China’s state oil majors PetroChina, Sinopec, CNOOC, and Zhenhua Oil will refrain from dealing in seaborne Russian oil, at least temporarily, amid fears of violating sanctions, news agency Reuters reported, citing sources. The companies did not immediately respond to requests for comment.
Meanwhile, gold investors will also keep a keen eye on the US retail inflation data to be released on Friday. A lower consumer price index (CPI) print may reinforce the Fed’s view of slashing interest rates.
A low-interest rate environment will provide a further impetus to the price of gold, since it is a non-yielding asset. However, a higher inflation reading may deter the Fed from embarking on its rate cut plans. This, in turn, could hurt the bullion rates.
JPMorgan, in a note on Thursday, suggested that the gold bull run may continue. As per its forecast, the yellow metal’s price may reach $5,055 an ounce in the fourth quarter of 2026.
