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South Korea GDP Surges on Chip and AI Boom 
Asian Currencies Mixed as Yen Rallies on BOJ Bets 
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Asian Stocks Mixed as AI Chip Rally Meets Oil Surge 
Japan, U.S. Stay Aligned on Yen as Currency Surges 
US Bans Canadian Alcohol, Motorcycles as Trade War Escalates 
Canada Retaliatory Tariffs on U.S. Goods Take Effect 
Iran Vows Tougher Response as U.S. Sanctions Squeeze Economy 
European Stocks Flat as Iran Tensions, ECB Rate Hike Loom 
UK Food Inflation Forecast to Hit 6.4% by Mid-2027 
Japan GDP Growth Beats Forecast, Boosting BOJ Rate Hike Bets 
Gold Prices Rise as Yen Rally Weakens Dollar 
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Gold prices extended gains on Wednesday, driven by strong safe-haven demand as investors braced for the impact of new U.S. tariffs. Spot gold rose 0.2% to $3,116.72 per ounce as of 0500 GMT, following Tuesday’s record high of $3,148.88. U.S. gold futures were steady at the same level.
Analysts point to geopolitical tensions, fears of a U.S. economic slowdown, and rising inflation risks as key drivers behind gold's surge. Philip Newman, managing director at Metals Focus, noted that persistent geopolitical uncertainty continues to fuel demand for the precious metal. He predicted that gold could reach $3,300 in the coming months, supported by safe-haven buying and potential Federal Reserve rate cuts.
Investor focus remained on the looming U.S. tariffs, which President Donald Trump has labeled “Liberation Day.” Market concerns include the potential for increased inflation, slower economic growth, and escalating global trade tensions. The White House confirmed new tariffs would be introduced, though specifics remain unclear.
Gold, a traditional hedge against inflation and instability, tends to thrive in low-interest-rate environments. Its rally has also been boosted by robust central bank purchases, geopolitical instability in the Middle East and Europe, and growing inflows into gold-backed ETFs.
Aakash Doshi, global head of gold strategy at State Street Global Advisors, suggested that in a bullish scenario, gold prices could test $3,400 per ounce within nine months.
Meanwhile, other precious metals also gained. Spot silver rose 0.2% to $33.80 per ounce, platinum increased 0.8% to $987.31, and palladium advanced 0.4% to $987.00. Traders await key U.S. economic data, including the ADP employment report and Friday’s non-farm payrolls.
