Spot gold opened at $4,390.25 per troy ounce during Tuesday’s ASIan session. It broke above the $4,400 threshold in early trading and hit an intraday peak of $4,434.80, before retreating to a low of $4,356.45. At the time of writing, gold was consolidating around $4,370, down roughly 0.46% on the day.

The US Dollar Index edged up in narrow volatility, peaking at 99.83 and last trading at 99.88, a 0.07% gain. The 2-year US Treasury yield rose 1.6 bASIs points to 4.260%, while the 10-year Treasury yield climbed 2.9 bASIs points to 4.736%.

Global crude benchmarks extended their upward momentum. WTI crude stood at $84.39 per barrel (+2.52%), Brent crude at $89.99 per barrel (+2.43%). US natural gas CFDs dipped 0.216% to $2.775 per MMBtu.

On equities markets, China’s A-shares opened higher and closed lower. Total turnover on the Shanghai and Shenzhen bourses exceeded 2.3 trillion yuan. The SSE Composite Index fell 32.5 points or 0.82% to 3,934.09; the SZSE Component Index dropped 57.52 points or 0.4% to 14,259.44; the ChiNext Index added 11.95 points or 0.34% to 3,549.16.

Hong Kong’s Hang Seng Index gapped up then traded down. Total market turnover reached HK$210.942 billion. The Hang Seng Index lost 284.67 points or 1.1% to 25,652.82; the Hang Seng Tech Index fell 95.04 points or 1.93% to 4,824.42; the Hang Seng China Enterprises Index declined 93.74 points or 1.09% to 8,528.1; the Hang Seng Red Chip Index slipped 20.92 points or 0.5% to 4,121.93.

European major indices opened in the afternoon: Germany DAX 30 +0.08%, UK FTSE 100 +0.04%, France CAC 40 -0.01%, Euro Stoxx 50 +0.06%, Spain IBEX 35 +0.06%, Italy FTSE MIB +0.06%.

Shanghai Gold Exchange’s Au(T+D) closed 0.59% higher at 946.69 yuan per gram, while Ag(T+D) rose 0.81% to 15,678.0 yuan per kilogram.

The RMB exchange rate has strengthened markedly recently. The PBOC lifted the central parity rate by 20 pips to 6.7884 against the US Dollar yesterday, the strongest level since February 10, 2023. Onshore RMB surged to an intraday high of 6.7429, a fresh high since February 6, 2023, and last traded at 6.7458 at press time.

The Reserve Bank of Australia (RBA) held its benchmark cash rate unchanged at 4.35% in its rate decision today, marking the second consecutive pause. The central bank aims to assess whether cooling employment and housing markets can sufficiently ease inflationary pressures. Australia’s four major banks widely expect the hiking cycle has peaked, with rates to stay on hold for an extended period before eventual eASIng.

US Strategic Petroleum Reserve (SPR) fell by 6.1 million barrels last week to 298.7 million barrels, dropping below the 300 million barrel threshold for the first time in 43 years. The prolonged Iran conflict has strained global crude inventories.

In an interview, US President Donald Trump outlined three US strategies toward Iran: monitoring its deteriorating situation, launching severe military strikes, and imposing economic pressure. He also stated the US controls large volumes of Iranian funds and assets.

Iran demanded war reparations, yet Trump refused the request and instead presented a counter “bill”, claiming Tehran should compensate for casualties, US military attacks and losses sustained by four Middle Eastern nations over the past 50 years. Both sides are hardening their stances, complicating efforts to resume shipping access through the Strait of Hormuz.

Mojtaba Khamenei, who succeeded his father as Iran’s Supreme Leader, is restructuring the national security framework. The Iranian government carried out a large-scale senior personnel reshuffle in the past two days, appointing multiple hardline officials to core security posts to prepare for a potentially multi-month or multi-year standoff with the US, signaling a tougher bargaining position.

Latest updates from Ukraine: Russian forces launched large-scale strikes across Zaporizhzhia, Dnipropetrovsk, Kyiv and other regions since yesterday. As of the morning of August 11, the attacks killed at least 9 people and injured dozens more.

Key economic data due for release tonight: 18:00 US July NFIB Small Business Optimism Index (prior: 97.4) 20:15 US ADP Nonfarm Employment Change for the week ending July 25 (prior: 15,000) 22:00 US July Pending Home Sales Annualized Rate (consensus: 4.04 million, prior: 4.09 million)

Daily Chart Technical Analysis: Gold surged and retreated intraday, failing to sustain its rebound momentum. It fell below the $4,400 mark and broke the 100-day moving average, finding support near $4,356 and entering sideways consolidation. On daily indicators, the 5-day, 10-day and 20-day moving averages remain in a bullish alignment; MACD positive histogram is expanding; RSI has pulled back to around the 66 level.

4-Hour Chart Analysis: Gold oscillates between the middle and upper bands of the BOLLinger Bands. Short-term EMA5 and EMA10 stay bullish; MACD maintains strong positive momentum; RSI eased to 64 just below the overbought threshold and flattened out. Short-term trading range for the evening: $4,340 – $4,435. Breakout targets to the upside: $4,450–$4,475 or near $4,485. Downside support targets: $4,330–$4,320 or around $4,305.

Full Calendar of Key Economic Releases & Events Tonight: 18:00 US July NFIB Small Business Optimism Index 20:15 US ADP Employment Change (Week Ending July 25) 22:00 US July Existing Home Sales Annualized 00:00 Next Day: EIA Monthly Short-Term Energy Outlook 04:30 Next Day: US API Weekly Crude Oil Stock (Week Ending Aug 7)

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