Gold dropped more than 1% to below $4,800 an ounce on Monday, giving back gains from the previous week as renewed hostilities in the Strait of Hormuz drove oil prices sharply higher, intensifying inflation concerns. In the latest escalation, President Donald Trump said the US Navy fired on and seized an Iranian-flagged cargo vessel in the Gulf of Oman after it ignored warnings to halt while departing Hormuz. Tehran also targeted ships and reasserted control over the Strait, arguing that the US blockade on Iran-linked vessels breached the ceasefire agreement. Meanwhile, Trump indicated there was still an opportunity for a deal ahead of another round of talks in Pakistan, although Iran sees little prospect for an agreement. The prolonged conflict has sparked a historic energy supply shock, heightening inflation risks and raising the likelihood of further central bank rate hikes, which weighed on gold. The precious metal remains down nearly 10% since the onset of the war.

Gold Slides on Renewed Hormuz Tensions

Imports to New Zealand increased 9.6% year-on-year to NZD 7.25 billion in March 2026. Import growth was driven by higher purchases of mechanical machinery and equipment (31%), followed by vehicles, parts, and accessories (28%); precious metals, jewellery, and coins (203%); and optical, medical, and measuring equipment (13%). By source, imports rose from China (20%), the U.S. (13%), South Korea (54%), Australia (27%), and the EU (17%).

New Zealand Imports Rise 9.6% in March

New Zealand’s exports rose 7.3% year-on-year to a record high of NZD 7.94 billion in March 2026. Export growth was boosted by higher sales of precious metals, jewellery, and coins (166%); fruits (24%); milk powder, butter, and cheese (3.4%); and preparations of milk, cereals, flour, and starch (21%). Among trading partners, exports increased to China (11%), Australia (38%), the U.S. (5.9%), the EU (14%), and Japan (4.1%).

New Zealand Exports Hit Record High

New Zealand posted a NZD 0.70 billion trade surplus in March 2026, shifting from an upwardly revised NZD 0.79 billion deficit in the same month a year earlier and beating estimates of a NZD 0.18 billion surplus. It marked the first trade surplus since last December, as both exports and imports increased. Exports rose 7.3% year-on-year to NZD 7.94 billion, while imports climbed 9.6% to NZD 7.25 billion.

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Gold Slides on Renewed Hormuz Tensions

New Zealand Imports Rise 9.6% in March

New Zealand Exports Hit Record High

New Zealand Trade Surplus Beats Forecasts