IEA Warns China Rare Earth Export Curbs Could Threaten $6.5 Trillion in Global Production 
Asian Currencies Hold Steady as Middle East Tensions Offset Weaker US Dollar 
Gold Price Holds Near $4,000 as Middle East Tensions and Fed Rate Hike Bets Grow 
China Home Prices Fall Again in June Despite Slower Pace of Decline 
China Q2 2026 GDP Misses Forecast as Weak Domestic Demand Offsets Export Strength 
Oil Prices Rise as U.S. Strikes on Iran Raise Strait of Hormuz Supply Fears 
Australian Business Conditions Hold Steady as Easing Cost Pressures Face New Oil Price Risks 
Asian Stocks Slide as Oil Surge, U.S.-Iran Tensions and Fed Rate Bets Weigh on Markets 
ECB's Kocher Says No Inflation Spillover Yet From Iran Conflict, Warns Risks Remain 
South Korea Raises Interest Rates to 2.75% as Inflation and Weak Won Drive Tightening 
China Trade Surplus Hits $125.6 Billion as June Exports, Imports Smash Forecasts 
Japanese Yen Holds Steady as Intervention Hopes Grow Ahead of U.S. CPI Data 
Dollar Slides as Softer US Inflation Dims Fed Rate Hike Expectations 
Australia Consumer Sentiment Rises in July as Fuel Price Relief Lifts Confidence 
Gold Prices Slip as Oil Rally Fuels Inflation Fears, Strengthens Dollar 
Gold Price Holds Near Record High as Cooling U.S. Inflation Offsets Fed Caution 
Gold prices were largely unchanged during Asian trading on Friday as investors remained cautious ahead of the highly anticipated U.S. jobs data, while ongoing geopolitical tensions continued to underpin bullion’s strength for the week. Market participants avoided aggressive positions as they assessed the potential impact of U.S. labor market data on the Federal Reserve’s future policy direction.
Spot gold traded nearly flat at $4,474.20 an ounce in early Asian hours, while U.S. gold futures edged down 0.3% to $4,483.60. Despite the subdued session, gold was on track to post a weekly gain of more than 3%, following a sharp rally earlier in the week. The surge came after heightened U.S.-Venezuela tensions, including a U.S. military operation that resulted in the capture of Venezuelan President Nicolas Maduro, which boosted demand for safe-haven assets.
The upside in gold prices was partially capped by a stronger U.S. dollar. The U.S. Dollar Index climbed to a one-month high, making gold more expensive for holders of other currencies. A firm dollar typically weighs on gold prices, even as broader macroeconomic factors remain supportive.
Investor focus was firmly on the upcoming U.S. nonfarm payrolls report, a key indicator of labor market health. The data is expected to offer fresh insight into inflation trends and the Federal Reserve’s interest rate outlook. Traders are increasingly pricing in two additional U.S. interest rate cuts in 2026, following the Fed’s rate reduction in December. Lower interest rates tend to favor gold, as the metal becomes more attractive in a low-yield environment.
Geopolitical uncertainty continued to provide underlying support for bullion. While the U.S. Senate moved to advance measures aimed at limiting further military action in Venezuela, President Donald Trump indicated that U.S. oversight of the situation could extend for years, reinforcing safe-haven demand.
Other metal markets also posted gains. Silver rose 0.4% to $77.23 per ounce, platinum advanced 0.4% to $2,275.60, and palladium surged 5% to $1,872.50. Copper prices strengthened as well, with London Metal Exchange futures up 1.3% to $12,867.20 a ton and U.S. copper futures gaining 1% to $5.86 a pound.
