Oil Prices Set for Steep Weekly Losses as Hormuz Deal Stalls 
China Exports Beat July Forecasts as AI Demand Fuels High-Tech Trade 
Australia Trade Surplus Returns in June as Iron Ore, Coal and LNG Exports Surge 
Gold Price Hits Seven-Week High as Fed Rate Hike Bets Fade and Hormuz Deal Hopes Grow 
Asian Currencies Steady as Markets Await U.S. Jobs Data 
China Trade Surplus Beats Forecasts in July as Exports Stay Strong 
Asian Stocks Slide as Semiconductor Selloff Weighs on South Korea and Japan 
Philippine GDP Growth Slows to 2.3% in Q2 
Asian Stocks Slip as AI Rally Fades, Oil Holds Steady on Iran Peace Deal Hopes 
US Dollar Gains as Iran Tensions, Fed Rate Hike Bets Rise 
Dollar Holds Near Six-Week Low as Yen Loses Momentum Ahead of U.S. Jobs Data 
Singapore Says One-Third of U.S. Exports Hit by New 12.5% Tariff 
Trump Unveils $3 Billion U.S. Critical Minerals Push 
US Stock Futures Rise as Markets Await July Payrolls Data 
Asian Stocks Mixed as Chip Selloff Hits KOSPI, Nikkei Ahead of US Jobs Data 
US Yen Intervention Unlikely to Deliver Lasting Recovery, Yardeni Says 
Gold prices declined during Asian trading on Monday after recording solid gains last week, as rising oil prices and a stronger U.S. dollar reduced investor demand for the precious metal. Market sentiment shifted after U.S. President Donald Trump rejected Iran’s latest response to a proposed peace agreement, raising concerns over prolonged geopolitical tensions in the Middle East.
Spot gold fell 0.8% to $4,677.82 per ounce, while U.S. gold futures dropped 0.8% to $4,694.34 in early trading. Despite the decline, gold had gained more than 2% last week amid hopes that a potential U.S.-Iran deal could ease tensions and stabilize global energy markets.
Investor confidence weakened after Trump reportedly described Tehran’s latest proposal as “totally unacceptable,” signaling a possible deadlock in negotiations. Iran’s counteroffer allegedly sought sanctions relief, security assurances, and recognition of parts of its nuclear program, while Washington continued to demand stricter limits on uranium enrichment and expanded international oversight.
At the same time, oil prices surged sharply. Brent crude climbed over 3% to trade above $104 per barrel, while U.S. West Texas Intermediate crude approached $99. Higher oil prices increased fears that global inflation could remain elevated, potentially forcing central banks, including the Federal Reserve, to maintain higher interest rates for longer periods.
The stronger U.S. dollar also pressured gold prices. The U.S. Dollar Index rose 0.1% in Asian trading after stronger-than-expected U.S. payroll data reinforced expectations that the Federal Reserve may delay interest rate cuts. A firmer dollar typically makes gold more expensive for foreign buyers, reducing overall demand.
Investors are now closely watching upcoming U.S. inflation reports and Trump’s scheduled visit to China later this week. Discussions with Chinese President Xi Jinping are expected to focus on Iran, trade relations, and global energy security.
Other precious metals also moved lower, with silver falling 0.7% to $79.76 per ounce and platinum dropping 1.3% to $2,031.60 per ounce.
