Track the evolution of major financial and economic events
China's Hunan Nonferrous Metals shut down the Beaver Brook mine in Canada, the largest potential North American producer of antimony, in early 2023. Following Beijing's export controls, antimony prices surged from approximately $5,900 per tonne to over $50,000. Antimony is a critical mineral for defense industries, used in ammunition, night-vision goggles, and missile seekers.
Gold prices surged to a record $5,100 per ounce on March 13, amid a slump in consumer sentiment and rising inflation fears. However, prices slid 3.3% on March 18, as the market anticipated a delay in rate cuts until 2027. By March 23, prices had dropped to $4,355.60, with increased demand for safe-haven assets due to geopolitical tensions. By the end of March, Wells Fargo reaffirmed its bullish outlook on gold, raising its price target to $6,100-$6,300 per ounce.
On March 13, U.S. Treasury Secretary Scott Bessent announced a temporary easing of sanctions on Russian oil until April 11, 2026, amid rising energy prices due to the war in Iran. Tensions escalated in the region following attacks on oil and gas facilities, causing oil prices to surge above $100 per barrel. On April 8, a two-week ceasefire between the U.S. and Iran was announced, leading to a drop in oil prices below $100 per barrel.
On March 11, QatarEnergy halted its LNG production, resulting in five consecutive days with no shipments. No LNG carriers have passed through the Strait of Hormuz since February 28, including vessels from the UAE. This shutdown represents the removal of 20% of the world's LNG exports from the market.
Gold prices (XAU/USD) have recorded their highest-ever weekly close, staying above the $5,100 mark. Fears of trade wars and geopolitical risks have driven strong demand for the precious metal. Additionally, a weaker US Dollar has supported the rise in gold prices, which reached $5,260 per ounce. Geopolitical tensions and uncertain trade policies remain key factors driving gold prices higher.
Very Large Crude Carrier (VLCC) rates have surged, reaching $170,000 per day, tripling since the start of 2026. This increase is driven by soaring demand from India and fears of a potential U.S. military action in Iran. Shipping rates on the key Middle East-to-China route have hit a six-year high, with VLCC charter rates reaching between $200,000 and $208,000 per day.
OPEC+ is considering an oil output increase of 137,000 barrels per day for April 2026, following a three-month pause in production increases. This move aims to prepare for peak summer demand and market share strategies for key members like Saudi Arabia. Amid geopolitical tensions, Saudi Arabia has started increasing oil output as a contingency plan in case of a U.S. attack on Iran, reinforcing its role as a reliable supplier.
Gold and silver prices have experienced significant fluctuations due to economic data and geopolitical tensions. Gold price rose to around $5,250 per ounce after previously suffering declines. Silver prices increased by 2.13% to near $86.50, driven by rising geopolitical risks in Iran. Traders are looking for strong support at the $83 level for silver, while the strength of the US Dollar is exerting downward pressure on gold prices.
Oil prices experienced significant volatility due to inventory changes and geopolitical concerns. On February 23, Brent crude surpassed $71 per barrel, influenced by developments in U.S.-Iran nuclear negotiations. As fears of supply disruptions rose, prices reached a seven-month high, prompting traders to take protective measures. On February 25, the U.S. Department of Energy reported a substantial increase in inventories, heightening concerns about oversupply.
