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South Korea’s KOSPI Jumps Over 5% as Samsung, SK Hynix Rally on Micron Earnings Boost 
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Iran Attack in Strait of Hormuz Pushes Oil Prices Higher 
Wall Street Ends Mixed as Micron Surges, Apple Drops After Price Hikes 
S&P Affirms Brazil’s BB Credit Rating with Stable Outlook Amid Fiscal Challenges 
Gold Prices Fall Below $4,000 as Strong Dollar, Fed Rate Hike Bets Weigh on Bullion 
SpaceX Eyes Starlink Mobile Phone Service to Challenge Verizon, AT&T, and T-Mobile 
Australian Household Spending Rebounds Strongly in May as Travel and Dining Drive Consumer Growth 
Asian Stocks Sink as Apple Price Hikes Spark AI Valuation Fears, South Korea and Japan Lead Selloff 
Australia Jobs Growth Strengthens Rate Hike Outlook 
Gold prices climbed during Asian trading on Wednesday as a softer U.S. dollar and declining oil prices supported investor demand for the precious metal. Market sentiment improved after signs of easing tensions in the Middle East reduced immediate concerns over rising inflation and supply disruptions.
Spot gold increased 1.8% to $4,637.14 per ounce, while U.S. Gold Futures for June delivery gained 1.7% to $4,647.31. The precious metal had already posted nearly a 1% gain in the previous trading session, continuing its upward momentum in global commodity markets.
Investor focus shifted after U.S. President Donald Trump announced that Washington would temporarily halt operations aimed at restoring commercial shipping through the Strait of Hormuz. Trump also indicated that a potential agreement with Iran could be reached soon, signaling a move toward diplomacy after days of heightened geopolitical tensions.
Earlier this week, fears of conflict escalation intensified after the launch of the “Project Freedom” initiative, which aimed to secure maritime routes through the Strait of Hormuz. Iran’s military response pushed oil prices sharply higher, raising concerns about global inflation and possible prolonged supply disruptions.
However, oil prices fell during Asian trading following Trump’s latest comments, easing inflation worries and helping support gold prices. Lower crude oil prices reduced expectations that central banks, particularly the U.S. Federal Reserve, would need to maintain higher interest rates for an extended period. Since gold is a non-yielding asset, lower interest rate expectations typically strengthen demand for bullion.
The weaker U.S. dollar also contributed to gold’s gains, making the metal more affordable for international buyers. The U.S. Dollar Index (DXY) slipped 0.2% during early Asian trading hours.
Other precious metals also advanced, with silver prices surging 3% to $75.08 per ounce, while platinum rose 1.7% to $1,990.72 per ounce.
