Gold's upward rally continues with spot prices reaching a record high of US$2,265.73/oz yesterday following inflation data from the US late last week.

However, stronger-than-expected US factory data for March dampened the rally in gold as the trading session progressed.

Lower net-long wagers and reduced open interest indicate that physical buyers may be playing a role in the rally.¹⁾

The compounded effect of geopolitical risks and demand recovery is poised to push oil prices higher, potentially affecting the broader energy market, including natural gas, as market dynamics shift.²⁾

Oil prices experienced a surge, driven by promising demand indicators from China and the U.S., alongside escalating Middle East tensions impacting supply concerns. Improved manufacturing activity in China and the U.S. hints at a robust demand rebound for oil.³⁾