Australia Budget Deficit Narrows to A$22.3 Billion on Stronger Tax Revenue 
Oil Prices Jump Nearly 3% as Iran Holds Firm on Hormuz Conditions 
China Cuts Tariffs on U.S. Farm Goods but Excludes Soybeans 
Asian Chip Stocks Tumble as OpenAI Safety Pause Sparks AI Growth Concerns 
Gold Slides Below $4,300 as Oil Surge Fuels Fed Rate Hike Bets 
US Stocks Face Jobs, Inflation Test as Fed Rate Hike Bets Rise 
Japan Warns Markets Over Yen Weakness 
Asian Currencies Weaken as Dollar, Oil Prices Rise 
U.S. Stock Futures Steady as AI, Rate Concerns Weigh 
South Korea Exports Set for 16th Monthly Gain on AI Chip Demand 
BlackRock’s Rick Rieder Favors Bonds Over Stocks as Treasury Yields Surge 
Asian Stocks Fall as Oil Surge, Bond Yields and AI Concerns Hit Markets 
China Industrial Profit Growth Slows as Weak Demand Offsets AI Gains 
Hong Kong Home Prices Stabilize in August After July Decline 
XRP Price Targets $1.70 as Bullish Momentum Builds 
ECB May Stop Rate Hikes After December, Capital Economics Says 
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Gold prices climbed on Wednesday, remaining close to the $4,400-an-ounce mark as uncertainty surrounding the reopening of the Strait of Hormuz boosted oil prices and kept investors focused on the Federal Reserve’s interest-rate outlook.
At 22:12 ET (02:12 GMT), spot gold (XAU/USD) rose 0.7% to $4,398.92 an ounce, while gold futures gained 0.4% to $4,458.62. Silver (XAG/USD) advanced 0.6% to $65.07 an ounce, while platinum (XPT/USD) increased 0.5% to $1,750.91.
Gold has remained supported near a two-month high as markets assess conflicting signals over potential U.S.-Iran negotiations to reopen the Strait of Hormuz. Pakistan’s defense minister said Washington and Tehran were nearing an agreement, while reports pointed to continued diplomatic discussions between Oman and Iran.
However, Iran has maintained that the strategic waterway will stay closed unless the U.S. meets demands including lifting restrictions on Iranian ports and compensating for damage from U.S. military strikes.
Ongoing attacks and disruptions to shipping have added to energy-market volatility. The U.S. and Iran-aligned Houthis reported separate incidents involving vessels around key waterways, while a U.S. Navy helicopter reportedly fired missiles at a Panama-flagged cargo ship attempting to pass through the Gulf of Oman. A drone attack also targeted a refinery in Libya.
For gold, rising oil prices remain important because higher energy costs could fuel inflation and encourage the Federal Reserve to maintain elevated interest rates. Higher rates generally increase the opportunity cost of holding non-yielding gold.
Investors are now awaiting the latest U.S. consumer price index (CPI), followed by producer price data on Thursday. A softer CPI reading could ease pressure on the Fed, while stronger inflation could revive expectations for higher interest rates.
China’s continued gold purchases are also supporting demand. The People’s Bank of China added about 640,000 troy ounces to its reserves in July, marking its 21st consecutive month of buying.
Technically, gold faces resistance around $4,460, followed by the 200-day moving average near $4,495. A sustained break above those levels could strengthen the recovery toward $5,000.
