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China Expands Influence in Global Gold Market 
Iran Plans New Gulf Restricted Zone as Hormuz Tensions Push Oil Higher 
Chinese AI Stocks Rally After OpenAI Launches GPT-6 Astra 
Asian Currencies Rise as Yen Surges on Fed Rate Outlook 
US Oil Blockade Deepens Iran’s Economic Crisis 
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Gold Prices Hold Near $4,500 as Fed Rate Hike Bets Ease 
European Stocks Flat as Iran Tensions, ECB Rate Hike Loom 
Singapore Straits Times Index Hits Record High as Banks, Property Stocks Rally 
Hungary Industrial Output Beats Forecasts With 4.7% July Growth 
UK House Prices Fall for First Time Since 2023 
JPMorgan Sees ECB Raising Rates to 2.75% in December 
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Gold prices extended their losses during Asian trading on Wednesday, with bullion hovering near an eight-month low after recording its steepest quarterly decline in 13 years. Growing expectations that the Federal Reserve will raise interest rates this year, combined with persistent inflation concerns, continued to pressure the precious metal.
Spot gold fell 0.7% to $3,981.50 per ounce, while U.S. gold futures declined 1.1% to $3,994.32 an ounce. The latest move leaves gold down roughly 14% for the June quarter, marking its weakest quarterly performance since 2013.
Investors are now closely watching Federal Reserve Chair Kevin Warsh’s scheduled speech later on Wednesday for fresh signals on U.S. monetary policy and the outlook for interest rates. Any indication that the Fed intends to keep policy restrictive could further influence gold prices and broader financial markets.
Gold has remained under pressure as traders shift toward the U.S. dollar amid rising expectations that the Fed will deliver at least one interest rate increase before the end of the year. Minutes from the central bank’s June meeting revealed that several policymakers now support another rate hike, reversing earlier market expectations for interest rate cuts in 2026.
Persistent inflation remains a major concern for policymakers. While crude oil prices eased following the U.S.-Iran peace agreement, investors are increasingly focused on other inflationary risks, including higher semiconductor prices fueled by surging artificial intelligence demand. Inflation worries also intensified after Apple raised prices on several of its products in June.
According to CME FedWatch data, markets are currently pricing in at least one Federal Reserve rate hike this year. Higher interest rates typically reduce the appeal of non-yielding assets such as gold by increasing the opportunity cost of holding bullion.
Other precious metals also weakened. Spot silver slipped 1.3% to $57.7950 per ounce, ending the June quarter down 22%, while spot platinum fell 0.4% to $1,548.00 per ounce after posting a 21% quarterly decline, reflecting broad weakness across the precious metals market.
