OPEC+ Expected to Hold October Oil Output Steady 
JPMorgan Sees ECB Raising Rates to 2.75% in December 
Oil Prices Rise as Hormuz Tensions Threaten Supply 
Asian Currencies Mixed as Yen Rallies on BOJ Bets 
Iran Vows Tougher Response as U.S. Sanctions Squeeze Economy 
Japan Foreign Reserves Plunge $79.6 Billion After Record Yen Intervention 
Asian Stocks Rally as Fed Rate Hike Fears Ease 
Gold Holds Near $4,400 as Fed Hike Bets Rise 
US Oil Blockade Deepens Iran’s Economic Crisis 
Japan, US Target AI and Chips in $550 Billion Investment Push 
Hungary Industrial Output Beats Forecasts With 4.7% July Growth 
Jefferies Names 6 Top India Stock Picks Across Key Sectors 
China Expands Influence in Global Gold Market 
U.S. Payrolls Seen Rebounding in August as Labor Market Stays Soft 
Iran Plans New Gulf Restricted Zone as Hormuz Tensions Push Oil Higher 
UK House Prices Fall for First Time Since 2023 
Hong Kong Eyes Offshore Yuan Expansion, Deeper China Market Links 
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Gold prices edged lower during Asian trading on Friday, but the precious metal remained on track to post its first monthly gain since February as investors balanced easing inflation concerns against uncertainty surrounding the Iran conflict and the outlook for U.S. interest rates.
Spot gold slipped 0.3% to $4,089.63 an ounce, while gold futures declined 0.2% to $4,090.70 per ounce. Despite the modest pullback, spot gold was still up roughly 2.1% for July, ending a string of monthly losses driven by fears that elevated oil prices would keep inflation high and force central banks to maintain a hawkish stance.
Investor sentiment improved after U.S. core Personal Consumption Expenditures (PCE) inflation, the Federal Reserve's preferred inflation measure, came in softer than expected for June. The data eased concerns that policymakers would need to raise interest rates immediately, providing support for non-yielding assets such as gold.
Meanwhile, reports that Iran and Oman were engaged in discussions over the Strait of Hormuz also helped calm market nerves. The prospect of reduced geopolitical tensions weighed on oil prices, lowering fears of renewed inflationary pressure from energy markets.
Earlier this week, the Federal Reserve kept interest rates unchanged, as widely expected. However, Fed Chair Kevin Warsh avoided giving a clear signal on the timing of future policy moves, while reaffirming the central bank's commitment to returning inflation to its 2% target. Despite softer inflation data, core PCE remains above that goal, and markets continue to expect at least one additional rate hike before the end of the year.
A weaker U.S. dollar also supported the broader metals market after the Japanese yen surged on reports of another intervention by Japanese authorities in currency markets.
Among precious metals, platinum outperformed with a 5.2% gain in July and a 2.6% weekly advance. Silver remained largely unchanged for the month but was modestly higher for the week. Copper prices also strengthened, supported by dollar weakness, expectations of tighter supply, and improving industrial demand, with both London Metal Exchange and COMEX copper futures posting solid monthly gains.
