Spot gold opened at $4,522.34 per ounce during Thursday’s ASIan session, hitting an intraday high of $4,527.06 per ounce. The price retreated below the $4,500 threshold in early trading and dipped to a low of $4,478.03 per ounce. Losses narrowed in the afternoon, and spot gold traded near $4,490 at press time, down roughly 0.72% on the day.

After a sharp drop in the US Dollar Index overnight, the greenback remained weak and choppy today, touching an intraday low of 98.67 and last quoted at 98.69, down 0.11%. The 2-year US Treasury yield rose 0.8 bASIs points to 4.174%, while the 10-year US Treasury yield climbed 2.1 bASIs points to 4.668%.

The two major crude oil benchmarks traded sideways early this morning before resuming their rally in the afternoon. WTI crude oil stood at $86.41 per barrel, up 2.47%; Brent crude traded at $93.83 per barrel, rising 2.58%. US natural gas CFDs were quoted at $2.779 per MMBtu, down 0.394%.

In ASIa-Pacific equities, Japanese and South Korean markets opened higher and closed up. The Nikkei 225 closed 1.36% higher at 66,216.79. South Korea’s KOSPI finished 5.89% higher at 6,852.58.

China’s three major A-share benchmarks fluctuated throughout the session. Total turnover across the Shanghai and Shenzhen bourses reached 2.08 trillion yuan, a reduction of more than 430 billion yuan from the previous trading day. Nearly 4,100 stocks rose across the market. The Shanghai Composite Index gained 9.3 points, or 0.24%, to 3,903.72. The Shenzhen Component Index rose 82.63 points, or 0.59%, to 13,972.78. The ChiNext Index advanced 22.09 points, or 0.64%, to 3,495.59.

Hong Kong’s Hang Seng Index oscillated all day, with total market turnover at HK$269.119 billion. The Hang Seng Index rose 203.42 points, or 0.8%, to 25,698.49. The Hang Seng Tech Index added 18.48 points, or 0.39%, to 4,700.53. The Hang Seng China Enterprises Index climbed 76.63 points, or 0.9%, to 8,547.84. The Hang Seng China Red Chip Index rose 57.66 points, or 1.39%, to 4,210.87.

Major European equity indices opened in the afternoon: the FTSE 100 fell 0.08%, France’s CAC 40 edged up 0.02%, the Euro Stoxx 50 dropped 0.03%, Spain’s IBEX 35 declined 0.11%, Italy’s FTSE MIB rose 0.08%, and Germany’s DAX 30 fell 0.23%.

In the afternoon, Shanghai Gold Exchange’s Au(T+D) closed up 2.54% at 967.9 yuan per gram, while Ag(T+D) finished 5.06% higher at 16,191.0 yuan per kilogram.

Latest data released during the session showed that the People’s Bank of China kept the 1-year and 5-year Loan Prime Rates unchanged at 3.0% and 3.5% respectively. The RMB accounted for 3.1% of global payments via SWIFT in July, unchanged from the prior reading of 3.10%.

Australia’s seasonally adjusted unemployment rate for July came in at 4.5%, versus an expected 4.40% and a prior reading of 4.40%. Switzerland’s July trade surplus stood at 8.141 billion Swiss francs, compared with 5.224 billion Swiss francs previously. Germany’s July PPI rose 1.1% month-on-month, exceeding the forecast of 0.7% and reveRSIng a prior reading of -0.30%.

Sweden’s central bank kept its policy rate unchanged at 1.75% for the 12th consecutive month, the lowest level among EU peers. It reiterated readiness to tighten policy this year if the Iran conflict triggers accelerated inflation. The Riksbank Governor stated that a rate hike later this year remains possible. Meanwhile, Australia’s unexpected rise in unemployment has cooled market bets on RBA rate hikes.

Germany’s July producer price inflation hit its highest level in more than three years, signalling renewed inflationary pressure. Analysts warn that the early phase of surging inflation has become concerning, reflecting spillover effects from the Iran conflict and extreme heatwaves.

The US Treasury announced overnight that it would at least double the scale of bond buybacks to boost liquidity and push down long-term US Treasury yields. Markets view the Treasury’s surprise move to suppress long-term funding costs as lacking credibility, which may lift term premiums and bond yields over time. Surveys indicate the US government continues to issue growing volumes of Treasuries, and US debt conditions will keep deteriorating until a major crisis emerges.

According to the latest report from the “Fed’s Mouthpiece”, Fed Chair Kevin Walsh faces intense audit pressure from Congress. Since taking office in May this year, Walsh has maintained frequent phone communications with Donald Trump. Members of the Senate Banking Committee have jointly demanded full disclosure of all communications between Walsh and Trump.

On Iran-related developments, Iranian authorities stated that a joint statement with Oman will be released shortly to announce a new shipping corridor in the strait. The US has secretly opened a new shipping lane in the Strait of Hormuz, allowing roughly 10 million barrels of oil to flow out daily.

US President Donald Trump stated that the US may continue blockading the Strait of Hormuz, and large-scale pipeline construction will reduce the strait’s strategic importance. He also announced the harshest ever economic sanctions against Iran.

US economic pressure on Iran has entered a new phase. Iranian officials said the US cannot quickly end the war and has opted to cripple Iran’s economy, yet Iran will prove this strategy ineffective. Historical experience shows economic pressure alone rarely succeeds in altering a nation’s political choices.

Key data due tonight: US Initial Jobless Claims for the week ending August 15, with an expected 212,000 new claims versus a prior reading of 209,000; US Conference Board Leading Economic Index month-on-month for July, forecast at 0.10% versus -0.20% previously; US Philadelphia Fed Manufacturing Index for August, expected at 25 versus a prior 41.4.

For international gold prices, gold advanced and pulled back today. Analysts attribute the retreat to investors locking in profits following positive news that the US Treasury would provide liquidity support for long-duration bonds. Gold is set for a degree of correction after sharp swings. Sustained trading above the $4,500 zone would extend bullish momentum.

On the daily chart, gold peaked near $4,527 before retreating, encountering resistance around the 200-day moving average. Having broken above the top of the prior consolidation range, gold’s immediate support sits near the $4,450 psychological level. Daily indicators show the 5-day and 10-day moving averages forming a bullish alignment; MACD positive momentum bars remain elevated, while the RSI hovers near the 65 level.

On the 1-hour chart, the BOLLinger Bands continue to narrow, with gold oscillating around the middle band. Short-term EMA5 and EMA10 have flattened and converged. MACD positive momentum bars keep shrinking, and the RSI levels off near 61. For tonight’s short-term trading, expect gold to trade within the $4,450–$4,515 range. A breakout to the upside targets $4,525–$4,535 or $4,565. A breakdown targets $4,435–$4,410 or $4,400.

Key economic data and events to watch tonight:

18:00 UK August CBI Industrial Order Expectations

20:30 US Initial Jobless Claims for the week ending August 15

20:30 US Philadelphia Fed Manufacturing Index for August

22:00 US Conference Board Leading Economic Index month-on-month for July

22:30 US EIA Natural Gas Stocks for the week ending August 14

23:10 Fed’s Musalem to give an interview

02:30 (next day) US crude oil rollover

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