Trump Escalates Canada Trade War With 50% Tariffs 
Oil Prices Edge Higher as US-Iran Sanctions Fuel Supply Concerns 
Norway Backs Barents Sea Oil and Gas Expansion 
Asian Energy Stocks Slide as Iran-Oman Hormuz Talks Pressure Oil Prices 
Dollar Near Multi-Month Lows as Treasury Buybacks Rattle Markets 
RBA Debated Rate Hike as Inflation Risks Persist 
ECB Rate Hike Bets Rise as Inflation Risks Persist 
Asian Currencies Mixed as Aussie Dollar Rises on Hot Inflation 
Australia Inflation Beats Forecasts, Raising RBA Rate Hike Risk 
Gold Prices Hover Near Three-Month High as Oil, Treasury Yields Fall 
Asian Stocks Slip Ahead of Nvidia Earnings and US Inflation Data 
UK Economy Shows Strength as Burnham Gets Early Boost 
US PCE Inflation Holds at 3.7% as Fed Rate Decision Looms 
China EV Stocks Slide as Door Handle Recall Hits 4.3 Million Vehicles 
Europe EV Sales Surge as High Fuel Prices Drive Demand 
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Gold prices edged lower in Asian trading on Thursday as risk appetite slightly improved following U.S. President Donald Trump’s comments that it was “highly unlikely” he would fire Federal Reserve Chair Jerome Powell. The reassurance tempered some market fears, reducing safe-haven demand and lifting U.S. equities.
Spot gold dipped 0.2% to $3,342.09 per ounce, while September gold futures fell 0.3% to $3,348.40. Despite the pullback, underlying demand for gold remained supported by persistent uncertainty surrounding Trump’s upcoming tariff plans, which are expected to be enacted in just over two weeks.
Broader precious metals also showed resilience. Platinum inched up to $1,424.55 per ounce, holding above the key $1,400 level, which analysts at ANZ said could indicate further strength. Spot silver gained 0.2% to $37.9945 per ounce. Copper prices were mixed, with LME benchmark futures steady at $9,629.75 per ton and COMEX copper rising slightly to $5.5267 per pound.
The U.S. dollar remained firm near a three-week high, buoyed by sticky inflation data that dampened expectations for near-term rate cuts. Both consumer and producer price indices for June came in hotter than anticipated, reinforcing bets that the Fed will hold interest rates steady at its next meeting. Upcoming U.S. retail sales and jobless claims data are expected to offer further clues on the economic outlook.
Trump’s ongoing criticism of Powell has fueled market anxiety, but his latest comments eased concerns slightly. Still, Trump warned that firing Powell could still be on the table if fraud is found in the Fed’s renovation project. Meanwhile, the Fed has signaled a cautious approach, awaiting further clarity on inflation impacts from Trump’s trade measures.
