Gold rose to a near two-week peak on Wednesday, driven by technical buying that supported prices. Investors are now looking ahead to next week’s U.S. Federal Reserve meeting for insights into the interest rate trajectory, while also keeping an eye on the continuing conflict in the Middle East. Spot gold increased by 0.9% to $4,113.73 per ounce, as of 0123, reaching its highest level since July 10. U.S. gold futures for August delivery increased by 1.1%, reaching a price of $4,119.1. Two oil tankers transporting Saudi crude to Asia altered their course in the Red Sea on Tuesday following threats from Yemen’s Iran-aligned Houthis. This development highlights the escalating Middle East conflict, which is impacting shipping routes through two of the globe’s most vital energy chokepoints.
In a demonstration that diplomatic channels remain operational, Iran’s Interior Minister Eskandar Momeni made a visit to the mediator Pakistan, urging Islamabad to persist in its efforts. Oil prices increased by over 1% and were positioned close to their peak levels in the past six weeks. The Federal Reserve will maintain its key interest rate at current levels for the remainder of 2026 in an effort to address a persistent inflation issue that has lasted five years, as indicated by the median forecasts from economists.
Canadian Prime Minister Mark Carney stated that he and U.S. President Donald Trump reached a consensus to enhance trade negotiations following their conversation on Tuesday. However, he cautioned that he would evaluate all options should the tariffs threatened by Trump on Monday be implemented. Two senior Howden brokers provided testimony in a confidential London hearing following a request from a U.S. court for their insights related to litigation concerning a contested insurance claim arising from losses at Newmont Corporation’s Ahafo gold mine in Ghana, as indicated by court documents.
Sibanye Stillwater announced on Tuesday that it is appealing a recent ruling by the United States International Trade Commission, which determined that imports of Russian palladium do not present an imminent threat to U.S. production of the metal. Elsewhere, spot silver gained 1.8% to $59.82 per ounce, platinum added 1.6% at $1,655.61, and palladium rose 1.6% to $1,302.25.