Gold Steadies on Softer Oil Prices
Gold steadied above $4,350 an ounce on Wednesday following a sharp intraday rebound in the previous session, as oil prices extended their decline for a sixth consecutive session, easing concerns over higher inflation and interest rates. Oil prices continued to fall after President Donald Trump said US officials had a very good meeting with Iranian envoys, while Tehran said it could reopen the Strait of Hormuz within seven days if the US eases military pressure and lifts its blockade of Iranian ports. Reports also indicated that Saudi Arabia plans to restore oil exports through its East-West pipeline in the coming days. Meanwhile, Richmond Fed President Tom Barkin warned on Tuesday that inflationary shocks could take time to fade, with a risk that elevated price pressures could become entrenched. Elsewhere, China’s gold imports through August exceeded 1,000 tons, already surpassing the total for 2025 amid strong investment demand.
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Gold steadied above $4,350 an ounce on Wednesday following a sharp intraday rebound in the previous session, as oil prices extended their decline for a sixth consecutive session, easing concerns over higher inflation and interest rates. Oil prices continued to fall after President Donald Trump said US officials had a very good meeting with Iranian envoys, while Tehran said it could reopen the Strait of Hormuz within seven days if the US eases military pressure and lifts its blockade of Iranian ports. Reports also indicated that Saudi Arabia plans to restore oil exports through its East-West pipeline in the coming days.
Meanwhile, Richmond Fed President Tom Barkin warned on Tuesday that inflationary shocks could take time to fade, with a risk that elevated price pressures could become entrenched. Elsewhere, China’s gold imports through August exceeded 1,000 tons, already surpassing the total for 2025 amid strong investment demand.