Asian Stocks Slip as AI Chip Valuation Fears, Rising Oil Prices Weigh on Markets 
European Stocks Hold Steady as Consumer Shares Rise, AI Tech Selloff Weighs on Markets 
RBNZ Raises Interest Rates to 2.50%, Signals More Tightening as Inflation Risks Persist 
US Stock Futures Steady as Middle East Tensions and Fed Minutes Keep Investors Cautious 
US Stock Futures Slip as Fed Minutes, Earnings Season Take Center Stage 
China Inflation Cools in June as Producer Prices Hit Four-Year High 
Gold Price Drops as Strong Dollar and Fed Rate Outlook Weigh on Bullion 
Chinese Chip Stocks Jump as Apple Reportedly Tests CXMT Memory Chips for China Devices 
China 618 Smartphone Sales Drop 13% as Higher Prices Hurt Demand, Huawei Gains Market Share 
Japan Regional Bank Stocks Drop After Zentoshin Bankruptcy Sparks Credit Risk Concerns 
Cuba Power Grid Collapse Triggers Nationwide Blackout Amid Deepening Energy Crisis 
Japan Revises Economic Blueprint to Reassure Markets on BOJ Independence 
Oil Prices Rise as U.S.-Iran Conflict Fuels Strait of Hormuz Supply Fears 
US Back-to-School Spending Seen Falling as Families Focus on Essentials 
Asian Currencies Slip as Stronger US Dollar, Iran Tensions Pressure Regional FX 
Cuba Power Outage Sparks Havana Protests as Fuel Crisis Deepens 
Oil Prices Rise as Strait of Hormuz Risks Offset OPEC+ Supply Increase 
Gold prices edged lower on Thursday as a stronger U.S. dollar and renewed geopolitical tensions in the Middle East weighed on investor sentiment. Rising concerns that higher energy prices could keep inflation elevated and interest rates higher for longer continued to pressure the precious metal.
Spot gold fell 0.2% to $4,070.81 per ounce, while U.S. gold futures slipped 0.1% to $4,079.47 an ounce. The decline marked the third consecutive session of losses for bullion after renewed U.S. military strikes on Iran fueled a sharp rally in oil prices and strengthened expectations that inflation may remain persistent.
The dollar also remained supported, hovering near 13-month highs reached in June, making gold more expensive for holders of other currencies. Analysts noted that any sustained increase in energy costs could reinforce expectations that the Federal Reserve will maintain restrictive monetary policy to contain inflation, limiting gold’s upside despite ongoing geopolitical uncertainty.
Market attention also centered on the minutes from the Federal Reserve’s June policy meeting. The report showed policymakers divided over whether additional interest rate hikes will be necessary this year. While opinions differed on future policy moves, officials broadly expressed concern that inflation remains stubbornly above the central bank’s 2% target.
The minutes suggested that persistent price pressures could justify tighter monetary policy later in the year if inflation fails to cool. Fed Chair Kevin Warsh recently reaffirmed the central bank’s commitment to restoring inflation to its target, reinforcing expectations that interest rates may stay elevated for an extended period.
The latest escalation in the Middle East followed renewed U.S. military action against Iran after President Donald Trump declared the ceasefire effectively over. The conflict has intensified concerns over disruptions to shipping through the Strait of Hormuz, pushing oil prices higher and adding to inflation risks.
Other precious metals also traded mixed. Spot silver declined 0.5% to $58.0060 per ounce, while spot platinum gained 0.5% to $1,594.00 per ounce, reflecting broader caution across the precious metals market as investors assess the outlook for inflation, Federal Reserve policy, and geopolitical risks.
