Iran Attack in Strait of Hormuz Pushes Oil Prices Higher 
Gold Price Falls as Fed Rate Hike Fears and U.S.-Iran Tensions Weigh on Bullion 
World Bank Approves $1.1 Billion Emergency Funding for Bangladesh Amid Food and Energy Price Pressures 
Oil Prices Rise as US-Iran Tensions Threaten Strait of Hormuz Oil Shipments 
China Sets 1.25% Overnight Reverse Repo Rate Below Market Expectations 
Trump Threatens 100% Tariffs on Countries Imposing Digital Services Taxes on U.S. Tech Firms 
Gold Prices Rise Above $4,000 as Inflation Data and Weaker Dollar Boost Demand 
Oil Prices Drop as Middle East Supply Recovery Eases Market Concerns 
Oil Prices Rebound as Strait of Hormuz Tensions Return After Ship Attack Near Oman 
China Expands Export Controls, Adds 20 Japanese Companies to Restricted List 
Wall Street Ends Lower as AI Stocks Drag Markets, Fed Rate Outlook Shifts 
Asian Stocks Sink as Apple Price Hikes Spark AI Valuation Fears, South Korea and Japan Lead Selloff 
Asian Currencies Trade Mixed as Yen Hovers Near 40-Year Low, Dollar Holds Firm on Fed Outlook 
Asian Currencies Stay Range-Bound as Investors Eye China Data, RBNZ Outlook and U.S.-Iran Ceasefire 
SpaceX Eyes Starlink Mobile Phone Service to Challenge Verizon, AT&T, and T-Mobile 
Morgan Stanley Sees Chinese Auto Market Recovery Gaining Momentum in Late Summer 
Gold Prices Stabilize as Demand for Safe Haven Assets Grows
Gold prices saw a slight increase in Asian trading on Thursday, recovering from recent lows but still below record highs due to ongoing anxiety surrounding the U.S. presidential election and shifting interest rate expectations favoring the dollar.
Despite Wednesday’s declines, gold continues to trade higher for the week, supported by strong safe-haven demand. As of 00:23 ET (04:23 GMT), spot gold rose 0.3% to $2,724.70 an ounce, while December gold futures increased by the same margin to $2,737.15 an ounce. Earlier this week, spot prices reached a peak of $2,758.53 an ounce.
Safe Haven Demand Drives Gold Prices
The yellow metal maintains its strength as geopolitical tensions and domestic political uncertainty keeps investors wary. Harsh rhetoric from Israeli officials regarding Iran has heightened fears of potential escalations in the ongoing conflict, while tensions continue between Israel and Hamas.
In the U.S., Republican nominee Donald Trump is perceived to be gaining an advantage over Vice President Kamala Harris just weeks before the election, leading to a climate of uncertainty that favors safe haven assets like gold.
Broader Market Trends in Precious Metals
The strengthening of haven demand has helped gold and other precious metals withstand the dollar's gains, supported by expectations of slower interest rate cuts. Other precious metals also recorded gains, with platinum futures up 0.7% to $1,037.80 an ounce and silver futures rising 0.6% to $34.050 an ounce.
Industrial Metals Update: Copper Prices Rise
In the industrial metals sector, copper prices rose by 0.7% to $9,581.50 a ton, while December futures climbed to $4.3637 a pound. Market attention is now focused on upcoming purchasing managers index reports from the U.S. and Eurozone, with traders looking for indications of potential fiscal stimulus in China.
