Global Commoditiy

Gold prices rise

BENGALURU, Mar 25: Gold prices rose on Monday as investors' appetite for riskier assets faded on concerns about a potential US recession and decelerating global growth, increasing appeal for the bullion alongside yen and bonds. Spot gold gained 0.3 per cent to $1,316.40 per ounce as of 0800 GMT, while US gold futures also added 0.3 per cent to $1,316.50 an ounce. The metal last week posted its third consecutive weekly gain and rose 1.0 per cent, the most since the week ended Feb. 1. — Reuters

Turkey plans to import more Iranian gas

DUBAI, Mar 25: Turkey plans to increase imports of Iranian natural gas, a senior Iranian official told state news agency IRNA on Monday. NATO member Turkey is dependent on imports for almost all of its energy needs and Iran is a key gas and oil supplier. Nearly 40 per cent of Turkey's electricity is from gas-fired plants. — Reuters

Dalian iron ore dips

BEIJING, Mar 25: China's iron ore futures reversed gains on Monday tracking a broader selloff, but market still expects strong demand at steel mills after winter production curbs are lifted by the end of this month. The most-traded iron ore futures on the Dalian Commodity Exchange dipped 0.2 per cent to 611 yuan ($91.05) a tonne when market closed at 0700 GMT. That followed a 2.0-per cent drop at China's Shanghai Composite as sentiment for equities soured on growing fears about a US recession. — Reuters