Asian Currencies Slide as Indian Rupee Hits Record Low Amid Iran Tensions 
Indian Stock Market Drops as Iran Conflict Fuels Oil Price and Inflation Fears 
OECD Sees Bank of Japan Raising Interest Rates to 2% by 2027 
Oil Prices Slip as Strait of Hormuz Disruptions and U.S. Inventory Data Keep Markets on Edge 
New Zealand Budget 2026 Focuses on Fiscal Discipline and Infrastructure Investment 
Rubio Discusses Iran Crisis and Strait of Hormuz Disruptions With UK and Australia 
US-China Trade Talks Begin in South Korea Ahead of Trump-Xi Beijing Summit 
Gold Prices Hold Firm as Traders Watch U.S.-Iran Ceasefire and Trump-Xi Talks 
Norway Core Inflation Hits 3.2% in April, Fueling Interest Rate Hike Expectations 
Trump-Xi China Summit 2026: Trade Tensions, Taiwan, and Iran Take Center Stage 
US Inflation Expected to Rise Again in April as Fed Signals Higher Interest Rates 
US Stock Futures Slip as Iran Tensions and Hot Inflation Data Pressure Wall Street 
Oil Prices Rise as Dollar Gains Ahead of Key U.S. Inflation Data 
Dollar Gains on Safe-Haven Demand as Iran Tensions and Inflation Data Loom 
Trump-Iran Tensions Keep Oil Prices Elevated Amid Hormuz Supply Fears 
Trump Says Iran Ceasefire ‘On Life Support’ as Oil Prices Surge Above $104 
US Auto Industry Urges Trump to Block Chinese EV Market Access 
Gold prices remained mostly stable during Asian trading on Wednesday as investors stayed cautious amid ongoing geopolitical tensions and concerns over persistent U.S. inflation. Market participants closely watched developments surrounding the stalled U.S.-Iran negotiations and an upcoming meeting between former U.S. President Donald Trump and Chinese President Xi Jinping.
Spot gold slipped 0.2% to $4,705.50 per ounce, while U.S. gold futures gained 0.6% to trade at $4,713.00 an ounce. Despite safe-haven demand, bullion prices have remained rangebound this week due to rising Treasury yields and a stronger U.S. dollar.
Investor sentiment weakened after Trump stated that talks with Iran were on “life support” following Tehran’s rejection of a U.S.-supported proposal intended to ease tensions and reopen the Strait of Hormuz. The ongoing Middle East conflict has continued to disrupt oil shipments through the strategic waterway, increasing concerns over global energy supply and inflationary pressures.
Markets are also focused on the May 14-15 summit between Trump and Xi in Beijing. Discussions are expected to include trade relations, Taiwan, the Iran conflict, and global supply chain stability. Traders are hopeful the high-level meeting could provide clarity on future U.S.-China relations and broader economic risks.
Meanwhile, recent U.S. inflation data added pressure to gold prices. Consumer prices rose 0.6% in April, while annual inflation climbed to 3.8%, marking the highest level since mid-2023. Rising energy costs linked to Middle East instability were a key driver behind the increase. Core inflation also exceeded forecasts, strengthening expectations that the Federal Reserve may keep interest rates elevated for longer.
A stronger dollar and higher borrowing costs typically reduce the appeal of non-yielding assets like gold. Investors are now awaiting U.S. producer price index data for additional signals on inflation trends and future Federal Reserve policy decisions.
Among other precious metals, spot silver rose 0.2% to $86.78 per ounce, while platinum fell 0.8% to $2,113.80 per ounce.
