[Imported Zinc Concentrate Market] Overseas ore supply disruptions have persisted recently. Offers for imported ore remained scarce this week, with some heard quoted at around -$80 to -$90/dmt, but smelters held a strong wait-and-see sentiment, keeping overall trading activity sluggish during the week.

[SMM Hot Topic] Middle East Steel Export Flows Shift: Finished Products Stall and Steel Billet Counterattacks Looking back at 2025, the Middle East market was undoubtedly the most dazzling "emerging dynamic market" in China's overseas steel landscape. In 2025, China's total steel exports to the Middle East reached 15.81 million mt, with monthly shipments basically stable in the high range of 1.2–1.3 million mt. Against the backdrop of total annual steel exports of 134 million mt, up 14% YoY, the Middle East market accounted for 11%–12% of China's total overseas steel export share. This means that in a single geo-economic region, its share and strategic reliance were second only to Southeast Asia, serving as the "second largest core pillar" for China's steel going global. In terms of product mix, high-added-value HRC (29% share), steel pipes essential for oil and gas projects (18% share), and medium-thickness plates (14% share) formed the three dominant players, reflecting the region's strong diversified industrial and infrastructure throughput capacity. However, it was precisely due to such a massive trade base in 2025 and high reliance on conventional Persian Gulf shipping lanes that when geopolitical storms suddenly struck and straits were dramatically blocked, the resulting "broad market stall" and supply chain disruption were so severe. Below, we will analyze in order: the specific situation of China's steel exports to the Middle East, how cargo pressure was shifted through port replacements during the strait blockade, and how the export landscape will be reshaped after the latest US-Israel negotiations? The "Stall" and Structural Anomaly of China's Steel Exports to the Middle East Data Source: SMM, China's General Administration of Customs First, let's look at total export performance. According to SMM historical data and the latest customs export trends, China's total steel exports to the Middle East in the first four months of 2026 plummeted from 5.47 million mt in the same period of 2025 to 3.57 million mt, with April exports directly halving. Specifically, among China's 5.47 million mt of steel exports to the Middle East from January to April 2025, a highly advanced finished-product-oriented export characteristic was evident. HRC (29%), steel pipe (18%), coated steel (15%), and medium-thickness plates (14%) constituted the four mainstays of China’s steel trade. In terms of destination countries, Saudi Arabia’s rigid demand for offshore/oil & gas pipe (986,000 mt) and the UAE’s strong processing throughput of general HRC (1.607 million mt) and medium-thickness plates (779,000 mt) jointly established the traditional “dual-core consumption hinterland” within the Persian Gulf. Data source: SMM, General Administration of Customs of China Supply Shock and Physical Scissors Gap: The “Billet Export Bonanza” Under a Double Squeeze Since the start of 2026, the blockade of the Persian Gulf Strait caused by geopolitical conflicts significantly weakened overall shipments, while a dramatic “underlying mutation” simultaneously unfolded in the product mix. Steel billet, a minor product that previously accounted for only an 8% share (431,000 mt), registered a strong countertrend increase of 24% in the first four months of 2026. According to the SMM survey, the underlying driver of this anomaly originated from a localized supply shock induced by geopolitical shifts in Iran. If the closure of the Persian Gulf Strait severed the “aorta” of Middle Eastern steel imports, the sudden destruction of Iran’s two largest steel giants—Mobarakeh Steel Company (MSC) in Isfahan and Khuzestan Steel Company (KSC)—on March 27, 2026, completely ignited a “raw material upheaval” within the region. Iran is the world’s tenth-largest and the Middle East’s largest crude steel producer (accounting for over 50% of the region’s total crude steel output), with annual steel exports exceeding 10 million mt, among which semi-finished steel billets are the absolute mainstay. Mobarakeh (MSC) has an annual capacity of 11.8 million mt (20% of Iran’s total capacity), making it the undisputed “King of Flat Products/Sheets & Plates” in the Middle East; Khuzestan (KSC) is Iran’s second-largest steel producer and its most critical production base for slabs and billets. Data source: SMM, General Administration of Customs of China Under normal conditions, Iran was the primary supplier of low-priced steel billets to local rolling mills in the Middle East. With the sharp contraction in Iran's external supply, rolling mills in the Middle East, particularly in Oman and parts of the UAE outside the Gulf that were not directly affected by the blockade, faced severe raw material supply disruption risks. To maintain production, local buyers quickly released a large number of urgent inquiries to the international market. According to SMM survey, the huge demand gap for steel billets created by Iran's exit was filled and shared by supplies from China, India, and Russia. Because the local shortage was mainly crude steel raw material for rolling sheets and plates, and the equipment destruction from explosions meant that rolling lines were the first to restart, the main incremental product in these counter-trend orders was steel slab. This situation shares similarities with the article at https://mp.weixin.qq.com/s/bsrZaRRSRDHC_FmGLulJOQ (Middle East turmoil triggers "mismatch", China accelerates filling a supply vacuum of about 2.3 million mt in Southeast Asia), which mentioned that China would accelerate taking over steel billet supply gaps. That is, despite the decline in steel exports this year, billet exports also achieved counter-trend growth. Stock Game: The "X-Shaped Crossover" of Inside-Gulf Shutdowns and Outside-Gulf Safe Havens Verified by SMM through freight forwarders, steel trade (especially medium-thickness plates, pipes, and steel billets) relies heavily on bulk or breakbulk vessels. When container liners encounter blockades, they can easily reroute by amending bookings via computer systems, but the diversion of bulk carriers faces rigid constraints from destination port drafts, specialized handling equipment (such as large quay cranes), and inland truck connections. Therefore, over the past two months, the supply chain staged a dramatic "port drift" inside and outside the Persian Gulf. The following uses SMM's panoramic shipping data to explain in detail the changes in cargo flow between ports. Under normal conditions, over 70% of China's steel shipments to the Middle East converged densely on Jebel Ali Port inside the Persian Gulf and Dammam Port on the eastern coast of Saudi Arabia. But after the strait blockade, steel port arrivals at these two traditional hubs showed a historic "physical shock" in SMM's high-frequency shipping data (falling to zero from April to May). Meanwhile, the diverted cargo, fighting to survive, surged wildly toward alternative ports outside the strait, tearing open a "lifeline of safety" spatially: ① "Overload Surge" at Oman's Port of Sohar: As the most critical cross-border multimodal transshipment hub outside the Gulf, its port arrivals in April surged nearly fivefold MoM. Large batches of Chinese HRC and steel billet originally destined for the inner Gulf were forced ashore here, causing massive congestion at the port in May as cross-border heavy truck capacity collapsed. ② "Western Route Counterflow" at Saudi Arabia's Jeddah Port: Saudi Arabia abandoned its eastern sea route (Dammam Port) nationwide, forcibly redirecting all Chinese orders to Jeddah on the Red Sea side, causing its throughput to surge to a peak of 361,000 mt in April. Source: SMM, Google Maps However, it should be noted that while cargo can be transferred via other ports in the short term, port arrivals in May have already shown a weakening trend again. The reason is that alternative ports outside the Gulf simply cannot handle such massive and concentrated cargo volumes, leading to extremely severe congestion. According to SMM's survey, because navigation within the Gulf is no longer possible, some shipping lines originally bound for Jebel Ali had to divert to Fujairah, but are still queuing for berths. Jeddah Port faces similar issues. With tight capacity, prices keep surging, and transportation faces severe obstacles. Source: SMM Outlook for Change: With the US-Iran blockade-lifting deal, what impact will the shipping supply chain face? After 108 days of the "dual blockade" (Iran's blockade of the strait and the US's counter-blockade of Iranian ports) that gripped the lifeline of global energy and commodities, the US and Iran officially issued successive high-profile statements announcing a ceasefire memorandum of understanding. The relevant timeline is summarized below. Data source: Compiled by SMM from public channels The news, once released, triggered a strong market reaction. On one hand, there are expectations for export increments from shipping recovery; on the other hand, there are certain demand expectations for post-disaster reconstruction. According to the latest SMM survey, most exporters have not responded enthusiastically to the lifting of the blockade and remain skeptical about its actual implementation. Therefore, from the perspective of actual order-taking, shipments to the Middle East still need 3 to 4 weeks to be verified. If a full lifting is confirmed, the "demand backlog" caused by the earlier shipping disruptions will see a concentrated release. Based on past customs data and the local supply-demand balance table, SMM roughly predicts that finished steel products will experience strong growth expectations, potentially filling a disaster-induced gap of approximately 1.7-2.1 million mt. Among them, HRC accounts for the highest proportion (29%) of China's finished steel exports to the Middle East. Although the Middle East's largest flat steel giant, Iran's Mobarakeh Steel Company (MSC), has reported production resumptions for its blast furnace previously damaged by war, its capacity is in a post-disaster repair phase and is not expected to fill the local gap in the short term. However, recent market rumors suggest that Indian resources are seizing the Middle Eastern market at lower prices, which will also pose some impact on China's export order-taking. However, for semi-finished products, the reason Chinese steel billets have been "hot" in recent months is the supply gap caused by the strait blockade and the bombing of Iranian steel mills. Once Iran's logistics fully recover, Chinese steel billets will lose their advantage in absolute price, logistics distance, and surrounding multilateral competition, and the demand gap in Southeast Asia previously filled by substituting Iranian sources may also be reclaimed. Recently, according to SMM surveys, billet resources are already circulating in the Middle Eastern market. Through the following comparison of comprehensive landed costs (CFR) for billets in the Middle East, it can be clearly seen that Chinese resources are under comprehensive pressure: Therefore, steel billet exports to the Middle East are expected to be somewhat limited, with competition only possible at lower prices. Preliminary forecasts indicate a pressure reduction of 50,000–250,000 mt. However, we need to broaden our perspective to the global multilateral trade context, and we must not fall into excessive pessimism due to localized marginal reductions. Although the billets exported to the Middle East are under pressure, the incremental steel billet volumes that previously replaced Iranian exports to Southeast Asia may not necessarily be wiped out. Given the uncertainty of the Middle East situation and based on considerations of a more stable supply chain, Southeast Asian buyers may continue to source from Chinese suppliers. Therefore, against the backdrop of an overall steel recovery and resilience in steel billet prices, SMM maintains its earlier view, holding a moderately optimistic stance on annual steel exports, with expectations of "steady incremental growth." Finally, it needs to be added that, currently, due to severe port congestion, even if the strait is confirmed passable, it will still take a long time for actual cargo to arrive and cannot immediately be reflected in the data. At the same time, ocean freight rates will also maintain high-level fluctuations in the short term due to unfavorable port cargo pick-up. 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This week, the MHP market was tight overall, with nickel and cobalt coefficients fluctuating at highs. On the supply side, sulfur supply shortages caused some producers to cut production, MHP supply declined, and transaction coefficients edged up slightly. On the demand side, downstream nickel salt prices weakened, the risk of losses persisted, and nickel salt smelters were relatively less accepting of high-priced MHP. However, with some recovery in downstream ternary demand, some producers had rigid purchase needs, supporting the strength of MHP nickel coefficients. Driven by tight supply-demand expectations, the market is expected to hold up well in the short term. The high-grade nickel matte market was also in a pattern of weak supply and demand. Currently, high-grade nickel matte has a clear economic advantage over MHP. However, on the supply side, mainstream suppliers have completed long-term order signing, leaving limited available spot supply. On the demand side, actual consumption capacity was insufficient due to limitations in downstream production line compatibility. Overall, purchase sentiment was weak, trading activity was low, and coefficients remained stable. The international sulfur market saw a shift in supply landscape, with geopolitical premiums gradually being cleared. The US and Iran signed and enacted a ceasefire memorandum on June 17, the Strait of Hormuz is expected to be gradually unblocked, the US has started lifting the sea blockade, and Iran will complete mine clearance within 30 days. However, many shipping enterprises have temporarily suspended the resumption of routes, making navigation recovery a gradual process. Coupled with Turkey's export ban extended to end-September and Russia's ban extended to June 30, short-term supply disruptions persist. As the strait unblocking progresses, sulfur prices are expected to gradually come under pressure and swing wildly at highs in the short term. Going forward, attention should be paid to mine clearance progress, the pace of shipping recovery, and the direction of the final agreement within 60 days. On the nickel price front, as the US-Iran reconciliation gradually progressed this week, market rate hike expectations faded, and non-ferrous metals generally rebounded. Against the backdrop of stable MHP payables and high-grade nickel matte coefficients, the absolute prices of MHP and high-grade nickel matte rebounded as nickel prices rose. Additionally, MHP cobalt prices and refined cobalt prices also rebounded. Overall, the intermediate product market is expected to hold up well in the short term. Cost side, the MHP raw material market remained tight. Under the combined influence of production cuts of intermediates caused by sulfur shortage and just-in-time procurement of ternary materials downstream, MHP payables fluctuated at highs this week. Nickel prices, the US-Iran situation released signals of reconciliation, market rate-hike expectations subsided somewhat, and the previously oversold nickel prices rebounded this week. Overall for the week, nickel prices rebounded, MHP payables held steady, and the spot cost of nickel salt production rose slightly WoW.

SMM, June 18: The Regulations for the Implementation of the Mineral Resources Law of the People's Republic of China, which took effect on June 15, listed 36 types of minerals, including rare earths, tungsten, lithium, cobalt, gallium, and germanium, as national-level strategic minerals, subjecting them to full-chain, high-intensity control. The prices of Pr-Nd oxide, dysprosium oxide, and terbium oxide saw their third consecutive daily increase on June 17; Orient Zirconium issued a price adjustment notice, raising the prices of its related zirconium products effective June 18, 2026; and the favor of some market funds all contributed to the opening strength of the minor metal sector. As of around 9:57 on June 18, the minor metal industry sector rose by 3.09%. In terms of individual stocks: Orient Zirconium, Shenghe Resources, and Zhongxi Nonferrous hit the daily limit; China Rare Earth, Jintian Titanium, China Northern Rare Earth, China Tungsten High-Tech, Tin Industry Co., and Yunnan Germanium led the gains. Market News Orient Zirconium raised the prices of its related zirconium products effective June 18, 2026 On June 18, Orient Zirconium issued a product price adjustment notice. The notice indicated that based on current market conditions, Orient Zirconium decided to raise the prices of its related zirconium products starting from June 18, 2026, with the price adjustments as follows: zirconium oxychloride products (including mother liquor materials) increased by 1,500 yuan/mt; zirconium dioxide products increased by 4,500 yuan/mt; fused zirconium products increased by 2,000 yuan/mt; at the same time, the prices of other zirconium series products from Orient Zirconium will be adjusted accordingly. [Aidite: The company has already laid out a powder substitute plan and fully implemented it; the new material can replace the original imported powder] On June 17, Aidite stated on an interactive platform while answering investor questions that the company had received a notice from Japan's Tosoh regarding the suspension of zirconia powder supply. To ensure the stability of its own supply, the company had already laid out a powder substitute plan and fully implemented it; the new material can replace the original imported powder, and the entire new product line has passed rigorous customer verification. Currently, several core major clients have completed the switch and signed long-term orders at the recent dealer conference. The company will actively take a series of measures to avoid any adverse impact from the Japanese powder supply disruption. In the future, the company will seize the window of opportunity for high-quality material breakthroughs and, leveraging its technical and delivery advantages, continue to expand its market share. Spot Market Zirconium According to the SMM price assessment, on June 18, the price of zirconium oxychloride (Zr(Hf)O2≥36%) was quoted at 17,500-18,000 yuan/mt, with an average of 17,750 yuan/mt, up 5.97% from the previous trading day. The zirconium industry chain had long been under pressure, with sluggish traditional demand from ceramics and high industry inventories. Zircon sand and zirconium oxide prices persistently hovered at lows, trading was sluggish, and the market was at the bottom of the cycle. Since entering Q2 this year, driven by export controls on zirconium products to Japan, price hikes by overseas zirconium ore producers, and demand expectations for solid-state batteries, zirconium raw material prices stopped falling and stabilized, inventories destocked, and the industry moved out of the bottom range, embarking on a volatile recovery trend. Upstream zircon sand imports have tightened, overseas miners continue to raise prices, and cost support has been strengthening. Dongfang Zirconium Industry completed a round of price hikes in April and raised zirconium product prices again on June 18. For the zirconium market outlook, supported by tightening raw material supply, zirconium prices will hold up well in the short term. Going forward, attention should be paid to changes in raw material supply and downstream demand. Rare Earth In the rare earth market: Rare earth oxide prices were relatively stable overall, but downstream purchasing activity has decreased as the holiday approaches. Pr-Nd oxide and dysprosium oxide ended their three-day winning streak and both pulled back slightly on June 18, while terbium oxide prices held steady on June 18 after a previous three-day rise. Expectations for production cuts in the scrap recycling sector and news-driven factors previously drove Pr-Nd prices, dysprosium oxide, and terbium oxide higher. However, after the afternoon session on June 17, shipments of Pr-Nd oxide from traders increased slightly, and the center of the actual trading range shifted lower. For medium-heavy rare earths, oxide suppliers held firm offer prices, but actual buying from metal enterprises was limited, and downstream magnetic material enterprises showed limited acceptance of high metal prices. Affected by the stalemate in market trading, rare earth prices are expected to move sideways in the short term. Tin Additionally, in the tin market: On June 18, the average price of SMM 1# tin fell 0.93% from the previous trading day. Driven by the US Fed keeping rates unchanged but signaling a hawkish bias, with half of policymakers expecting rate hikes this year, nonferrous metals fell overall and tin prices also pulled back. Currently, on the fundamental side: (1) Supply side: In June, most smelters focused on maintaining stable production. (2) Demand side: Downstream purchases were cautious, buying according to orders. Spot market: Overall trading sentiment in the spot market was light. Although tin prices have pulled back, they remain at relatively high levels and the holiday is approaching. Additionally, as the electronics industry enters its traditional off-season, downstream enterprises such as solder makers are only purchasing on a "buy on dips for essential needs" basis. Institutional Views Guojin Securities’ research report on June 14 showed: Rare Earth: Dysprosium oxide may benefit from the boost by MLCC, with a significant rebound trend from price lows. From the start of the year, the price center has continued to rise. We believe this is likely related to supply-side documents released in 2024-2025, with ongoing supply-side reform in the industry. Exports fell 1% YoY for full-year 2025, while exports from early 2026 to date have increased significantly, indicating strong restocking demand outside China. The rare earth sector will continue to see dual improvements in valuation and performance, and 2026 is also a key year for resolving industry competition among key targets. On the resource side, attention is recommended for China Rare Earth (medium-heavy rare earth leader, biggest beneficiary of supply-side reform), Zhongxi Nonferrous (undervalued, high-growth South China rare earth leader), and China Northern Rare Earth (light rare earth leader, with significant cost advantages); other related targets include Bao Gang United Steel, JL MAG Rare-Earth, etc. Tin: It believes that invisible inventory of tin ingots is gradually drying up, so tin prices are expected to strengthen under the backfill of macro liquidity or spillover from tech markets. The supply-demand pattern for tin will improve in the long term. Tungsten: This period, tungsten prices continued their rebound trend. It believes that against the backdrop of increased strategic stockpiling outside China, tungsten may have higher priority; tungsten's supply-demand fundamentals have seen strong resonance. Molybdenum: The destocking of imported ore has been significant, and domestic molybdenum prices have stabilized and rebounded. Steel procurement volume remains robust, destocking along the industry chain is progressing, and the deadlock of molybdenum prices with "volume but no price" is gradually being broken, with the upward channel becoming clearer. Molybdenum is also a military metal, with persistently low inventory, and increased defense spending outside China may further boost molybdenum prices. Huafu Securities’ research report on June 14 showed: Other Minor Metals: Industry leaders' long-term contract performance was impressive, and market sentiment in tungsten clearly stabilized. The tungsten market overall has walked out of a mild recovery, with the previous consolidation at lows being reversed somewhat. Industry leaders' long-term contract transactions were impressive, serving as a key driver for the upward movement in futures, and overall market sentiment clearly stabilized. However, the spot and scattered cargo atmosphere remained mediocre, with no widespread price-following adjustments upstream or downstream, and the rebound pace was gentle, with the market overall in a stage of steady recovery. Open Source Securities' 2026 mid-year investment strategy for the metals industry showed: Copper: Supply side, most miners outside China still face declining grades and recovery rates, and disruptive factors persist (Ivanhoe’s KK copper mine, Codelco’s El Teniente copper mine). While Chinese enterprises are increasing output, the overall increase is limited. Under an optimistic scenario, global supply growth may be below 2% in 2026-2027. Demand side, H1 electricity demand in China and the US maintained high growth rates, which may contribute marginal increments to copper demand. Open Source Securities believes that the supply-demand structure contradiction for copper will further highlight in 2026, supporting the rise in copper price center. Lithium: On the supply side of the lithium industry, capital spending cuts and the gradual formation of supply discipline, coupled with frequent disruptions, have led to a marked decline in supply elasticity compared with the past. Meanwhile, sustained strong demand from the energy storage sector is improving the structure of lithium demand, while industry inventory pressure is easing marginally. Lithium prices are expected to see a phased recovery. Enterprises with advantages in resource security, low costs and integrated layout are likely to show stronger earnings recovery than the industry average. Lithium mines and lithium chemicals companies with high resource self-sufficiency and strong cost control deserve attention. Tungsten: As an advantaged strategic metal in China, tungsten mine supply is constrained by resource depletion, environmental protection and other factors. Together with the total mining volume control implemented by the state, tungsten mine production release is limited. On the demand side, emerging sectors are boosting tungsten demand, which is expected to support tungsten prices over the long term. Recommended reading:

(Kitco News) – Even when real yields decline and the dollar weakens, gold prices could struggle to catch a bid as strong equity markets will continue to draw investors to risk assets, according to commodity analysts at Société Générale. The French banking giant cautioned that gold investors may be in for an extended period of muted ETF flows combined with a pause in central bank purchases. “The market is finely balanced, and the path of monetary policy remains the key variable for gold through its impact on real rates and the opportunity cost of holding a non-yielding asset,” they wrote. “Our analyst’s central scenario is driven by persistent inflation, oil-driven price shocks and a clear ‘higher for-longer’ rates regime.” SocGen analysts expect the world’s major central banks will remain cautious, with “the Fed on hold, the ECB still leaning hawkish, and the BoJ gradually tightening.” Going forward, the analysts see two potential macroeconomic paths. The first is “an AI-led, inflationary growth cycle keeping policy tight,” while the second involves “an energy-driven stagflation shock, particularly in the event of prolonged supply disruptions.” “Our analysts expect inflation across the US and Europe to stay elevated into early 2027 before moderating, providing only temporary support to gold’s hedge appeal,” they warned. “Crucially, they view policy stability rather than easing as the baseline, limiting upside for gold in the near term.” SocGen said they do expect some support to emerge later “as real yields gradually decline and the USD initially softens,” but they warned that even then, gold’s upside will be limited by “resilient global growth, strong equity markets and a continued investor preference for risk assets.” “On the demand side, subdued ETF inflows and constrained central bank activity limit the strength of financial demand, though a recovery is anticipated into 2027,” they added. “Physical demand, particularly jewellery, shows resilience in value terms and could provide marginal support as prices consolidate.” Source: https://www.kitco.com/news/article/2026-06-17/persistent-inflation-oil-driven-price-shocks-and-higher-longer-rates-will

June 16, 2026 The price of gold continues its recovery at the start of the week. The prospect of a peace agreement between the U.S. and Iran is pushing the price of oil below $80 per barrel, thereby easing concerns about inflation and interest rates. Despite the strong rebound, however, the technical picture remains weak. Hopes for peace provide relief via falling oil prices The U.S. and Iran plan to sign their peace agreement on Friday. For the price of gold, the resulting price slide in the oil market is currently the decisive driver, even overshadowing the dampening effect of easing geopolitical uncertainty. Falling energy costs reduce inflationary pressure and lessen the risk of further interest rate hikes. Gold has since pulled back significantly from its recent low of around $4,000 per ounce. Analysts, however, urge caution: political risks remain until the agreement is actually signed. A failure of the deal could quickly bring the $4,000 mark back into focus. In addition, the oil supply remains structurally tight. Since many governments drew heavily on their strategic reserves to stabilize prices during the conflict, buffers are now lacking. The oil market is therefore likely to react sensitively to new supply disruptions, which could quickly reignite inflation and interest rate concerns. Technical Analysis: Key Resistance Levels Ahead By successfully defending the $4,000 mark, gold has cleared its first hurdle. However, for a significant stabilization, the price must reclaim the 200-day moving average at around $4,450. Above that, the 50-day line awaits at around $4,581. A breakout above the interim high of May 12 at $4,773 is considered a decisive signal for a sustained upward trend. Focus on the Fed meeting Fundamentally, attention is turning to the Federal Reserve ’s first interest rate meeting under new Chairman Kevin Warsh. While the market continues to anticipate a potential rate hike by early 2027 at the latest, should Warsh signal that the Fed views the peace agreement as price-dampening and overlooks current inflation, this would provide significant relief for interest-rate-sensitive assets such as gold. For now, high real yields are limiting the precious metal’s upside potential. The current recovery of just over 3 percent underscores its high sensitivity to energy prices and interest rate expectations. Whether this leads to a genuine trend reversal now depends on the successful signing of the agreement, stabilization in the oil market, and upcoming signals from the Federal Reserve. Source: https://goldinvest.de/en/gold-continues-to-appreciate-hopes-for-peace-weigh-on-oil-prices-and-interest-rate-concerns