China Exports Surge 25% in August as Trade Surplus Hits $119 Billion 
UK House Prices Fall for First Time Since 2023 
Hormuz Shipping Slows as Iran Threats Lift Oil Risks 
Asian Stocks Mixed as Korean Chipmakers Rally 
Iran Threatens Gulf Energy Assets as U.S. Tensions Escalate 
China Boosts Gold Reserves by 650,000 Ounces as Prices Rally 
Yen Rebounds as BOJ Rate Hike Bets Rise 
China to Inject $45 Billion Into State Financial Institutions 
US Stock Futures Mixed as Strong Jobs Data Boosts Fed Rate Hike Bets 
Oil Prices Climb as Iran Threatens Gulf Energy Infrastructure 
Japan, U.S. Stay Aligned on Yen as Currency Surges 
Japan Foreign Reserves Plunge $79.6 Billion After Record Yen Intervention 
Japan GDP Growth Beats Forecast, Boosting BOJ Rate Hike Bets 
Gold Holds Near $4,400 as Fed Hike Bets Rise 
China Expands Influence in Global Gold Market 
ECB Set for September Rate Hike as Energy Prices Fuel Inflation 
Jefferies Names 6 Top India Stock Picks Across Key Sectors 
Add as a preferred source on Google
Gold prices moved higher on Tuesday as a strong rally in the Japanese yen pressured the U.S. dollar, boosting demand for dollar-denominated bullion. Gains remained limited, however, as rising energy prices fueled concerns about persistent inflation.
Spot gold climbed 0.5% to $4,430.40 an ounce by 22:08 ET (02:08 GMT), while gold futures were nearly unchanged at $4,475.61. Silver gained 0.9% to $66.79 an ounce, while platinum advanced 0.8% to $1,838.48. The U.S. Dollar Index declined 0.2% to 98.76.
The Japanese yen extended its recent surge and approached its strongest level of the year as traders increased bets that the Bank of Japan could raise interest rates. The currency's strength weighed on the dollar, providing support for gold prices because a weaker greenback makes bullion more affordable for buyers holding other currencies.
Tuesday's advance helped gold recover from losses in the previous session. Bullion has largely traded around the $4,400 level after falling sharply last week and remains above its July floor near $4,000.
However, renewed inflation concerns are limiting gold's upside. Oil prices strengthened amid fresh tensions between the United States and Iran and risks surrounding shipping through the Strait of Hormuz. Brent crude approached $100 a barrel, raising concerns that higher energy costs could keep inflation elevated.
Investors are now focused on upcoming U.S. consumer price index data, which could influence expectations for the Federal Reserve's next policy decision. Markets currently see roughly a 60% probability of a Fed rate hike next week following stronger-than-expected U.S. nonfarm payrolls data.
IG senior market analyst Tony Sycamore said strong employment figures and higher energy prices could push U.S. Treasury yields higher, potentially creating additional pressure on gold.
Meanwhile, central bank buying continues to support the precious metal. The People's Bank of China accelerated its gold purchases in August, recording its largest monthly addition since 2023 despite elevated bullion prices.
