International News 09 March 2026
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China’s Central Bank Expands Gold Reserves, Extending Buying Streak to 16 Months
The People’s Bank of China continued to increase its gold reserves in February 2026, extending its buying streak to 16 consecutive months. Data released on Saturday (March 7, 2026) showed that China’s gold holdings reached 74.22 million troy ounces at the end of February, slightly higher than 74.19 million troy ounces recorded at the end of January. The steady increase highlights the central bank’s ongoing effort to strengthen its gold holdings as part of managing the country’s foreign exchange reserves. In value terms, China’s total gold reserves rose to around US$387.59 billion by the end of February, up from approximately US$369.58 billion in the previous month, supported by both additional purchases and rising global gold prices. The data indicates that China continues to pursue a strategy of accumulating gold amid global financial market uncertainty and efforts to diversify its foreign reserve assets.
Saudi Arabia Warns Iran of Possible Retaliation if Attacks Continue
Tensions in the Middle East have escalated again after the Saudi Arabian government issued a strong warning to Iran over attacks targeting the kingdom and its energy sector. According to four sources familiar with the discussions, Riyadh emphasized that while it prefers a diplomatic resolution to the conflict between Iran and the United States, continued strikes against Saudi territory and its energy infrastructure could compel the kingdom to respond in kind. The message was conveyed ahead of a speech by Iranian President Masoud Pezeshkian on Saturday, in which he apologized to Gulf countries for actions that had previously angered the region after attacks also hit civilian targets. Two days earlier, Saudi Foreign Minister Faisal bin Farhan held talks with Iranian Foreign Minister Abbas Araqchi and reiterated Riyadh’s position. Saudi Arabia stated it remains open to mediation efforts aimed at easing tensions and resolving the dispute through negotiations. However, Riyadh warned that if Iranian attacks persist against Saudi territory or key energy facilities, it may allow U.S. forces to use military bases in the kingdom for operations and would be prepared to retaliate. Saudi officials also noted that communication with Tehran has continued through diplomatic channels since the U.S. and Israel began their military campaign against Iran on February 28, following the collapse of negotiations over Iran’s nuclear program.
US–Israel War With Iran Could Push Global Energy Prices Higher for Months
The conflict involving the United States and Israel against Iran could push fuel prices higher for consumers and businesses worldwide for weeks or even months. This risk remains even if the conflict, which has only been ongoing for about a week, comes to an end soon. Global energy suppliers are still expected to face challenges such as damaged energy infrastructure, logistical disruptions, and increased shipping risks, all of which could slow the distribution of oil and gas to international markets. The situation also poses risks to the global economy and carries political implications for U.S. President Donald Trump ahead of the upcoming midterm elections, as American voters are typically sensitive to rising energy costs and wary of foreign military involvement. Analysts at JPMorgan Chase noted in a research report that the market is no longer pricing in only geopolitical risks but is beginning to confront tangible operational disruptions.