Chaos in the Middle East drives gold to record weekly close above $3,400

Gold is dominating safe-haven flows over USD following Israel's attack on Iran - El-Erian

Gold has little downside even as prices trade above $3,400 an ounce - BCA’s Roukaya Ibrahim

Preliminary Consumer Sentiment rises to 60.5 in June, inflation fears recede but uncertainty persists

Gold hits record high as Israel-Iran military exchange sparks safe-haven rally

Recession already underway, market still asleep, Rosenberg warns

Gold price sharply higher following Israeli attacks on Iran 

Gold market analysis for June 13 - key intra-day price entry levels for active traders

Gold/silver: The domino effect

‘We're still early’ - Americans have barely begun rotating into gold, silver, and the miners – Van Eck and Sprott CEOs

Tether deepens gold market ties with major stake in Elemental Altus Royalties

Silver will see ‘mini-squeeze events’ to address London-New York imbalance, price could hit $40 this year – TD Securities’ Ghali

Critical metals and Canada will play a key role in the evolving global economy - IEFA Montreal Conference

Aussie gold producers taking advantage of higher gold prices - Surbiton Associates

Wall Street bets on gains for gold next week, Main Street maintains a more cautious stance as rate decisions loom

NEW YORK, June 13 (Reuters) - Investors will keep close watch on planned protests across U.S. cities on Saturday, amid heightened concerns following immigration raids in Los Angeles and developments in the Middle East.The protests, organized by the "No Kings" coalition to oppose President Donald Trump's policies, are set to coincide on Saturday with a military parade in Washington marking the U.S. Army's 250th anniversary and Trump's 79th birthday. Trump on Tuesday warned against protests at the parade. The protests also come on the heels of heightened geopolitical concerns after Israel's military strikes on Iran and have sparked a rush into safe havens such as gold and the dollar."The protests and the ongoing developments in Iran bear further watching," said Jack Ablin, chief investment officer at Cresset Capital.The protests could negatively impact the markets from a psychological standpoint, said Tim Ghriskey, senior portfolio strategist at Ingalls &amp; Snyder in New York."These protests have been relatively peaceful but have the potential to spiral out of control and result in injuries, etc," he said. Any damage to sentiment and the willingness to take risks could add to the challenge the S&amp;P 500 faces in the near term as the index appears to have stalled after making big advances from its early April trade war-induced market swoon. The S&amp;P 500 is about 20% above its April low, but is little changed over the last four weeks.The benchmark stock index is about 2% shy of its record closing high reached in mid-February. The index was down about 1% on Friday afternoon.Trump's decision last weekend to dispatch troops to Los Angeles over the objections of California Governor Gavin Newsom has sparked a national debate about the use of the military on U.S. soil and further polarized the country.Americans are divided over Trump's decision to activate the military to respond to protests against his crackdown on migrants, with about half supportive of the move, according to a Reuters/Ipsos poll on Thursday.For now, much of the market's attention remains fixated on events unfolding in the Middle East."I don't think there's a direct impact to the markets. It may come more on the confidence side, adversely impacting sentiment," Jack Janasiewicz, portfolio manager at Natixis Investment Managers Solutions, in Boston, said.Reporting by Saqib Iqbal Ahmed; Additional reporting by Sinead Carew; editing by Alden Bentley and Diane Craft

Investors eye US protests, Iran tensions as S&P 500 stalls

NEW YORK, June 13 (Reuters) - U.S. ultra-low sulfur diesel futures hit the highest level since February, outpacing gains in oil and gasoline as analysts warned that diesel supply is the most exposed to the conflict in the Middle East.Israel on Friday launched the biggest ever direct attack on Iran and said the huge wave of airstrikes was only the start of its campaign. Iran has since launched retaliatory strikes, with explosions heard over Tel Aviv and Jerusalem. Crude oil futures jumped about 7% as analysts worried Iran's response could include a blockade of the Strait of Hormuz, through which a fifth of global oil supplies traverses. Diesel futures jumped even more, surging about 8% for their biggest single-day gains since April 2022.Diesel outperformed because the conflict's biggest impact is expected to be on the supply of medium heavy-sour crude grades, which are better suited for production of distillate fuels, StoneX oil analyst Alex Hodes said.The Middle East is also a major export hub for distillate fuels like diesel, gasoil and jet fuel, said Matias Togni, analyst at oil market insights firm Next Barrel. The conflict could impact liquefied natural gas flows within the region and lead to higher diesel and fuel oil consumption for power generation, with Egypt already showing signs of such a switch, Togni said.Combined diesel, gasoil and jet fuel exports from the Middle East averaged 1.76 million barrels per day in May, close to 2% of total world oil consumption, according to Kpler data.RETAIL SPIKE TO FOLLOWExisting inventories for diesel are already low, adding to concerns that the conflict will lower Middle East diesel exports and global production, said StoneX's Hodes.U.S. inventories of diesel and heating oil stood at 108.9 million barrels in the week ended June 6, about 15% below the past five years' average, U.S. Energy Information Administration data showed.Combined with the surge in crude oil prices, those tight inventories are likely to cause a 10 to 30 cents a gallon surge in retail diesel prices in the U.S. over the next two weeks, GasBuddy analyst Patrick De Haan said.By contrast, U.S. gasoline stocks were slightly above the five-year average at 214.7 million barrels, the EIA data showed.GasBuddy is estimating a five to 15 cents per gallon jump in U.S. gasoline prices over the coming weeks.U.S. Gasoline futures rose 8.47 cents to settle at $2.2276 a gallon on Friday​, while ULSD futures rose 17 cents to settle at $2.3587 a gallon on Friday.Reporting by Shariq Khan in New York; Editing by Lisa Shumaker

Diesel most exposed to Middle East conflict, US futures surge 8%

NEW YORK, June 13 (Reuters) - The Federal Reserve's balancing act between concerns about a weakening labor market and still above-target inflation will take center stage for investors in the coming week as they weigh risks to the rally in the U.S. stock market.The benchmark S&amp;P 500 (.SPX), opens new tab has rebounded sharply over the past two months as worries about the impact of trade barriers on the economy have eased since President Donald Trump's "Liberation Day" announcement on April 2 sent the market plunging. The rally hit a stumbling block on Friday as stocks fell globally and investors moved to safe-haven assets after Israel launched a military strike on Iran, and Iran fired missiles in response. Major U.S. indexes ended down over 1% on Friday, with the S&amp;P 500 falling 1.1%.The Fed's two-day monetary policy meeting could present the next major obstacle for markets. While the U.S. central bank is widely expected to hold interest rates steady when it announces its decision on Wednesday, investors are eager for any hints about whether the Fed might be poised to lower rates in the coming months.The fed funds rate has been at 4.25%-4.50% since the central bank last eased in December, by a quarter percentage point."What the Fed is going to have to try to do next week is encourage the belief that they are able to act without actually promising anything," said Drew Matus, chief market strategist at MetLife Investment Management. "If they move rates lower too early before there is evidence that there is weakening in the economy that they can then point to, they raise the risk of actually boosting inflation expectations further."At its last meeting in May, the central bank said risks of both higher inflation and unemployment had risen. The Fed has a dual mandate to maintain full employment and price stability, and investors will be seeking any signs of whether officials are more concerned about one of those goals and what that means for the path of rates.One area of focus on Wednesday will be an update to Fed officials' projections about monetary policy and the economy, which were last published in March.Larry Werther, chief U.S. economist of Daiwa Capital Markets America, will be watching estimates for unemployment. While the Fed officials' last projection was for unemployment to end 2025 at 4.4%, Werther is projecting a year-end rate of 4.6%, saying recent data including jobless claims has indicated softening in the labor market."If the unemployment rate is expected to move higher, just aligning with what we've seen in the labor market, and inflation isn't expected to move much beyond what the Fed is projecting, then it opens the door to further easing in support of the labor market later this year," Werther said.Fed funds futures indicate markets expect two rate cuts by the end of this year, with the next one likely in September, according to LSEG data. Such bets were bolstered by benign inflation reports this week.Investors are also focused on Trump's selection to succeed Fed Chair Jerome Powell, with the president regularly urging the central bank to lower rates. Trump earlier this month said a decision on the next chair would be coming soon, although he said on Thursday that he would not fire Powell, whose term ends in May 2026.The release of monthly retail sales on Tuesday will also be in focus. Investors want to see if tariffs are leading to higher prices that pressure consumer spending.Trade developments are likely to continue to keep markets on edge, with a 90-day pause on a wide array of Trump's tariffs set to end on July 8. A trade truce this week between China and the United States offered hope that the two countries can reach a lasting resolution, but the absence of detailed terms left room for potential future conflict.The S&amp;P 500 (.SPX), is up 1.6% so far this year. But the index has gained 20% since its low for the year on April 8, and is 2.7% off its record high set in February."The market has rallied so hard, so fast," said Marta Norton, chief investment strategist at retirement and wealth services provider Empower. "There is vulnerability to anything that doesn't support that kind of benign narrative that has been established."Reporting by Lewis Krauskopf in New York; Editing by Alden Bentley, Nick Zieminski and Matthew Lewis

Wall St Week Ahead Fed meeting in focus as investors seek rate-path hints

WASHINGTON, June 13 (Reuters) - The Federal Reserve announced on Friday that it would publish the 2025 results of its annual big bank stress tests on June 27.The U.S. central bank conducts the test each year, in which it examines how large banks would perform against a hypothetical economic downturn and market strains.Reporting by Pete Schroeder; Editing by Leslie Adler

Fed to release 2025 bank stress test results on June 27

The US Interior Department said on Thursday it was publishing a request for information and interest to explore the potential for seabed mineral leasing offshore American Samoa.The step will launch a 30-day public comment period and initiate formal action toward what could be the first mineral lease sale in federal waters in over 30 years, the department said in a statement.President Donald Trump signed an executive order in late April aimed at boosting the deep-sea mining industry, marking his latest attempt to boost US access to nickel, copper and other critical minerals used widely across the economy.The order sought to jumpstart the mining of both US and international waters as part of a push to offset China’s grip on the critical minerals industry.Deep-sea mining firm Impossible Metals said in mid-April that it asked US federal officials to launch a commercial auction for access to deposits of nickel, cobalt and other critical minerals off the coast of American Samoa.Supporters of deep-sea mining say it would lessen the need for large mining operations on land, which are often unpopular with host communities. Detractors say more research is needed to determine how the practice could affect ecosystems.The action aims to “unlock our vast offshore mineral resources, and end our dangerous dependence on foreign supply chains,” US Interior Secretary Doug Burgum said.(By Kanishka Singh; Editing by Leslie Adler and Sonali Paul)

US takes first step for potential mineral lease sale near American Samoa

WASHINGTON, June 13 (Reuters) - U.S. consumer sentiment improved for the first time in six months in June as trade tensions between the U.S. and China eased, but households worried about the economy's trajectory.The rise in sentiment reported by the University of Michigan's Surveys of Consumers on Friday was, however, overshadowed by Israel's missile strikes against Iran, which boosted oil prices to multi-month highs and weighed on global stock markets. Though consumers' inflation expectations also improved this month, higher oil prices are likely to translate into pain at the pump. Gasoline prices have been generally low this year, freeing up much needed money for spending elsewhere."The improvement may be short-lived if current geopolitical risks as well as the increase in oil prices continue," said Eugenio Aleman, chief economist at Raymond James. "The same is going to probably be true for inflation expectations."The University of Michigan's Consumer Sentiment Index jumped to 60.5 this month from a final reading of 52.2 in May.Economists polled by Reuters had forecast the index would rise to 53.5. The index, however, remained about 20% below last December's level, when sentiment soared in the wake of President Donald Trump's victory in the November 5 election.Sentiment rose across all age, income, wealth, political party affiliation groups and geographic regions. While the share of consumers giving unsolicited comments about tariffs was down from May, it was higher than any other month since the election.Stocks on Wall Street fell. The dollar rose against a basket of currencies. U.S. Treasury yields were higher.DOWNSIDE RISKS REMAINThe U.S. and China have made big strides towards de-escalating their trade war, with Washington slashing tariffs on Chinese goods to 30% from 145% until mid-August. They agreed earlier this week on a framework covering tariff rates. "Consumers appear to have settled somewhat from the shock of the extremely high tariffs announced in April and the policy volatility seen in the weeks that followed," Joanne Hsu, the director of the University of Michigan's Surveys of Consumers, said in a statement."However, consumers still perceive wide-ranging downside risks to the economy." Hsu said consumers' views on business conditions, personal finances, buying conditions for big-ticket items, labor markets and stock markets were all nowhere near the upbeat readings of six months ago.Some economists were dismissive of the survey, noting that the response rate was very low. Samuel Tombs, chief U.S. economist at Pantheon Macroeconomics, called it "a broken compass."Consumers' 12-month inflation expectations fell to 5.1% from 6.6% in May. Hsu said consumers' fears about the potential inflation surge from import duties have "softened" somewhat.Their views have probably been influenced by tame consumer price increases over the past three months.Economists say consumer inflation has remained benign because businesses are still selling inventory accumulated before Trump's tariffs kicked in. They expect inflation to accelerate from June through the second half of the year. Long-run inflation expectations dipped to 4.1% from 4.2% last month."But the fact they (inflation expectations) remain historically high shows anxiety over prices hasn't dropped off consumers' list of worries," said Oren Klachkin, financial market economist at Nationwide.Federal Reserve officials, who will hold a policy meeting on Tuesday and Wednesday, could take note of the decline in inflation expectations, though the higher readings had previously been dismissed as an outlier.The U.S. central bank is expected to leave its benchmark overnight interest rate in the 4.25%-4.50% range at the end of its meeting next week while policymakers monitor the economic effects of tariffs.Reporting by Lucia Mutikani; Editing by Chizu Nomiyama and Paul Simao

US consumer sentiment improves; tariff anxiety lingers

June 13 (Reuters) - European shares touched their lowest level in three weeks on Friday after Israel's attack on Iran soured global risk sentiment and sent investors flocking to safe-haven assets amid an already uncertain trade environment.The pan-European STOXX 600 (.STOXX), was down 0.6% at 546.69 points at 0819 GMT. The benchmark is on track to log a fifth session in the red, its longest losing streak since September 2024.Israel launched strikes against Iran on Friday, hitting nuclear facilities and ballistic missile factories, to prevent Tehran from building an atomic weapon. Iran retaliated by launching 100 drones.The tensions add to caution in global financial markets, which have been grappling with the impact of U.S. President Donald Trump's tariff policy.The heightened tensions in the oil-rich Middle East sent prices of crude soaring, last up over 7%, weighing most heavily on airlines.The travel and leisure sector (.SXTP), was down 2.4%. British Airways owner ICAG (ICAG.L), tumbled 3.8%, Lufthansa (LHAG.DE), was down 3.3% and EasyJet (EZJ.L), dropped 3.7%.Many airlines cleared out of the airspace over Israel, Iran, Iraq and Jordan and Lufthansa suspended all its flights to and from Tehran, disrupting operations.Cruise operator Carnival's (CCL.L), London-listed shares slipped 4.7%."We don't know if this will escalate into a bigger regional war, but assuming that it's not the case, the focus for European equities will soon be elsewhere again," said Frank Oland, chief strategist and head of investment strategy at Danske Bank.On the flip side, energy stocks (.SXEP), soared 1.3%, with Shell (SHEL.L), and BP (BP.L), up 1.85 and 2.6%, respectively.Volatility in the market increased, with the regional index (.V2TX), up 2.32 points at 21.68, its highest since May 26.Most regional stock bourses were also in the red, with Germany's DAX (.GDAXI), down 1.2%. Data showed German inflation eased to 2.1% in May, confirming preliminary data.London's FTSE 100 (.FTSE), retreated 0.4% from Thursday's record close.Investors flocked to safe-haven assets amid the increased uncertainty, with gold prices up over 1%.The benchmark index is set for weekly declines, as investors were unimpressed by the outcome of U.S.-China talks earlier this week, and doubts over an EU trade deal with the U.S. before Trump's July 8 tariff deadline also loomed."I could easily see European equities bounce back... they come from being truly unloved last year and we still have fair valuations in Europe, so this theme of buying into Europe can continue," said Oland.Among stocks, oil tanker group Frontline (FRO.OL), gained 6.2% to top the STOXX 600. Shipping giant Maersk (MAERSKb.CO), advanced 4.6%.Reporting by Purvi Agarwal in Bengaluru; Editing by Sonia Cheema and Mrigank Dhaniwala

European shares tumble as Israel-Iran tensions flare, set for weekly losses

June 13 (Reuters) - Canada's main stock index declined on Friday, dragged down by losses in technology shares, as Israel's widescale strikes on Iran dampened global risk appetite.The S&amp;P/TSX composite index (.GSPTSE), was down 0.5% at 26,490.64 points.Israel has warned that the strikes were the start of a prolonged operation to prevent Tehran from building an atomic weapon. Iran has promised a harsh response.However, U.S. President Donald Trump urged Iran to make a deal over its nuclear programme, saying there was still time for the country to prevent further conflict with Israel.The downturn in the TSX was limited as investors shifted to safe-haven assets, boosting metal mining shares. The materials sector (.GSPTTMT), gained 0.6%The energy sector (.SPTTEN), rose 1.7% to be the top gainer as the tensions in the Middle East sparked worries about supply disruptions, boosting crude prices."I don't think it's any surprise that Toronto Stock Exchange is going to hold up greater than New York, which is more based on technology or multinational corporations," said Allan Small, senior investment advisor at Allan Small Financial Group with iA Private Wealth."Gold and oil make up a big chunk of our market and anything commodities-based is relatively going to do well".The technology sector (.SPTTTK), fell 1.5%, while the heavyweight financial stocks (.SPTTFS), were down nearly 1%.The benchmark index achieved a second consecutive record high on Thursday and appears poised to secure its third straight weekly gain, provided losses remain contained.Reporting by Ragini Mathur in Bengaluru; Editing by Shreya Biswas

TSX falls as Israel's strikes on Iran dampen risk appetite

More than $10 billion in bids for British companies announced on Monday, this year’s busiest day according to Dealogic data, showed how low valuations and the market’s relative stability were attracting rivals and funds after a volatility-induced pause.Companies may also be using the opportunity to enter the UK market before potential further weakening of the dollar or strengthening of the pound made future transactions more expensive, analysts said.Among those to announce takeover offers for UK firms on Monday were U.S. chipmaker Qualcomm, private equity firm Advent, and France’s L’Oreal.While U.S. President Donald Trump’s announcement of sweeping tariffs and the resulting volatility hampered dealmaking for weeks, some companies are now finding the right conditions to agree on transactions.Niccolo de Masi, CEO of Maryland-based IonQ, which on Monday announced a $1.08 billion acquisition of British quantum computing firm Oxford Ionics, said that in addition to Britain’s talent pool, the geopolitical backdrop made the deal more compelling as governments want more “sovereign quantum networks,” he said.“People want things on-premise and they want things to be local,” de Masi told Reuters.So far this year, there have already been 30 bids for UK companies valued at more than 100 million pounds ($135.44 million), compared with 26 over the same period of last year and 45 for the whole of 2024, according to Peel Hunt.The total value of 24 billion pounds of deals announced to date compared with 36 billion pounds in the year-ago period, which was skewed by a few large deals, such as International Paper’s $7.1 billion bid for D.S Smith.Years of outflows from UK equities that depressed valuations for British companies compared with their competitors listed on other European or U.S. exchanges, have played a role in making them more attractive as acquisition targets.For example, the discount between the FTSE 100 .FTSE and the U.S. S&amp;P 500 .SPX benchmarks peaked at about 49.5% in January and is about 41% now.“Management teams have been happier to accept bids because sometimes that is an easier way to crystallize the valuations and as equity markets have been so challenging for so long,” Amanda Yeaman, co-manager of the abrdn UK Smaller Companies Fund and the abrdn UK Smaller Companies Growth Trust plc.Moreover, bidders are being drawn to a relatively stable UK economic and political backdrop.“We now have an improving economic environment in the UK, and the regulatory position is much more predictable,” said Charles Hall, head of research at Peel Hunt. “Buying a UK company at the moment is likely to be less risky than, say, buying a U.S. business.”The trade deals that Britain has pursued also show the country is “open for business,” Yeaman said. And with no general election due soon, Britain promises political stability. “Our markets really like stability and for the next four years, that is something that we have, which is less predictable in other geographies,” she said.Analysts also say the pound’s strength does not seem to act as a deterrent.“Particularly global investors, U.S. investors are thinking, let’s grab as much as we can before things get more expensive and currency tailwinds are still there,” said Magesh Kumar, equity strategist at Barclays.This year’s largest bids so far were all announced this week, with Advent offering 3.7 billion pounds for scientific instruments maker Spectris (SXS.L), and Qualcomm’s 1.8 billion pound bid for Alphawave, and some advisers expect many more to come.Erik O’Connor, partner at Clifford Chance, said that while economic uncertainties could weigh on the M&amp;A market, factors such as more predictable outlook for interest rates and UK companies’ improved balance sheets should encourage dealmaking.“There’s a sense that key fundamentals are in the right place to transact,” O’Connor said, pointing to technology and real estate, the busiest sectors so far this year according to Dealogic, as those less susceptible to recent market volatility.“I would not be surprised if we continue at a similar pace,” he said.($1 = 0.7383 pounds)(Reporting by Amy-Jo Crowley in London, Yadarisa Shabong and Purvi Agarwal in Bengaluru Additional reporting by Samuel Indyk Editing by Anousha Sakoui and Tomasz Janowski)

As global tumult grows, UK Plc’s stability and bargains appeal to dealmakers

SAO PAULO, June 13 (Reuters) - Brazilian fintech Meliuz (CASH3.SA), opens new tab raised 180.08 million reais ($32.39 million) in a follow-on share offering aimed at obtaining funds to purchase bitcoin, it said in a securities filing on Friday.Meliuz said that the offering, which had investment bank BTG Pactual as bookrunner, was priced at 7.06 reais per share, a 5% discount over its Thursday closing price. Meliuz's move to buy more bitcoin came as the company earlier this year launched a new strategy allowing it to allocate cash reserves in the cryptocurrency, labeling itself "the first bitcoin treasury company" in Brazil. ($1 = 5.5594 reais)Reporting by Gabriel Araujo; Editing by Chizu Nomiyama

Brazil's Meliuz raises $32.4 million in share offering to buy bitcoin

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