Trump Says He's Considering De-escalating Action Against Iran Gold and Silver Prices Continue Declining | Global Markets

Overnight Stock Market

The three major U.S. stock indices all closed lower, with the Dow down 0.96%, losing 2.11% this week, marking four consecutive weeks of decline—the longest weekly losing streak since February 2023; the Nasdaq fell 2.01%, down 2.07% this week, also four weeks of consecutive declines; the S&P 500 dropped 1.51%, down 1.9% this week, four weeks of consecutive declines—the longest since March 2025.

European major stock indices closed mostly lower, with Germany’s DAX down 4.55% this week; France’s stock index down 3.11%; the UK’s stock index down 3.34%.

Commodity Markets

International oil prices rose, with Brent May crude futures at $112.19 per barrel, reaching the highest since mid-2022, up over 8.77% this week; WTI April crude futures at $98.32 per barrel, up nearly 1.53% this week.

International gold and silver declined, with spot gold down 3.43% at $4,498.31 per ounce, a weekly decline of 10.37%; COMEX gold futures down 2.16% at $4,505.70 per ounce, down 11.07% this week. Spot silver fell 6.89% to $67.801 per ounce, down 15.85% this week; COMEX silver futures down 4.54% at $67.980 per ounce, down 16.28% this week.

Middle East Conflict Updates

【Trump Says Considering Gradual De-escalation of Military Actions Against Iran】

Trump posted on his social media platform “Truth Social” that as they consider gradually de-escalating major military actions targeting the Iranian regime in the Middle East, they are very close to achieving their set goals. Trump stated that guarding and patrolling the Strait of Hormuz should be handled by other countries that use the strait when necessary, and the U.S. will no longer bear this responsibility.

【U.S. Defense Officials Have Developed Detailed Plans for Deploying Ground Troops to Iran】

According to CCTV reporters on March 20, U.S. Department of Defense officials have prepared detailed plans for deploying U.S. ground forces to Iran. It is known that Trump has been weighing whether to deploy ground troops in the region. It remains unclear under what circumstances he might authorize the use of ground forces.

【U.S. Senate Votes Again to Block DHS Funding Bill】

On March 20, local time, the U.S. Senate again voted to reject a funding bill for the Department of Homeland Security. The department has been shut down since February 14.

【Iranian Military Warns UAE Not to Launch Attacks from Its Territory】

Iran’s Hatam Anbia Central Command spokesperson stated on the evening of March 20 that any infringement targeting Iran’s territory and sovereignty will become a target for retaliation. The spokesperson also warned the UAE that if it again launches attacks from its territory on Abu Musa Island and Greater Tunb Island in the Persian Gulf, Iran’s armed forces will strike the UAE’s Ras Al Khaimah. Abu Musa and Greater and Lesser Tunb Islands are located in the Persian Gulf near the Strait of Hormuz, currently controlled by Iran, but the UAE also claims sovereignty over these islands.

【UK Authorizes U.S. Military Use of Its Bases for Strikes; Iran: Will Exercise Self-Defense】

Iranian Foreign Minister Amir Abdollahian posted on March 20 that the UK has allowed the U.S. to use its military bases to launch attacks on Iran, and Iran will exercise its right to self-defense in response. Abdollahian said that most UK citizens do not want to be involved in this “selective war” initiated by Israel and the U.S. against Iran. He pointed out that UK Prime Minister Rishi Sunak ignores domestic public opinion and allows UK military bases to be used for “aggression” against Iran, putting the UK public at risk. He emphasized, “Iran will exercise its right to self-defense.” Earlier that day, the UK government authorized the U.S. to use its military bases to strike Iran’s missile facilities used to attack ships in the Strait of Hormuz.

【Iraq Says Will Not Hold Foreign Oil Companies Responsible for Force Majeure Defaults】

An Iraqi Oil Ministry source stated on the evening of March 20 that the Iraqi government has decided to declare “force majeure” on all oil fields operated by foreign oil companies responsible for development in Iraq. If unforeseen or unavoidable events occur during the execution of oil development contracts, causing production to halt, the Iraqi government will not hold foreign oil companies liable for defaults related to production or investment shortfalls under force majeure.

【Iraq’s Basra Oil Production Drops from 3.3 Million to 900,000 Barrels per Day】

An Iraqi Oil Ministry source said on the evening of March 20 that due to the suspension of oil exports at the southern port of Iraq, Basra Oil Company’s daily output has fallen from 3.3 million barrels to 900,000 barrels. Current production has been reduced to about 30% of the level before February 28.

Other Market News

【Nvidia CEO Jensen Huang on Space Data Centers: Direct Data Processing in Space Is Logical; Space Cooling Is One of the Biggest Challenges】

Nvidia CEO Jensen Huang acknowledged the long-term potential of orbital computing in a podcast. Huang said that directly processing data in space (rather than transmitting it back to Earth) is the logical next step. He also hinted that building AI data centers in space might be more difficult than expected, with cooling being one of the biggest challenges. “Space cooling can only use radiative heat dissipation,” Huang explained, “which requires very large radiators, making the system complex and costly.” He mentioned that the company has deployed CUDA-based systems on satellites for imaging and AI processing tasks.

【JPMorgan: Global Central Bank Rate Hike Expectations Are “Unreasonable”】

After the Middle East conflict escalated, market expectations for the European Central Bank’s policy rate in December 2026 increased by over 55 basis points, while traders sharply lowered expectations for the Federal Reserve’s rate cuts. JPMorgan’s equity strategy team in a recent report said, “Such expectations may not be reasonable.” If the conflict persists with high energy prices, it will suppress economic growth, possibly forcing central banks to ignore inflation spikes. If the conflict ultimately triggers a recession, the likelihood of rate hikes is very low; if tensions ease, short-term inflation surges are unlikely to justify rate increases.

【Russia May Build Lunar Nuclear Power Plant Within 5 to 7 Years】

Mikhail Kovalyuk, director of Russia’s Kurchatov Institute involved in the lunar power station project, said on March 19 that Russia might build a nuclear power plant on the Moon within 5 to 7 years. According to TASS, Kovalyuk introduced several possible plans for the lunar nuclear power station during a government meeting in Leningrad Oblast, Russia, stating the project could be completed within that timeframe.

【South Korea Plans to Restrict Oil Product Exports to Address Supply Emergency】

A South Korean government official said on March 20 that due to ongoing tensions in the Middle East, the country’s oil supply remains in “emergency” status. If the situation worsens, South Korea may adjust refinery oil supplies and restrict related product exports. The Deputy Minister of Trade, Industry and Energy, Moon Sung-hyeok, told media that with continued disruptions in the Strait of Hormuz, concerns about potential oil supply interruptions from next month are increasing, and the government is “considering various emergency response measures.” He noted that although media reports suggest South Korea’s oil reserves could last 208 days, maintaining current economic activity levels cannot be sustained that long.

【South Korea’s Daejeon Factory Fire Kills 10】

According to South Korean media on the 21st, a fire at an auto parts manufacturing plant in Daejeon on the 20th resulted in 10 deaths, 4 missing persons, and 59 injuries. Rescue efforts are ongoing.

【India to See Patent Expiry of Semaglutide This Saturday; Several Pharma Companies Eyeing Market】

As the patent protection for Novo Nordisk’s best-selling weight-loss drug in India expires early this Saturday, a “GLP-1 generic drug war” is imminent. Indian company NATCO Pharma announced it will launch a generic version on the first day of patent expiry (March 21), with a multi-dose bottle starting at 1,290 Indian Rupees (about $13.8 / ¥95). According to company filings and earnings call transcripts, at least 12 major Indian pharmaceutical firms, including Sun Pharma and Dr. Reddy’s Laboratories, plan to launch semaglutide generics soon, but the scale of competition will be much larger.