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Gold price suffers from profit-taking, "bigger wave of offensive" is coming

Wonderful introduction:

Since ancient times, there have been joys and sorrows of parting, and since ancient times, there have been sad songs about the moon. It’s just that we never understood it and thought everything was just a distant memory. Because without real experience, there is no deep inner feeling.

Hello everyone, today XM Forex will bring you "[XM official website]: Gold prices are affected by profit-taking, and a "bigger wave of offensive" is www.xmtraders.coming." Hope this helps you! The original content is as follows:

In early trading in the Asian market on Tuesday (March 3, Beijing time), spot gold was trading around US$5,336 per ounce. The price of gold rose on Monday, once approaching US$5,420 per ounce. Due to tensions between the United States and Iran, risk aversion returned. However, as investors took profits, the price of gold returned to 5,340. The U.S. dollar per ounce fell below, but the U.S.-Iran war further spread to Lebanon, with no signs of easing. Trump said a "bigger wave of offensive" was www.xmtraders.coming, and geopolitical tensions still supported gold prices; U.S. crude oil traded around $70.78/barrel, with oil and natural gas prices soaring on Monday, and the market focused on the progress of shipping obstruction in the Strait of Hormuz.

Stock Market

U.S. stocks closed basically steady on Monday, with investors recovering early losses in bargain hunting. The market experienced violent trading fluctuations after the United States and Israel carried out air strikes on Iran.

The gains in technology and defense stocks offset the overall market decline, with strong buying in artificial intelligence-related stocks, with Nvidia rising 3% and Microsoft rising 1.5%, helping the S&P 500 and Nasdaq narrow losses that hit two-week lows during the session.

Energy stocks also outperformed on rising oil prices. In the end, the Dow Jones Industrial Average fell 0.15%, the S&P 500 Index edged up 0.04%, and the Nasdaq Index rose 0.36%.

Market participants pointed out that investors’ confidence in the U.S. market and optimistic expectations for AI to drive productivity have offset concerns about soaring oil prices and geopolitics, and it is generally believed that the impact of the conflict will be limited. However, airline and cruise stocks were hit hard, with Delta Air Lines and United Airlines both falling more than 2%, Carnival plunging 7.6%, and Norwegian Cruise Line plunging more than 10% due to flight cancellations, rising fuel costs and airspace closures..

Separately, AESCorp shares plunged 17.8% after a consortium led by BlackRock agreed to acquire the www.xmtraders.company at a discount to its latest closing price.

Gold Market

Gold rose on Monday, supported by investor concerns about the prolongation of conflicts in the Middle East. After the United States and Israel launched an attack on Iran, the war further spread to Lebanon and showed no signs of easing. President Trump said that a "larger wave of offensive" is www.xmtraders.coming.

Spot gold closed at US$5,297.31 per ounce, up 0.4%. It once gave up some of its gains due to profit-taking, and had previously risen by more than 2%; US gold futures closed up 1.2%, with a settlement price of US$5,311.60.

Market participants pointed out that geopolitical uncertainty has become a key support for gold prices. Affected by flight cancellations caused by the attack, three sources said the flow of physical gold through the Dubai gold trading hub will be severely restricted in the www.xmtraders.coming days. Gold prices have risen by about 23% so far this year, and will record a staggering 64% rise in 2025, driven by strong gold purchases by the central bank, net inflows of ETFs and expectations of loose monetary policy.

In terms of other precious metals, spot silver fell 5.7% to US$88.46; spot platinum fell 2.7% to US$2,300.50; palladium fell 0.9% to US$1,770.66.

Oil Market

International oil and natural gas prices soared sharply on Monday. Affected by Israel and the United States' attacks on Iran and Tehran's retaliatory actions, many oil and gas facilities in the Middle East were forced to close, and shipping in the key Strait of Hormuz was blocked.

The Iranian Revolutionary Guards even threatened to burn any ship trying to pass through the Strait of Hormuz, exacerbating market concerns. Brent crude oil futures once surged 13% to US$82.37 per barrel, a new high since January 2025, and finally closed up 6.7% at US$77.74; U.S. crude oil futures closed up 6.3% at US$71.23, and once rose more than 12% during the session.

Saudi Arabia’s largest domestic oil refinery was shut down due to drone attacks. Qatar suspended liquefied natural gas production and prepared to declare force majeure on transportation. The expansion of the conflict also caused 150 ships to anchor near the Strait of Hormuz. The strait carries about one-fifth of the world's crude oil and 20% of liquefied natural gas transportation.

JPMorgan Chase warned that if shipping in the Strait is blocked for three to four weeks, it may force Gulf oil producers to suspend production and push Brent crude oil to above $100 per barrel. Affected by this, U.S. retail gasoline prices exceeded $3 per gallon, and ultra-low sulfur diesel futures rose to a two-year high. Although OPEC+ reached an agreement to increase production in April, analysis shows that all oil-producing countries except Saudi Arabia are close to full production.

Foreign Market

The euro and the yen fell on Monday, mainly because the escalation of conflicts in the Middle East triggered a surge in oil prices, exacerbating market concerns about the currencies of energy-cost-sensitive countries; at the same time, the dollar strengthened due to safe-haven demand and inflation expectations.

On Monday, Israel and IranConflicts between the armed forces it supports have expanded, and the market is worried about oil supply disruptions in the Gulf region. Qatar suspended liquefied natural gas production on Monday, prompting precautionary shutdowns at oil and gas facilities across the Middle East.

Standard Chartered Bank's global G10 foreign exchange research director Steve Englander said: "This is mainly related to oil risk exposure, and the biggest fluctuations in the US dollar occurred after the news of attacks on oil facilities in the Gulf." www.xmtraders.compared with net energy exporters like the United States, Europe and Japan are more sensitive to rising energy costs, and their currencies are therefore under pressure.

EUR/USD fell 0.85% to $1.1712. The dollar rose 0.7% against the yen to 157.13 yen. Although Bank of Japan Deputy Governor Himi Nora said that market fluctuations would not hinder interest rate hikes, he failed to reverse the decline of the yen.

The U.S. dollar index rose 0.31% to 98.37 on Monday. The dollar's gains also benefited from safe-haven buying and a repricing of Fed policy. The market is worried that inflationary pressure caused by oil prices will delay the Federal Reserve's interest rate cut, and federal funds futures show that the market's full pricing of the first interest rate cut has been postponed from July to September.

In terms of other currencies, the Swiss franc became the focus. Although the conflict in the Middle East once pushed the Swiss franc to a more than ten-year high against the euro, the Swiss National Bank subsequently stated that it would intervene more actively in the foreign exchange market, causing the US dollar to rebound against the Swiss franc by 1.2% to 0.778 Swiss francs. The risk currency Australian dollar fell slightly by 0.14% to US$0.7103 against the US dollar.

International News

The U.S. State Department urges citizens to leave more than a dozen countries and regions in the Middle East immediately

A U.S. State Department official said that the United States is calling on citizens to "immediately leave" more than a dozen countries and regions in the Middle East. Locations listed include: Bahrain, Egypt, Iran, Iraq, Israel, West Bank and Gaza, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Syria, United Arab Emirates, and Yemen. This is the most extensive evacuation warning issued by the U.S. government after the United States and Israel launched major military operations against Iran and the regional conflict escalated sharply. Iran has previously announced the closure of the Strait of Hormuz and warned that it would attack any ship trying to pass through. The regional security situation continues to deteriorate. The State Department urged American citizens in the area to evacuate as soon as possible, reflecting serious official concerns about further escalation of the situation. At present, many countries have closed their airspace, www.xmtraders.commercial flights have been canceled in large numbers, and evacuation routes are facing severe challenges.

The U.S. government’s illegal imposition of tariffs may require accelerated refunds

On March 2, local time, a U.S. appeals court sent multiple lawsuits that had previously led to U.S. President Trump’s large-scale tariffs being ruled invalid back to the U.S. Court of International Trade. The U.S. Court of International Trade has the right to rule on the refund of relevant taxes paid by the importer. Importers have previously asked the Court of International Trade to order the Trump administration to immediately begin the tax refund process once the case returns to its jurisdiction. The U.S. Court of Appeals for the Federal Circuit granted the importer’s motion to remand the case to the U.S. Court of International Trade. The Trump administration opposes the moveIt said it hoped to postpone the case for up to four months to give it time to consider response options. The U.S. Supreme Court ruled on February 20 that the large-scale tariffs implemented by Trump in accordance with the International Emergency Economic Powers Act were invalid. More than 300,000 importers paid these duties, but the Supreme Court did not provide guidance on how the government should refund these funds. Trump has said the refund process could trigger legal proceedings that could last up to five years. Currently, about 2,000 importers have filed lawsuits seeking tax refunds, many of which are large multinational www.xmtraders.companies such as FedEx.

Iran said the Strait of Hormuz has been closed and will attack all ships trying to pass through

Late late on March 2, local time, the adviser to the www.xmtraders.commander of Iran’s Islamic Revolutionary Guard Corps said that the Strait of Hormuz has been closed and Iran will attack all ships trying to pass through the Strait of Hormuz. At present, Iran's Islamic Revolutionary Guard Corps has not issued an official statement.

The International Transport Workers' Union declares the Strait of Hormuz a high-risk area

The International Transport Workers' Union and the Joint Negotiating Group issued a statement on the former's official website, stating that the Strait of Hormuz and its surrounding waters have been designated as a "high-risk area" after the local military conflict escalated. This delineation means shipowners and operators must ensure enhanced protection for seafarers, including risk assessments before transit, contractual insurance and the right for seafarers to refuse to sail into the area. The International Transport Workers' Union represents 16.5 million transport workers worldwide, while the Joint Bargaining Group brings together maritime industry employers.

Trump said military action against Iran may last 4 to 5 weeks

On March 2, local time, US President Trump stated that an Iran with nuclear weapons would be intolerable to the United States. The United States continues to carry out large-scale military operations in Iran. The United States and Israel have very clear goals, including destroying Iran's missile capabilities and ensuring that Iran cannot obtain nuclear weapons. Trump said that the military operation against Iran may last 4 to 5 weeks, but he said he was ready to "operate well beyond this period." Trump also said that the United States will www.xmtraders.completely destroy the Iranian navy and has sunk 10 of its ships.

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