Gold rose more than 2 per cent on Wednesday, buoyed by a softer dollar, while a drop in oil prices eased concerns about elevated inflation and higher global interest rates, amid reports of a US plan to end the Middle East war.

Spot gold rose 2.5 per cent to $4,587.09 per ounce as of 0218 GMT. US gold futures for April delivery gained 4.2 per cent to $4,586.10.

The dollar eased, making greenback-priced bullion cheaper for holders of other currencies.

Read more-Gold dives to 4-month low as inflation pressures lift rate hike bets

With hopes of de-escalation in the Middle East conflict, and “as USD strength eased, safe-haven demand starts to reassert. This reinforces the view that gold didn’t lose its safe-haven appeal. It was briefly crowded out by the USD, and now that pressure is easing,” said Christopher Wong, a strategist at OCBC.

“Near-term, gold is likely to stay sensitive to Federal Reserve policy path expectations, USD and geopolitical developments, but the rebound suggests dips may continue to find support unless real yields move meaningfully higher.”

Oil prices fell below $100 a barrel, easing inflation concerns, on the prospect of a possible ceasefire easing supply disruptions from the key Middle East producing region.

US President Donald Trump said on Tuesday the US was making progress in its efforts to negotiate an end to war with Iran, including winning an important concession from Tehran, while a source confirmed that Washington had sent Iran a 15-point settlement proposal.

Higher crude prices tend to fuel inflation by pushing up transport and manufacturing costs. Although rising inflation typically boosts gold’s appeal as a hedge, high interest rates weigh on demand for the non-yielding asset.

Interest rate futures have erased any prospect for a US Federal Reserve rate cut this year, according to CME Group’s FedWatch tool.

“Despite gold prices trading at 17 per cent below pre-conflict levels amid USD strength and broad-based de-risking, this flush has historically been a tactical dip to buy, and the bullish case strengthens the longer the conflict persists,” JP Morgan said in a note.

The UAE is experiencing unstable weather conditions, with heavy rainfall expected in multiple waves through to March 28, according to the National Centre of Meteorology (NCM).

Rain began early Wednesday, March 25, over western regions and islands before spreading across Al Dhafra, Abu Dhabi, Dubai and the northern emirates, with convective clouds bringing intense downpours.

Satellite and radar data show cloud systems moving eastward across the country throughout Wednesday morning until midday — as seen in video footage from Rain.ae — covering coastal, inland and eastern areas including Al Ain and Fujairah.

Conditions are expected to ease slightly on Thursday, with light to moderate rainfall at intervals, mainly over islands and northern regions.

A final, more intense wave is forecast from Thursday evening into Friday, bringing heavy rain, lightning, thunder and possible hail in some areas.

By Saturday, conditions will improve, with decreasing cloud cover, cooler temperatures and strong northwesterly winds. Sea conditions are expected to remain rough in both the Arabian Gulf and the Sea of Oman.

Oil prices sank about 4 per cent on Wednesday after reports the USA had sent Iran a 15-point proposal aimed at ending the war in the Middle East, raising prospects of a ceasefire that could ease supply disruptions in the region.

Brent crude futures fell $4.17, or 4 per cent, to $100.32 a barrel by 0708 GMT, after declining to as low as $97.57. US West Texas Intermediate crude futures were down $3.11, or 3.4 per cent, at $89.24 a barrel, after falling to as low as $86.72.

Both benchmarks rose nearly 5 per cent on Tuesday, before paring gains in volatile post-settlement trading.

“Expectations of a ceasefire have risen slightly and profit-taking is leading the market,” said Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, a unit of Nissan Securities. “But the outlook remains uncertain as to whether negotiations will succeed, limiting selling.”

Read more-Oil prices retreat as US moves to boost supply amid Iran war

US President Donald Trump said on Tuesday the US was making progress in negotiating an end to the war with Iran, while a source confirmed that Washington had sent Iran a 15-point settlement proposal.

Israel’s Channel 2 said the US was seeking a month-long ceasefire to discuss the plan, which includes the dismantling of Iran’s nuclear program, ceasing support for proxy groups, and the reopening of the Strait of Hormuz.

Some analysts were sceptical on the progress of such talks, expecting markets to remain volatile.

Oil shipments via Hormuz largely halted

Phillip Nova’s senior market analyst Priyanka Sachdeva said Middle East developments would remain the “dominant price driver” keeping oil prices moving in a wide range in the near term.

The war has all but halted shipments of oil and liquefied natural gas through the Strait, which typically carries about one-fifth of the world’s gas and crude supply, causing what the International Energy Agency has called the biggest-ever oil supply disruption.

“The market outlook remains tight notwithstanding the prospects of a war off-ramp,” said Saul Kavonic, head of energy research at MST Marquee.

He said that even if flows through the Strait resume, “it’s not clear all shut-in production will resume until there is more clarity on the durability of a ceasefire.”

Iran has told the United Nations Security Council and the International Maritime Organization that “non-hostile vessels” may transit the Strait of Hormuz if they coordinate with Iranian authorities, according to a note seen by Reuters on Tuesday.

Still, US, Israeli and Iranian strikes continued and sources said Washington was preparing to send more troops to the region.

To offset the Hormuz disruptions, oil exports from Saudi Arabia’s Red Sea Yanbu port rose to nearly 4 million barrels per day last week, a sharp increase from before the war broke out, shipping data shows.

In the US, crude, gasoline and distillate stocks rose last week, according to market sources who cited American Petroleum Institute figures on Tuesday.

Crude stocks rose by 2.35 million barrels in the week ended March 20, gasoline inventories rose by 528,000 barrels and distillate inventories rose by 1.39 million barrels from a week earlier, the sources said.

The Hong Kong Trade Development Council (HKTDC) will host two key exhibitions from April 13-16, 2026 — InnoEX and Electronics Fair (Spring Edition) at the Hong Kong Convention and Exhibition Centre, presenting global innovation and technology (I&T) achievements, latest electronics products and advanced technology solutions.

Industry professionals, investors, buyers, and technology users from different sectors, including SMEs, are encouraged to attend the fairs.

In 2025, the two fairs successfully brought together more than 2,800 exhibitors from 29 countries and regions, and attracted around 88,000 industry buyers from 148 countries and regions.

InnoEX is a core event of the Business of Innovation and Technology Week, driven by the Innovation, Technology and Industry Bureau of the HKSAR Government and the HKTDC, showcasing cutting-edge technologies and global innovations.

Under the theme of “Innovate • Automate • Elevate”, InnoEX 2026 will spotlight five dynamic areas: AI+, Robotics, Low-altitude Economy (such as unmanned aerial vehicle and electric vertical take-off and landing aircraft), Property Technology, and Retail Technology.

The fairs will be held in an exhibition plus hybrid model, complemented by the “Click2Match”, an online smart business matching platform that will operate from April 6 to 23, providing a convenient and efficient platform for traders to connect.

In addition, the “Scan2Match” function also enables offline-to-online connections.

Enabling important partnerships

Last year, the fairs successfully helped buyers and exhibitors establish important partnerships. Philippine buyer Digital Pilipinas and International Digital Economies Association signed a distribution agreement with the UK’s exhibitor Unifi.id to introduce its smart card system for buildings to the Philippines, with hopes of expanding into other emerging markets in the future.

Xi’an Meinan Biotechnology Co also signed a strategic cooperation agreement with H & Y Building Decoration Electrical Engineering (HK), aiming to enhance the quality of construction projects in Hong Kong and internationally by utilising Meinan’s waterproof mortar technology, promoting sustainable development.

Entering its 22nd edition, the Electronics Fair (Spring Edition) continues to connect international exhibitors with buyers worldwide, displaying groundbreaking electronics products and solutions aligned with evolving tech trends.

The 2026 fair will spotlight products and solutions in the sectors of smart home and solutions, health tech and gadgets, and pet intelligence.

20 product zones to host global brands

The fairs will host over 20 product zones, including the Hall of Fame that will feature more than 500 global electronics brands and their creation; the Tech Hall will showcase next-generation electronics and modern lifestyle solutions; the Immersive Experience Zone will offer visitors hands-on experiences with wearable technology and interactive games; and the Start Up Zone will highlight the latest innovations and creative ideas from entrepreneurs.

Other thematic product zones will cover categories such as energy storage and e-mobility, home appliances, audio-visual products, computing and gaming, automotive and in-vehicle electronics, and more.

Shenzhen Antop Technology Co from the Chinese Mainland, an exhibitor at last year’s Electronics Fair, said, “We have made contact with many potential buyers from India and South America at the exhibition, and in the first two days, we received about 50 potential leads, with at least one third showing significant collaboration potential.”

The company was also discussing a contract for an order valued at approximately $2.5m. Additionally, Hong Kong medical technology exhibitor CYBERMED, discussed business deals with two buyers from Mainland China and the Middle East, with each order valued at approximately $200,000.

The two fairs will also introduce the RoboPark, unveiling robots’ potential and innovations through immersive scenario-based demonstrations and live robotics performances.

From humanoids and robotic arms to quadrupeds and autonomous mobile robots, visitors can explore how robotics is reshaping business, daily life, healthcare, and industries today.

Forums, presentations, and other events

During the fair, forums, presentations, and other events will be held, inviting experts to share insights and provide valuable networking opportunities for industry professionals.

Startups will also have excellent platforms to promote innovative ideas, seek support from investors, and gain advice from experts on business development.

Key information

Fair dates: April 13 – 16, 2026: Hong Kong Convention and Exhibition Centre and April 6 – 23, 2026: Click2Match (Online)

For more details, visit: InnoEX and HKTDC Hong Kong Electronics Fair (Spring Edition)

HKTDC Marketplace App: By using the app, buyers can scan the dedicated QR codes of exhibitors to bookmark their favourite exhibitors, browse product information, view e-floor plans, and chat with exhibitors even after the fair to continue the sourcing journey.

Get the latest updates on social media: Facebook: @HKTDC Exhibition Channel and Instagram: @hktdclifestyle

The global energy crisis is deepening as emergency measures by governments worldwide have fallen short of plugging the huge shortfall in oil and gas supply caused by the US-Israeli conflict with Iran, executives and oil ministers said on Tuesday.

Costs for energy, fertilisers and petrochemicals are soaring as the world is losing as much as 20 million barrels of oil per day from Middle East producers due to Iran’s effective closure of the shipping chokepoint of the Strait of Hormuz.

The impact of the reduction of a fifth of global oil and gas supplies has quickly spread through economies and supply chains.

United Airlines on Tuesday said it may have to raise ticket prices by up to 20 per cent. The Philippines declared a national energy emergency.

The acute energy supply shock now hitting Asia, the region most heavily reliant on Middle East supplies, will spread to Europe in April, oil executives and energy ministers said this week at the annual CERAWeek conference in Houston, the US energy capital.

In Asia, countries are taking measures to reduce energy consumption including implementing four-day work weeks and asking citizens to limit travel and use stairs rather than elevators.

Governments around the world are releasing a record 400 million barrels of oil from strategic reserves into the market and the US has waived sanctions on some Iranian and Russian oil so refiners short of supplies can buy it.

“These are not even stopgap measures,” Sheikh Nawaf Al-Sabah, CEO of Kuwait Petroleum Corp, said on Tuesday.

Kuwait was producing some 2.6 million barrels per day of oil before the war and has had to reduce production and halt deliveries to refiners that buy its crude.

Saudi Arabia and the UAE have kept some exports flowing from pipelines that bypass the Strait of Hormuz. But those exports, as well as the other emergency measures, do not come close to covering the supply disruption, Al-Sabah said.

All told, the emergency measures were not even a “drop in the proverbial barrel,” he said.

Read: Dr Sultan Al Jaber: No country should hold Hormuz, global economy hostage

Strategic reserves not enough to fix energy supply shortages

Coordinated releases from strategic reserves were not enough to fix supply shortages, said Takehiko Matsuo, Japan’s Vice Minister for International Affairs.

His country is contributing some 80 million barrels to the strategic stock release coordinated by the International Energy Agency.

Japan has roughly three weeks of gas in storage, he said.

Supply shortages could hit Europe in April if the crisis continues, German economy minister Katherina Reiche and Shell CEO Wael Sawan both said.

“We are trying to work with governments to just alert them to the various levers they will need to pull, including on the demand side, including what they need to do around storage, what they need to do around purchasing,” Sawan said.

Lack of preparation has exacerbated the challenges for Europe and other parts of the world, he added.

“The problem is we are more in reaction mode,” said Sawan. “The best energy strategies are the strategies that actually look five, 10 years out and build resilience from now.”

It would be difficult for operators in the US, the largest oil-producing nation, to lift output in a meaningful way until 2027 regardless of prices, ConocoPhillips CEO Ryan Lance said.

US producers are executing spending plans they laid out earlier this year and cannot easily adjust them, Lance said.

The US is also the world’s largest producer of liquefied natural gas. But US LNG producers cannot compensate for the supply shortfall from the Middle East because they are already at maximum output, said Matt Schatzman, CEO of US LNG producer NextDecade.

“None of this is going to be solved overnight,” he said. “This is a bad situation. You don’t think we would go faster if we could?”