Gold slipped below $5,100/oz on Friday, touching about $5,020 and heading for a second straight weekly loss as the Middle East war drives up oil and gas prices and keeps interest rate cut expectations low. The metal has traded in a tight $5,000–$5,200/oz range since an early-month spike after the US-Israeli strike on Iran, and is now almost 9% off its late-January record near $5,600/oz, though still 17% higher year-to-date. Silver fell almost 5% to just above $80/oz, with only a 10% gain so far in 2026.

Rising Brent crude above $100/bbl could lift iron ore cash costs by about 20%, copper by 16% and gold by 9% if prices hold near that level, BMO Capital Markets estimates from Wood Mackenzie data. Historical sensitivities show iron ore costs rising ~4.2% for every 10% oil increase, versus 3.5% for copper and 1.9% for gold, with diesel now only ~5% of copper site costs but higher energy feeding through power, consumables, labour and equipment. Africa and the Americas appear less exposed than Europe and Asia, while sulphur and ammonia flows via the Strait of Hormuz threaten acid and explosives input costs.

FLS is advancing its vertical media regrind mills, with Global Product Line Manager Peter Wulff emphasising attrition-based grinding that delivers finer particle sizes at lower specific energy than conventional ball mills. The latest designs integrate high-efficiency drives and advanced process control to cut CO₂ emissions per tonne milled, targeting operations dealing with lower head grades and higher hardness ores. For plant designers, this points to smaller footprint regrind circuits, reduced steel media consumption and improved liberation for downstream flotation.