U.S., Brazil, Norway, and Guyana, and softer demand for oil amid the market and trade chaos with the U.S. tariff policies are pushing the oil market into a surplus, analysts and investment banks say.
The tariff wars and high spare capacity, mostly from the OPEC+ producers, are skewing the oil price risk to the downside in the medium term, Goldman Sachs said earlier in March.
Goldman Sachs cut its year-end forecast for Brent Crude prices, citing expectations of slower U.S. economic growth and additional OPEC+ supply.
“While the $10 a barrel selloff since mid-January is larger than the change in our base case fundamentals, we reduce by $5 our December 2025 forecast for Brent to $71,” the investment bank’s research team said in a note, adding that “The medium-term risks to our forecast remain to the downside given potential further tariff escalation and potentially longer OPEC+ production increases.”
By Tsvetana Paraskova for Oilprice.com
FILE PHOTO: A sticker reads crude oil on the side of a storage tank in the Permian Basin in Mentone, Loving County, Texas, U.S. November 22, 2019. | Photo Credit: Reuters
U.S. President Donald Trump on Sunday threatened Russia with sanctions on their oil imports should they not agree to “make a deal” to cease their actions in Ukraine. Speaking to North American broadcaster NBC, he exuded similar thoughts about Iran over the Islamic Republic’s stand over a nuclear deal. While oil prices have held steady at present, the chain of events could have potential implications to the global oil supply, including India which relies on imports to fulfil 88.1% of its requirements.
Top supplier
According to an analysis from the Union Bank of India utilising sourced data, India’s oil imports from its present topmost supplier, Russia, declined 14.5% in February to 1.43 million barrels per day. This was its lowest since January 2023. Furthermore, Russia’s share in India’s imports too slid to about 30% in the mentioned period. This was much lower than the about 38% average observed in 2024. However, imports from other key West Asian suppliers like Saudi Arabia and UAE also declined sequentially.
Should the Russian reversal continue, it would be a significant shift going ahead considering India spiked its purchase following their actions in Ukraine. India was guest to a favourable shift in the economics of this trade as Moscow was discounting the fuel to assert its attractiveness amidst sanctions from the West. Union Minister Hardeep Singh Puri, back in September 2022, too had underlined that India would continue to buy oil from the sanctioned country. He held it as part of his “moral duty” to the nation.
According to data from the International Energy Association (IEA), Russia supplied 0.1 mb/d crude oil in 2021 which spiked to 1.9 mb/d in 2024. In the years between, the same had peaked to 2 mb/d in 2023 from 0.9 mb/d in 2022.
China was Russia’s top export destination in 2024 seeking 2.4 mb/d, followed by India, Turkey (0.8 mb/d) and European Union (0.4 mb/d), among others.
Diversification strategy
India is the third largest oil importer in the world with consumption slated to continue the upward trajectory in the future. Mr. Puri had recently apprised the parliament that India is presently importing from 39 countries with another addition soon. According to data collated by news agency Reuters, Iraq was India’s second largest oil supplier followed by Saudi Arabia and United Arab Emirates.
Underlining the approach to procurement, he stated, “We can leverage the market consumption cart to diversify and buy from the cheapest source.” Furthermore, separately in a written response Mr. Puri stated that Indian oil PSUs were diversifying to procure from various geographical locations, namely, Middle East, Africa, North America, South America etc.
A crane lifts a large steel photovoltaic platform onto a ship in Laizhou, Shandong province, on Feb 27. TANG KE/FOR CHINA DAILY
Natural gas production saw a 5.7 percent year-on-year increase to reach 248.8 billion cubic meters, continuing an eight-year streak of production growth exceeding 10 billion cubic meters annually, said the institute.
Hu Jianwu, deputy director-general of the National Energy Administration's oil and gas department, said China had been accelerating efforts to ramp up oil and gas exploration and development efforts throughout last year, driven by technological innovation and a focus on low-carbon transformation.
As China's oil and gas majors had also been increasing exploration and development efforts throughout last year, focusing on increasing reserves and improving extraction efficiency, 2024 also saw a series of breakthroughs in deep water and unconventional oil and gas exploration, with major new discoveries made in Bohai Bay, Ordos Basin and Tarim Basin, said the administration.
Chinese oil and gas companies are intensifying exploration and development efforts to boost reserves and enhance efficiency, including a concerted effort to tap into unconventional gas resources like coal bed methane, and implement technologies that reduce emissions from fossil fuel operations.
CBM is a new type of unconventional natural resource and is widely distributed across coal-rich basins in China, such as those in Ordos in Inner Mongolia autonomous region, Junggar Basin in Xinjiang Uygur autonomous region and Sichuan province, with estimated reserves exceeding 40 trillion cubic meters.
However, due to unclear reservoir formation mechanisms and high extraction difficulty — together with other challenges including low extraction efficiency, insufficient infrastructure and limited market access — further exploration and development possibilities have been long hindered.
Zhang Qingsheng, executive director of Sinopec Zhongyuan Oilfield under China Petroleum and Chemical Corp, also known as Sinopec, emphasized the strategic importance of developing CBM resources in China.
Zhang highlighted CBM's potential to strengthen energy security and promote cleaner energy use, and underscored the wider industry's role in decarbonization.
https://www.chinadaily.com.cn/a/202503/31/WS67e9ec83a3101d4e4dc2bbd7_2.html
COPPER
May copper futures are lower, pulling back from record highs set in the previous week as traders took profits and waited for updates on potential U.S. tariffs. The red metal hit an all-time high following reports that U.S. President Donald Trump planned to impose copper import tariffs within weeks, significantly advancing the original timeline. This news sparked a surge in U.S. copper imports, with recent shipments hitting 500,000 tons, which is well above the typical monthly average of 70,000 tons as traders scrambled to secure supplies before the tariffs take effect.
U.S. companies are seeking alternative sources, primarily from South America, to lessen the impact of the anticipated tariffs.
GOLD
June gold futures hit new all-time highs. The yellow metal has gained almost 18% in the first quarter putting it on track for its largest quarterly advance in over 38 years. This rally has been fueled by strong demand for safe-haven assets, as investors seek protection in light of growing concerns over the tariff situation. There are reports that suggest President Donald Trump is considering raising trade tariffs on a broader range of countries ahead of his announcement on reciprocal duties scheduled for April 2.
There are no Federal Reserve speakers scheduled for today.
SILVER
May silver futures advanced in the overnight trade, nearing 13-year highs, as rising concerns over the intensifying global trade war and its potential economic impact fueled demand for safe-haven assets such as precious metals. Over the weekend, President Donald Trump reiterated his plans to impose reciprocal tariffs on all countries, reportedly urging his advisers to take a tougher stance on trade.
However, more recently, profit taking has come into the silver market and futures are now lower on the day.
Expectations for additional Federal Reserve interest rate cuts will provide support for silver prices in the longer term. Traders are currently anticipating three quarter-point rate cuts this year.
German flats producer Salzgitter recently announced a force majeure on hot rolled strip following a fire at its Lower Saxony site. A March 4 letter to steel industry customers indicated that a fire resulted in the suspension of production at the company’s hot strip mill. According to reports circulating in German media, a restart of rolling operations is unlikely until authorities determine the reasons for the fire, which occurred on February 28.
Local daily Braunschweiger Zeitung reported that six vehicles and a carport went up in flames and were completely engulfed by the time Salzgitter’s fire service received the alarm at about 7:00 PM local time. The report noted that estimated damages are €250,000 ($270,000), and authorities have yet to rule out arson as the primary cause of the fire. Stay ahead of price fluctuations in the steel industry from supply chain disruptions like this and save money using MetalMiner’s Weekly Newsletter.
Potential Steel Industry Impacts
Salzgitter’s main offices and flats production lie about 70 kilometers southwest of Hanover, which is the capital of Lower Saxony State. Offer prices for HRC in northern Europe are currently €650 ($705) per metric ton EXW, while offers in southern Europe are closer to €640 ($695).
In terms of output, subsidiary company Salzgitter Flachstahl can produce 3.5 million metric tons per annum of hot rolled coil 1.5-25mm gauges in 800-2,100mm widths. Meanwhile, applications for the site’s HRC include feedstock for cold rolled coil pipe production as well as for structural steels and pressure vessels.
Further downstream, the plant can produce up to 2 million metric tons of cold rolled coil in 0.3-3mm gauges and 1.2 million metric tons of hot dipped galvanized sheet. Other downstream products at the site include electrogalvanized and coated products. End users of Saltzgitter Flachstahl’s products include the automotive, white goods and construction sectors.
https://agmetalminer.com/2025/03/31/steel-industry-salzgitter-fire-hrc/
Seaborne iron ore prices softened on Monday as shipments gradually returned to normal levels, easing supply concerns.
The Kallanish KORE 62% Fe index and KORE 65% Fe index retreated by $0.84/tonne and $0.77/t respectively, to $102.63/dry metric tonne cfr Qingdao and $115.64/dmt cfr. The KORE 58% Fe index, meanwhile, lost $0.40/t to $89.72/dmt cfr.
On the Dalian Commodity Exchange (DCE), the most-traded, May 2025 iron ore contract fell by CNY 7/t ($0.96/t) to CNY 777.5/t on Monday.
On the Singapore Exchange, May 62% Fe futures settled $1.24/t lower at $100.99/t, and 65% Fe futures dropped by $1.36/t to $114.18/t. The same contract for 58% Fe futures, meanwhile, dipped by $0.56/t to $88.35/t.
Tangshan billet, meanwhile, declined by CNY 10/t to CNY 3,030/t.
Market sentiment was further pressured by reports that the Chinese government intends to tighten restrictions on non-VAT steel exports, triggering uncertainty and prompting a more risk-averse trading environment.
Despite this, the sustained profitability of Chinese steel mills and the continued upward trend in hot metal production are expected to provide underlying support for iron ore prices.
South Africa has allowed eight coal-fired power plants run by state-owned utility Eskom to exceed air pollution and emissions limits this decade as the most industrialized economy in Africa looks to avoid crippling electricity blackouts.
Six of the coal plants were granted a five-year exemption that allows them to breach the limit of emissions in the country’s air quality regulation. Two other coal-fired power plants were exempted from these regulations until 2034, which is their planned decommissioning date.
Despite the exemptions granted, South Africa isn’t giving Eskom a “blanket reprieve” from the emissions regulations.
“These exemptions are not a blanket reprieve but are tailored to each facility with stringent conditions," Environment Minister Dion George said at a press conference on Monday, as carried by Reuters.
Last year, Eskom received government approval to keep five of its old polluting coal power plants operational for five years after the country implements a limit on plants’ emissions in 2025.
South Africa has been in the grips of an energy crisis with daily rolling power cuts that have been crippling the economy as Eskom continually fails to boost generation capacity to keep pace with growing demand in recent years.
South Africa, one of the world’s largest coal producers and exporters, continues to rely on coal for a large part of its energy mix. Currently, some 85% of South Africa’s electricity is generated at coal-fired power stations.
Despite efforts to boost the share of renewables in its power mix, South Africa continues to rely on coal, also because it is seeking billions of U.S. dollars in support from international lenders and partners for its Just Transition plan.
Minister George said last week that South Africa should consider shifting to renewable energy sources as essential.
“The transition to renewable energy is not negotiable,” George stated. “South Africa’s economic future depends on more renewable energy entering the grid, not less.”
