BOJ Signals Faster Rate Hikes as Inflation Risks Raise September Move Odds 
Canada, US Hold Constructive Trade Talks as Tariff Negotiations Continue 
US Stock Futures Flat as Iran Strait of Hormuz Demands Fuel Oil Concerns 
Asian Stocks Mixed as Chip Selloff Hits KOSPI, Nikkei Ahead of US Jobs Data 
US Dollar Falls as Weak July Jobs Report Dents Fed Rate Hike Bets 
Iran-Oman Near Strait of Hormuz Deal as Shipping Tensions Persist 
Goldman Sachs Sees US Stock Buybacks Outpacing Equity Issuance as AI Funding Rises 
Oil Prices Set for Steep Weekly Losses as Hormuz Deal Stalls 
South Korean Won Leads Asian FX Losses as Dollar Rises 
Oil Prices Rise as Hormuz Reopening Remains Uncertain 
S&P 500, Nasdaq Futures Rise as Iran Risks and CPI Loom 
US Dollar Gains as Iran Tensions, Fed Rate Hike Bets Rise 
Gold Prices Hold Near Seven-Week High as Markets Await U.S. Inflation Data 
European Stocks Flat as Oil Prices Rise, US CPI in Focus 
China Trade Surplus Beats Forecasts in July as Exports Stay Strong 
Asian Currencies Steady as Markets Await U.S. Jobs Data 
Gold prices edged higher during Asian trading on Thursday, recovering some losses from the previous session as investors assessed ongoing geopolitical risks in the Middle East and awaited crucial U.S. labor market data that could influence the Federal Reserve’s next interest rate decision.
Spot gold climbed 0.6% to $4,460.8 per ounce, while U.S. gold futures gained 0.5% to reach $4,486.84 per ounce. The precious metal had declined more than 1% on Wednesday after a stronger U.S. dollar weighed on market sentiment.
Investor attention remained focused on developments in the Middle East. The United States announced a ceasefire framework between Israel and Lebanon late Wednesday, though the agreement remains dependent on Hezbollah suspending military activity. While the announcement offered some optimism, traders continued to monitor regional tensions closely.
Fresh reports of conflict emerged during the week, including alleged Iranian missile strikes targeting Kuwait and Bahrain, alongside U.S. military operations against Iran’s Qeshm Island near the Strait of Hormuz. Meanwhile, Israeli forces reportedly expanded operations in southern Lebanon, targeting areas associated with Hezbollah.
Oil prices retreated in Asian markets after posting gains for three consecutive sessions. The decline eased immediate concerns about rising energy costs and their potential impact on global inflation, providing some support for gold prices.
Market participants are now looking ahead to Friday’s highly anticipated U.S. nonfarm payrolls report. Recent economic indicators have painted a mixed picture of the labor market. Data from payroll processor ADP showed private-sector employers added 122,000 jobs in May, exceeding analyst expectations and improving from the previous month’s reading.
Additionally, the latest ISM services survey revealed that prices paid by U.S. service providers rose to their highest level since 2022, driven by increasing costs for petroleum products and other commodities. These figures strengthened expectations that the Federal Reserve may keep interest rates elevated for longer, a scenario that typically limits gains for non-yielding assets such as gold.
The U.S. Dollar Index slipped 0.1% after reaching a two-month high in the previous session. Among other precious metals, silver advanced 0.5% to $73.11 per ounce, while platinum rose 0.7% to $1,875.60 per ounce.
Traders will continue monitoring geopolitical developments, inflation trends, and upcoming economic data for further direction in the gold market and broader financial markets.
