Asian Stocks Rally as AI Optimism Fuels Chipmaker Surge 
Canada Retaliatory Tariffs on U.S. Goods Take Effect 
Japan GDP Growth Beats Forecast, Boosting BOJ Rate Hike Bets 
ECB Set for September Rate Hike as Energy Prices Fuel Inflation 
Oil Prices Rise as Hormuz Tensions Threaten Supply 
Japan, U.S. Stay Aligned on Yen as Currency Surges 
Jefferies Names 6 Top India Stock Picks Across Key Sectors 
UK House Prices Fall for First Time Since 2023 
Asian Stocks Mixed as Korean Chipmakers Rally 
Japan Foreign Reserves Plunge $79.6 Billion After Record Yen Intervention 
Asian Currencies Mixed as Yen Rallies on BOJ Bets 
Hormuz Shipping Slows as Iran Threats Lift Oil Risks 
Gold Holds Near $4,400 as Fed Hike Bets Rise 
China Boosts Gold Reserves by 650,000 Ounces as Prices Rally 
Hungary Industrial Output Beats Forecasts With 4.7% July Growth 
Oil Prices Climb as Iran Threatens Gulf Energy Infrastructure 
OPEC+ Expected to Hold October Oil Output Steady 
Add as a preferred source on Google
Gold prices climbed to their highest level in three weeks during Asian trading on Wednesday, buoyed by a weakening U.S. dollar following a surprise ceasefire agreement between President Donald Trump and Iran. Spot gold rose 2.5% to $4,821.48 per ounce as of 20:38 ET, a level not seen since March 19, while U.S. Gold Futures mirrored the move, advancing 2.5% to $4,849.25 per ounce. Other precious metals also benefited, with silver jumping 4.7% to $76.44 per ounce and platinum gaining 2.5% to $2,030.60 per ounce.
The rally was triggered after Trump announced via social media that he would suspend military action against Iran for two weeks, stating that the U.S. had already met its core military objectives. The announcement came just under two hours before an 8:00 p.m. ET deadline that markets had been watching closely for signs of potential escalation. Earlier that day, Trump had issued stark warnings about the consequences of Iranian non-compliance. The ceasefire, facilitated through last-minute diplomatic efforts by Pakistan, is contingent on Iran guaranteeing safe passage through the Strait of Hormuz, a critical corridor handling roughly 20% of global oil flows. Iran signaled conditional willingness to cooperate, provided hostilities ceased and vessels coordinated with Iranian authorities.
Markets responded sharply to the news. Oil prices tumbled more than 15%, risk assets rallied, and the U.S. Dollar Index slipped nearly 1% in Asian trade, making gold more affordable for international buyers. The dollar's decline proved a key catalyst for bullion's gains, as the two assets typically move in opposite directions.
Investor attention now turns to Friday's U.S. March CPI report, which is expected to reflect the inflationary impact of recent energy price surges. Economists anticipate headline inflation accelerated month-over-month, a development that could further complicate the Federal Reserve's interest rate outlook and continue influencing gold market sentiment.
