Asian Currencies Trade Mixed as Yen Hovers Near 40-Year Low, Dollar Holds Firm on Fed Outlook 
Morgan Stanley Sees Chinese Auto Market Recovery Gaining Momentum in Late Summer 
Asian Stocks Slip as US-Iran Ceasefire Hopes Lift Oil, Dollar Strength Persists 
Oil Prices Rebound as Strait of Hormuz Tensions Return After Ship Attack Near Oman 
US Dollar Slips After PCE Inflation Data as Fed Rate Hike Expectations Stay Elevated 
Japan Targets 1%+ Real Economic Growth With ¥370 Trillion Investment Plan 
Wall Street Ends Lower as AI Stocks Drag Markets, Fed Rate Outlook Shifts 
Gold Price Falls as Fed Rate Hike Fears and U.S.-Iran Tensions Weigh on Bullion 
SpaceX Eyes Starlink Mobile Phone Service to Challenge Verizon, AT&T, and T-Mobile 
S&P Affirms Brazil’s BB Credit Rating with Stable Outlook Amid Fiscal Challenges 
China Sets 1.25% Overnight Reverse Repo Rate Below Market Expectations 
South Korea’s KOSPI Plunges as Apple Price Hikes and OpenAI IPO Delay Shake AI Chip Stocks 
World Bank Approves $1.1 Billion Emergency Funding for Bangladesh Amid Food and Energy Price Pressures 
China Expands Export Controls, Adds 20 Japanese Companies to Restricted List 
China Factory PMI Seen Returning to Growth in June as AI Export Demand Supports Economy 
Oil Prices Drop as Middle East Supply Recovery Eases Market Concerns 
Oil Prices Rise as US-Iran Tensions Threaten Strait of Hormuz Oil Shipments 
Gold Prices Surge Amid U.S. Election Uncertainty
Gold prices increased on Tuesday, hovering near a record high reached the previous day due to ongoing uncertainties surrounding the U.S. election and escalating tensions in the Middle East. Spot gold rose by 0.5% to $2,732.44 per ounce, while U.S. gold futures climbed 0.3% to $2,746.20.
This precious metal, often viewed as a hedge against political and geopolitical instability, hit an all-time high of $2,740.37 on Monday, marking a more than 32% increase for the year. IG market strategist Yeap Jun Rong noted, “A confluence of tailwinds remains in place for gold,” including its appeal amidst U.S. election uncertainties and geopolitical risks, alongside robust central bank demand.
With the U.S. presidential election just over two weeks away, political figures like former President Donald Trump and Vice President Kamala Harris are locked in a competitive battle for key states. Recent developments, such as Israel's military actions against Hezbollah in Lebanon and Hamas in Gaza, have further fueled geopolitical tensions.
Traders anticipate an 89% probability of a 25-basis-point interest rate cut by the U.S. Federal Reserve in November, according to the CME FedWatch tool. Notably, gold's rally persists despite a stronger dollar and rising treasury yields, which recently hit a 12-week high.
In related markets, spot silver rose 0.9% to $34.05 per ounce, while Citi Research has revised its silver price forecast to $40 per ounce. Platinum and palladium also saw gains, rising 0.6% and 1.1%, respectively.
