Asian Stocks Rise as AI Optimism Returns, Australia Hits Record High Ahead of RBI Decision 
European Stocks Near Record Highs as Earnings Strength Offsets Geopolitical Concerns 
U.S., Iran, Oman Near Interim Deal to Reopen Strait of Hormuz Amid Ceasefire Efforts 
Gold Price Holds Steady as Fed Rate Outlook and Jobs Data Keep Markets on Edge 
Gulf Shipping Traffic Steady as U.S.-Iran Talks Remain Uncertain 
RBI Holds Repo Rate at 5.25% as Inflation Risks and Global Uncertainty Persist 
25 Democratic-Led States Sue Trump Administration Over New Global Tariffs 
Asian Stocks Slip as AI Rally Fades, Oil Holds Steady on Iran Peace Deal Hopes 
UK Services PMI Returns to Growth in July as New Orders and Confidence Rebound 
US Stock Futures Hold Steady as Iran Hormuz Deal and Earnings Shape Market Sentiment 
Oil Prices Extend Three-Day Decline as Hopes Rise for U.S.-Iran Strait of Hormuz Deal 
Australia Trade Surplus Returns in June as Iron Ore, Coal and LNG Exports Surge 
Wall Street Ends Mixed as Dow Hits Record Despite Tech Weakness 
Asian Currencies Mixed as Yen Retreats, Traders Eye U.S.-Iran Talks and Fed Data 
Gold prices climbed for a fourth consecutive session on Thursday, reaching their highest level in seven weeks as easing concerns over global energy supplies weakened the U.S. dollar and Treasury yields. The rally was fueled by growing optimism that a diplomatic agreement could reopen the Strait of Hormuz, reducing inflation risks and boosting demand for safe-haven assets.
Spot gold (XAU/USD) rose 1.1% to $4,293.94 an ounce after touching an intraday high of $4,304.15. Gold futures also gained 1.1% to $4,353.12. Other precious metals followed the upward trend, with silver (XAG/USD) advancing 0.5% to $62.39 and platinum (XPT/USD) jumping 2.3% to $1,774.68.
Investor sentiment improved after reports indicated that Iran and Oman were nearing an agreement aimed at easing the five-month conflict between Tehran and Washington. According to Reuters, the proposed deal would give Iran authority over vessels entering the Gulf through the Strait of Hormuz. The prospect of smoother energy shipments pushed oil prices lower, easing inflation concerns.
Lower oil prices have also reduced expectations that the Federal Reserve will continue raising interest rates aggressively. Markets now estimate a 55% chance of a September rate hike, down from 67% earlier this week. Falling Treasury yields and a softer U.S. dollar further supported gold prices by making the metal more attractive to international buyers.
Despite the strong rally, investors remain focused on upcoming U.S. economic data, particularly Friday's nonfarm payrolls report, which could provide fresh insight into the Fed's next policy move. Earlier this week, the ADP National Employment Report showed that private-sector hiring slowed in July, reinforcing expectations of a less aggressive monetary policy outlook.
Analysts at ANZ said the combination of easing inflation fears and lower expectations for additional Fed tightening helped accelerate gold's gains. They also noted that the rally strengthened after bullion broke above a key technical resistance level. However, Federal Reserve Governor Lisa Cook reiterated that policymakers remain prepared to raise interest rates if inflation fails to move sustainably toward the central bank's 2% target, suggesting that future policy decisions will remain data dependent.
