Foundations
* Silver was up 0.7% at $5,112.34 an ounce by 0059 GMT. US gold for April delivery was down 0.2% at $5,115.80.
* Bullion, however, has lost nearly 1% so far this week, weighed down by declining hopes for a near-term U.S. interest rate cut as higher energy prices add to inflation concerns.
* The dollar weakened, making greenback-denominated commodities such as bullion cheaper for holders of other currencies.
* U.S. 10-year Treasury yields fell, increasing the appeal of non-yielding bullion.
* With geopolitical tensions rising, Iran’s Supreme Leader Mojtaba Khamenei said Thursday that Tehran would close the strategic Strait of Hormuz as leverage against the United States and Israel, a development that has raised concerns about global energy supplies and risk assets.
* Oil prices rose above $1 a barrel after attacks on oil tankers in the Gulf and warnings from Iran dashed the prospect of a swift easing of tensions in the Middle East.
* As oil prices rose, US President Donald Trump again called on Federal Reserve Chairman Jerome Powell to cut interest rates. * Goldman Sachs analysts on Thursday pushed back their forecast for the next US Fed rate cut for September and December, ahead of June.
* Traders expect the Fed to keep rates steady in the current 3.5%-3.75% range at the end of its two-day meeting on March 18, according to CME Group’s FedWatch tool.
* While the latest inflation figures show that price growth is under control, the Iran war and the resulting spike in crude prices have yet to filter through the data.
* Investors now await the release of a delayed personal consumption expenditure index for January, due later in the day. * Silver was up 1.5% at $85.03 an ounce. Spot platinum rose 1.3% to $2,159.01 and palladium rose 0.8% to $1,630.71.
