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Gold Rises After Report of Oil-Stockpile Release to Ease Shock
Gold advanced after a report that the International Energy Agency is proposing the largest-ever release of oil reserves to ease a supply shock caused by the war in the Middle East. Bullion pushed above $5,200 an ounce, having gained 1% in the previous session. The IEA proposal, which was reported by the Wall Street Journal, envisages a release in excess of the 182 million barrels that followed Russia’s invasion of Ukraine in 2022. Crude prices gave up earlier gains, while a gauge of the US dollar slipped as much as 0.1%. As the US-Israeli war in Iran entered its 12th day, investors were also digesting conflicting ... (full story)
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