European Stocks Flat as Iran Tensions, ECB Rate Hike Loom 
Japan Foreign Reserves Plunge $79.6 Billion After Record Yen Intervention 
UK House Prices Fall for First Time Since 2023 
US Stock Futures Mixed as Strong Jobs Data Boosts Fed Rate Hike Bets 
Hong Kong Eyes Offshore Yuan Expansion, Deeper China Market Links 
Singapore Straits Times Index Hits Record High as Banks, Property Stocks Rally 
Yen Rebounds as BOJ Rate Hike Bets Rise 
Chinese AI Stocks Rally After OpenAI Launches GPT-6 Astra 
ECB Set for September Rate Hike as Energy Prices Fuel Inflation 
Gold Holds Near $4,400 as Fed Hike Bets Rise 
Oil Prices Rise as Hormuz Tensions Threaten Supply 
Iran’s Hormuz Oil Pressure Fades as Gulf Crude Flows Continue 
China Expands Influence in Global Gold Market 
Asian Stocks Rally as AI Optimism Fuels Chipmaker Surge 
Asian Currencies Mixed as Yen Rallies on BOJ Bets 
Turkey Targets 5% Economic Growth by 2029 
Iran Vows Tougher Response as U.S. Sanctions Squeeze Economy 
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Gold prices remained mostly stable during Asian trading on Wednesday as investors stayed cautious amid ongoing geopolitical tensions and concerns over persistent U.S. inflation. Market participants closely watched developments surrounding the stalled U.S.-Iran negotiations and an upcoming meeting between former U.S. President Donald Trump and Chinese President Xi Jinping.
Spot gold slipped 0.2% to $4,705.50 per ounce, while U.S. gold futures gained 0.6% to trade at $4,713.00 an ounce. Despite safe-haven demand, bullion prices have remained rangebound this week due to rising Treasury yields and a stronger U.S. dollar.
Investor sentiment weakened after Trump stated that talks with Iran were on “life support” following Tehran’s rejection of a U.S.-supported proposal intended to ease tensions and reopen the Strait of Hormuz. The ongoing Middle East conflict has continued to disrupt oil shipments through the strategic waterway, increasing concerns over global energy supply and inflationary pressures.
Markets are also focused on the May 14-15 summit between Trump and Xi in Beijing. Discussions are expected to include trade relations, Taiwan, the Iran conflict, and global supply chain stability. Traders are hopeful the high-level meeting could provide clarity on future U.S.-China relations and broader economic risks.
Meanwhile, recent U.S. inflation data added pressure to gold prices. Consumer prices rose 0.6% in April, while annual inflation climbed to 3.8%, marking the highest level since mid-2023. Rising energy costs linked to Middle East instability were a key driver behind the increase. Core inflation also exceeded forecasts, strengthening expectations that the Federal Reserve may keep interest rates elevated for longer.
A stronger dollar and higher borrowing costs typically reduce the appeal of non-yielding assets like gold. Investors are now awaiting U.S. producer price index data for additional signals on inflation trends and future Federal Reserve policy decisions.
Among other precious metals, spot silver rose 0.2% to $86.78 per ounce, while platinum fell 0.8% to $2,113.80 per ounce.
