Iran Plans New Gulf Restricted Zone as Hormuz Tensions Push Oil Higher 
China Exports Surge 25% in August as Trade Surplus Hits $119 Billion 
Hungary Industrial Output Beats Forecasts With 4.7% July Growth 
South Korea GDP Surges on Chip and AI Boom 
US Stock Futures Mixed as Strong Jobs Data Boosts Fed Rate Hike Bets 
ECB Set for September Rate Hike as Energy Prices Fuel Inflation 
Uranium Prices Could Top $100 as Nuclear Demand Grows 
Japan, US Target AI and Chips in $550 Billion Investment Push 
Asian Currencies Mixed as Yen Rallies on BOJ Bets 
Iran Vows Tougher Response as U.S. Sanctions Squeeze Economy 
Oil Prices Climb as Iran Threatens Gulf Energy Infrastructure 
Hong Kong Eyes Offshore Yuan Expansion, Deeper China Market Links 
Turkey Targets 5% Economic Growth by 2029 
European Stocks Flat as Iran Tensions, ECB Rate Hike Loom 
Japan, U.S. Stay Aligned on Yen as Currency Surges 
Gold Prices Rise as Yen Rally Weakens Dollar 
Japan GDP Growth Beats Forecast, Boosting BOJ Rate Hike Bets 
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Gold prices climbed sharply on Wednesday, nearing a three-week high after President Donald Trump announced a temporary ceasefire with Iran, easing geopolitical tensions that had been gripping global markets. Spot gold gained 1.6%, trading at $4,778.95 per ounce as of 05:46 ET, after touching its strongest level since March 19. June gold futures advanced even further, rising 2.6% to $4,807.34 per ounce.
The ceasefire came after Pakistan brokered last-minute diplomatic negotiations. Trump announced via social media that military operations against Iran would be paused for two weeks, stating that the U.S. had already met its primary military objectives. The temporary truce is tied to Iran guaranteeing the safe reopening of the Strait of Hormuz, a critical global shipping lane responsible for approximately 20% of worldwide oil flows. Iran indicated a conditional willingness to allow safe passage through the strait, provided hostilities ceased and vessels coordinated with Iranian maritime authorities.
Financial markets responded quickly to the news. Oil prices tumbled more than 15% as supply disruption fears faded, while risk assets rallied broadly. The U.S. dollar index weakened, making gold more affordable for international buyers and adding further upward momentum to bullion prices.
Gold had previously faced headwinds last month when surging oil prices ignited inflation concerns, leading investors to anticipate that the Federal Reserve might keep interest rates elevated for a prolonged period. Since gold typically underperforms in high-rate environments, rising energy costs had temporarily weighed on the precious metal's appeal.
Investors are now watching closely for Friday's U.S. Consumer Price Index report for March, which is expected to shed light on how higher fuel costs have filtered into broader inflation. Economists anticipate headline inflation accelerated monthly, a development that could further complicate the Federal Reserve's monetary policy path going forward.
