Gold Holds Steady Amid Geopolitical, Tariff Concerns

(RTTNews) - Gold prices held steady on Thursday as the prospect of a quick end to the war in West Asia thinned and trade tensions resurfaced.

Spot gold edged up by 0.2 percent to $5,185.52 an ounce while U.S. gold futures were up 0.2 percent at $5,190.10.

Bullion is attracting some dip-buyers following reports of an Iranian blockade impacting global energy shipments.

As the U.S. campaign of airstrikes in Iran entered its 13th day, there were no signs the conflict was subsiding.

Iran has targeted oil fields and refineries in Gulf Arab nations and effectively stopped cargo traffic through the narrow Strait of Hormuz in a bid to exert pressure on the United States and Isreal to end the war.

Two tankers believed to have involved in an STS transfer operation have been struck in Iraqi waters, prompting the nation's oil terminals to suspend operations and posing a threat to the safety of maritime navigation and oil activities in Iraqi territorial water.

Oman has since shifted all vessels out of its main oil export terminal at Mina Al Fahal, which avoids the Strait of Hormuz.

The terminal has been one of the last places for oil tankers to load Persian Gulf crude for global markets.

On the trade front, the Trump administration has launched a Section 301 probe targeting excess manufacturing capacity in 16 major trading partners, a move aimed at rebuilding tariff pressure after the Supreme Court struck down a key tariff policy.

The investigation could lead to new tariffs against countries including China, the European Union, India, Japan, South Korea and Mexico.