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Friday, March 13, 2026
What’s happening: Gold prices traded higher this morning, after recording losses for two consecutive sessions.
What happened: Investors continued assessing geopolitical risks as Iran’s new Supreme Leader Ayatollah Mojtaba Khamenei made his first public statement.
Concerns around rising oil prices sending inflation higher and weakness in the US dollar lent support to gold prices this morning.
Why it matters: With the US-Iran war entering the 13th day, President Donald Trump and Iran’s new Supreme Leader Mojtaba Khamenei issued harsh statements regarding the conflict.
The US President said preventing Iran from obtaining nuclear weapons outweighs the latest concerns over higher crude oil prices. Iran’s new Supreme Leader said the Strait of Hormuz will remain effectively closed and warned of attacks on targets in Gulf Arab nations in case the offensive from US and Israel continues.
These comments sent energy prices higher, raising concerns over inflation and lowering prospects of the US Federal Reserve slashing interest rates anytime soon.
Gold is not only a safe-haven asset but is also considered a hedge against inflation. The yellow metal has already surged to multiple record highs this year due to continued economic and geopolitical concerns.
Data released on Thursday showed that US initial jobless claims declined by 1,000 from the previous week to 213,000 in the latest week. However, the figure fell short of market estimates of 215,000. The US trade deficit shrank to $54.5 billion in January, reaching the lowest level since October 2025. This was much better than market estimates of $66.6 billion. US inflation held steady at 2.4% in February, in-line with markets expectations.
Weakness in the US dollar provided a boost to gold prices, as a softer greenback makes metals cheaper for foreign currency holders. The US dollar index, which measures the greenback’s performance versus a basket of major peers, fell 0.1% to 99.66 this morning.
Spot prices for gold rose 0.8% to $5,121.56 an ounce this morning, after recording losses for two straight sessions. Gold is on course to recording back-to-back weekly losses.
In other metals trading, spot prices for silver jumped 1.5% to $85.1015 an ounce, platinum climbed 1.7% to $2,167.31 and while palladium rose 1.8% to $1,647.08.
What to watch: Investors will keep an eye on the ongoing US-Iran war.
Data on core PCE price index (1630 UAE Time) and GDP growth rate (1630 UAE Time) from the US will be released today. Core PCE price index in the US, which surged by 3% year-over-year in December, is expected to rise by 3.1% in January. Analysts expect the US economy to grow an annualised 1.4% in the fourth quarter, decelerating from the previous quarter’s 4.4% and reaching the lowest rate since the first quarter of 2025.
Context: Shares of Adobe fell in extended trading hours on Thursday, after the company reported its results for the first quarter of fiscal 2026 after the closing bell.
Details: Adobe has been making huge investments in AI, announcing partnerships to extend its lead in the industry. Investors remained concerned about the company’s pivot to AI disrupting its core creative software business.
Adobe recorded revenue growth with total customer group subscription revenues climbing 13% year-over-year to $6.17 billion in the latest quarter. The company reported annualised recurring revenue (ARR) of $26.06 billion and said that AI-first ARR had more than tripled on a yearly basis.
Adobe’s first-quarter revenue surged 12% year-over-year to $6.40 billion, topping consensus estimates of $6.28 billion. The company reported adjusted earnings of $6.06 per share, beating Wall Street expectations of $5.87.
“As we accelerate AI-powered capabilities across creativity, productivity and customer experience orchestration, Adobe is well positioned for continued profitable growth,” CFO Dan Durn said.
The company announced a planned CEO transition, with Shantanu Narayen set to retire. Narayen will remain on the board of directors.
Adobe guided to second-quarter revenue of $6.43-$6.48 billion, slightly higher than market expectations. Management projected adjusted earnings of $5.80-$5.85 per share, significantly higher than market estimates of $5.68 per share.
How shares responded: Adobe’s stock fell 7.8% to $248.74 in after-hours trading following the release of quarterly earnings. The stock has lost around 19% year to date.
What to watch: Investors will continue monitoring the AI trend and keep an eye on Adobe’s investments as well as newcomers using GenAI to pose stiff competition.
Other Markets: European indices closed lower on Thursday, with the FTSE 100, DAX 40, CAC 40 and STOXX Europe 600 Index down by 0.47%, 0.21%, 0.71% and 0.61%, respectively.
Ukraine hit a key Russian oil hub, resulting in a large fire. The news sent the USD/RUB pair higher in forex trading this morning.
Philippines’ unemployment rate rose to 5.8% in January from 4.4% in the previous month. Jobless rate hitting the highest level since June 2022 lent support to the USD/PHP forex pair.
New Zealand’s BusinessNZ performance of manufacturing index slipped to 55.0 in February from 55.1 in the previous month, which sent the NZD/USD pair lower in forex trading this morning.
Argentina’s consumer prices rose 2.9% in February versus 2.9% growth in January. The latest reading coming in above market estimates of 2.7% lent support to the USD/ARS forex pair.
Canada’s building permits surged by 4.8% to C$13.3 billion in January, compared to 6.1% growth in the previous month. The latest reading coming in higher than market estimates of a 2% decline sent the USD/CAD pair lower in forex trading this morning.
Spain’s inflation rate (1200 UAE Time), Italy’s industrial production (1300 UAE Time), Eurozone’s industrial production (1400 UAE Time), Mexico’s industrial production (1600 UAE Time), Canada’s unemployment rate (1630 UAE Time) and manufacturing sales (1630 UAE Time), US durable goods orders (1630 UAE Time), personal income (1630 UAE Time), personal spending (1630 UAE Time), real consumer spending (1630 UAE Time), JOLTs job openings (1800 UAE Time), Michigan consumer sentiment (1800 UAE Time) and Michigan inflation expectations (1800 UAE Time), Russia’s balance of trade (1700 UAE Time) and inflation rate (2000 UAE Time) as well as Germany’s current account (1745 UAE Time).
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