Australia Housing Crisis Deepens as Worker Shortages Delay Homebuilding 
UK Retail Sales Rise as World Cup and Heatwave Boost Food, Pubs and Clothing 
Asian Stocks Mixed as RBA Holds Rates, Oil Risks Rise 
Dollar Steady as Markets Await U.S. Inflation Data 
Oil Prices Rise as US-Iran Talks Stall, Inflation Risks Grow 
Asian Currencies Steady Ahead of US CPI as Oil Prices Rise 
European Stocks Flat as Oil Prices Rise, US CPI in Focus 
Gold Prices Hold Near Seven-Week High as Markets Await U.S. Inflation Data 
England Drought Expands to 71% as Heatwave Deepens Water Crisis 
S&P 500, Nasdaq Slip as Oil Jumps on Iran Tensions 
Trump Weighs Capital Gains Tax Cuts Ahead of Midterms 
Asian Currencies Steady as Markets Await U.S. Inflation Data 
Australia Sets New Minimum Pay, Insurance Rules for Gig Workers 
Singapore Raises 2026 GDP Growth Forecast to 4.5%-5.5% as AI Boom Fuels Economy 
Singapore Raises 2026 GDP Growth Forecast as AI Demand Fuels Economy 
Asian Stocks Rise as AI Chip Rally Lifts South Korea, Japan 
S&P 500, Nasdaq Futures Rise as Iran Risks and CPI Loom 
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.
