Oil Prices Hold Near Highs as U.S.-Iran Conflict Escalates 
Iran Threatens Gulf Energy Assets as U.S. Tensions Escalate 
US Bans Canadian Alcohol, Motorcycles as Trade War Escalates 
China Boosts Gold Reserves by 650,000 Ounces as Prices Rally 
Oil Prices Climb as Iran Threatens Gulf Energy Infrastructure 
South Korea GDP Surges on Chip and AI Boom 
Hormuz Shipping Slows as Iran Threats Lift Oil Risks 
Canada Retaliatory Tariffs on U.S. Goods Take Effect 
Gold Prices Rise as Yen Rally Weakens Dollar 
German Inflation Accelerates to 2.9% in August 
Iraq Seeks 6 Million Bpd OPEC+ Oil Quota 
US Stock Futures Mixed as Fed Rate Hike Bets Rise 
Asian Stocks Fall as Oil Tops $100, Yields Rise 
China Inflation Accelerates in August as CPI, PPI Rise 
Japanese Yen Nears Seven-Month High as Oil Approaches $100 
UK Food Inflation Forecast to Hit 6.4% by Mid-2027 
U.S. Stock Futures Steady as Oil Tops $100 Ahead of Inflation Data 
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Gold Prices Stabilize as Demand for Safe Haven Assets Grows
Gold prices saw a slight increase in Asian trading on Thursday, recovering from recent lows but still below record highs due to ongoing anxiety surrounding the U.S. presidential election and shifting interest rate expectations favoring the dollar.
Despite Wednesday’s declines, gold continues to trade higher for the week, supported by strong safe-haven demand. As of 00:23 ET (04:23 GMT), spot gold rose 0.3% to $2,724.70 an ounce, while December gold futures increased by the same margin to $2,737.15 an ounce. Earlier this week, spot prices reached a peak of $2,758.53 an ounce.
Safe Haven Demand Drives Gold Prices
The yellow metal maintains its strength as geopolitical tensions and domestic political uncertainty keeps investors wary. Harsh rhetoric from Israeli officials regarding Iran has heightened fears of potential escalations in the ongoing conflict, while tensions continue between Israel and Hamas.
In the U.S., Republican nominee Donald Trump is perceived to be gaining an advantage over Vice President Kamala Harris just weeks before the election, leading to a climate of uncertainty that favors safe haven assets like gold.
Broader Market Trends in Precious Metals
The strengthening of haven demand has helped gold and other precious metals withstand the dollar's gains, supported by expectations of slower interest rate cuts. Other precious metals also recorded gains, with platinum futures up 0.7% to $1,037.80 an ounce and silver futures rising 0.6% to $34.050 an ounce.
Industrial Metals Update: Copper Prices Rise
In the industrial metals sector, copper prices rose by 0.7% to $9,581.50 a ton, while December futures climbed to $4.3637 a pound. Market attention is now focused on upcoming purchasing managers index reports from the U.S. and Eurozone, with traders looking for indications of potential fiscal stimulus in China.
