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Financial markets Score 65 Neutral

Gold Seeks Second Weekly Drop as Oil Rally Shifts Investor Focus

Mar 12, 2026 22:20 UTC
GLD, CL=F, USO
Short term

Gold prices edged lower for a second consecutive week amid a surge in oil prices, reflecting a shift in safe-haven demand. Poland’s central bank continues to increase gold holdings, reinforcing defensive positioning in volatile global markets.

  • Gold is on track for a second weekly decline
  • Oil prices surged, tracked by CL=F futures
  • Poland’s central bank is purchasing an additional 150 tons of gold
  • Mennica Polska SA in Warsaw produces the newly cast gold bars
  • USO, an energy-focused ETF, is seeing increased investor interest
  • Geopolitical instability continues to drive gold demand

Gold entered its second weekly decline as rising oil prices drew investor attention away from precious metals. The rally in crude oil, tracked by the CL=F futures contract, has intensified market focus on energy assets, reducing the appeal of gold as a traditional safe haven. Despite this, geopolitical tensions continue to underpin demand for physical gold, particularly in Europe. Poland’s central bank, the world’s largest reported buyer of gold, is adding another 150 tons to its reserves, citing ongoing regional instability. This move underscores the country’s strategic positioning amid a turbulent international environment. The purchases, carried out through Mennica Polska SA, the national mint in Warsaw, highlight a broader defensive posture across the energy and defense sectors. Meanwhile, energy-focused exchange-traded funds such as USO are benefiting from the price surge in crude. The dual trend—rising oil and persistent gold demand—reflects a complex interplay of risk sentiment and supply-chain concerns in global markets.

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