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Gold prices continue to rise after a 3-month high ahead of US inflation data
The gold price held steady on Tuesday, after reaching a three-month high in the previous session. This was due to the fact that the rally lost steam near a psychologically important level of resistance and before the release this week of the preferred inflation gauge by the U.S. Federal Reserve. By 2:16 p.m. ET (1816 GMT), spot gold had fallen 0.1% to $4,647.03 an ounce after reaching its highest level since the 14th of May. U.S. Gold Futures?settled at $4,694.50, a 0.1% decrease. "I believe this is a simple drop in momentum." Bart Melek is the global?head for commodity strategy at TD Securities. Bullion reached $4,696.18 per ounce on Monday as investors continued to analyze the recent U.S. Treasury Department decision to double its liquidity support?operations to buy back longer-dated bonds and notes, which drove the dollar down to a 3-month low. The markets are now focused Wednesday's U.S. The July Personal Consumption Expenditures report (PCE), and Fed Chair Kevin Warsh’s remarks at the Jackson Hole Symposium on Friday, will provide further insight into the central bank's monetary policies outlook. The Fed is tracking PCE data to achieve its 2% inflation target. However, the soft figures for producer and consumer prices this month have reduced chances of an imminent rate increase in the U.S. According to the CME FedWatch Tool, traders are only pricing in a 38% chance of an interest rate increase in September. In an environment of high interest rates, gold loses its appeal as it doesn't yield any interest. Data released on Tuesday showed that China's net imports of gold via Hong Kong in July increased by about 11% compared to a month ago, mainly due to an increase in investment demand. Iran has pledged on the geopolitical side to fight back at the expanded U.S. sanctions aimed at isolating the Iranian economy. It expressed a?confidence in the major trading partners to?resist this pressure campaign, and said that Washington wanted to revive the talks. Silver spot fell by 0.1%, to $68.86 an ounce. Platinum dropped by 1.2%, to $1,854.47. Palladium, at $1,332.43, was down 1.8%. (Reporting and editing by Nick Zieminski, Shailesh Kumar, and Pablo Sinha from Bengaluru)
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Stocks rise on tech boost, but yields drop with oil prices
MSCI's global equity gauge rose on Monday as investors awaited the release of economic data and Nvidia's results. Bond yields fell?and oil price dropped following a U.S. warning to 'expand' sanctions against Iran. The yields on U.S. 30-year and 10-year bonds fell for a second consecutive day as traders weighed up the implications of U.S. Treasury Sec. Scott Bessent’s decision to increase Treasury buybacks last week. Bessent, in what was dubbed "economic D-Day," warned on Monday that countries should cut off their financial ties to Iran or else face secondary sanctions. Oil prices dropped to their lowest level in a week on Tuesday, as traders saw economic pressure as a greater threat to oil supplies than military escalation. Wall Street's heavyweight tech sector is poised to recover some of its losses from Monday, before the release of Nvidia's second-quarter results after the market closes on Wednesday. NVIDIA RESULTS PROVIDE FOCUS Tim Ghriskey said that technology is stronger after recent weakness. He noted that Nvidia's upcoming results were on the minds of investors. "Nvidia's price to earnings ratio has dropped. Buyers of?Nvidia are here, looking for a good earnings report. Nvidia helps to lift the rest of tech market." The strategist said that Treasury yields "moved in the opposite direction?they had been moving, which is positive for stock markets," but that this move was modest. At 11:19 am. At 1519 GMT (1519 ET), the Dow Jones Industrial Average rose by 61.73, or 0.12% to 53,479.37. The S&P 500 gained 12.47, or 0.16% to 7,665.33, and the Nasdaq Composite increased by 102.64, or 0.39% to 26,082.83. The MSCI index of global stocks rose by 3.08 points or 0.27% to 1,148.31. The pan-European STOXX 600 rose by 0.37%. MSCI's broadest Asia-Pacific share index outside Japan closed at 1,642.24, up 0.56%, while Japan's Nikkei gained?328.34 or 0.50% to 65,856.43. The yield on the benchmark 10-year U.S. notes dropped 5.55 basis points from late Monday to 4.649%. The 30-year bond rate fell by 5.04 basis points, to 5.1806%. The yield on the 2-year note, which is usually in line with expectations of interest rates from the Federal Reserve, dropped 3.64 basis points, to 4.2%. The U.S. dollar was about the same as other currencies as investors considered Washington's increased sanctions against Iran, and new efforts to ease pressures on longer-dated Treasury rates. The dollar index (which measures the dollar in relation to a basket of currencies, including the yen, the euro and others) fell by 0.01%, while the euro rose by 0.07%, reaching $1.167. The dollar gained 0.11% against the Japanese yen to reach 159.25. Bitcoin gained 0.40%, reaching $79237.31, after crossing the $80,000 mark for the first since mid-May. On the energy market, U.S. Crude fell by 3.05%, to $82.42 per barrel. Brent was down to $89.20 a barrel, a drop of 3.22% for the day. Gold prices fell slightly on?the day after reaching a three-month high in the previous session. The rally lost steam near a psychologically important resistance level, and before the release of the preferred inflation gauge by the U.S. Federal Reserve on Wednesday. Spot gold dropped 0.28% to $4.637.94 per ounce. U.S. Gold Futures fell by 0.23%, to $4630.00 per ounce. (Reporting from Sinead carew in New York; Marc Jones in London; Rae Wee, in Singapore. Editing by Andrew Heavens and Nick Zieminski.
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Gold prices continue to rise after a 3-month high ahead of US inflation data
Gold prices held steady on Tuesday, despite reaching a three-month high earlier in the session. The rally lost steam near a psychologically important resistance level ahead of this week's release of the preferred inflation gauge by the U.S. Federal Reserve. Gold spot was unchanged at $4.652.26 an ounce as of 1547 GMT (11.47 am EDT) after reaching its highest level since 14 May. U.S. gold futures increased 0.2% to $4 709.40. "I believe this is just a loss of momentum." Bart Melek said that you could 'probably attribute this drop to gold reaching a strong level of resistance at $4,700, or so. Bullion reached $4,696.18 per ounce on Monday as investors analyzed the recent U.S. Treasury Department decision to double its liquidity support and buyback operations of longer-dated bonds and notes, which drove the dollar down to an almost 3-month low. The markets are now focusing on Wednesday's U.S. The July Personal Consumption Expenditures report and Kevin Warsh’s remarks on Friday at the Jackson Hole Symposium will provide further insight into the central bank’s monetary policy outlook. The Fed is tracking PCE data to achieve its 2% inflation target. However, the soft figures for producer and consumer prices this month have reduced chances of an imminent rate increase in the U.S. According to the CME FedWatch Tool, traders are only pricing in a 38% chance of an interest rate increase in September. In an environment of high interest rates, gold loses its appeal as it doesn't yield any interest. Data released on Tuesday showed that China's net imports of gold via Hong Kong in July increased by about 11% compared to a month ago, mainly due to an increase in investment demand. Iran has pledged on the geopolitical side to fight back at the expanded U.S. sanctions aimed at isolating the Iranian economy. It expressed a?confidence in the major trading partners to?resist this pressure campaign, and said that Washington wanted to revive the talks. Silver spot fell by 0.2%, to $68.77 an ounce. Platinum dropped by 1.1%, to $1,855.32, while palladium fell 1.8%, to $1333. (Reporting and editing by Nick Zieminski, Shailesh Kumar and Pablo Sinha from Bengaluru)
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State health department reports two deaths from measles, in Pennsylvania
Health officials announced on Tuesday that two Pennsylvania residents had died from measles. This is the first death in the state in 35 years. 393 cases have been reported in 28 counties in 2026. According to the Pennsylvania Department of Health (Pennsylvania Department of Health), both people were unvaccinated residents of Lancaster County. The department did not release any additional information, citing concerns about privacy. Debra Bogen, Secretary of Health said: "Because the measles was largely eradicated in the Commonwealth for over three decades, the public is not familiar with the disease and does not fully understand its potential severity." The Centers for Disease Control and Prevention reported 2,777 confirmed cases of measles in the United States as of August 20, 2018. The '2026 figures' represent the most U.S. cases ever recorded in one year, since the resurgence between 1989 and 1990. This period saw more than 55,000 infections with 123 deaths. The Department of Health and Human Services in the United States did not respond immediately to a comment request.
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Andy Home: Chinese exports ease the pain of London zinc shorts
London's zinc market is still a hazardous place for bears. Metal that was expected to drop in price this year has risen. The London Metal Exchange's (LME) 3-month zinc reached a new four-year high of $3,858 a metric ton on Tuesday morning. The relentless rally has been accompanied by an abrupt contraction of the LME time spreads. This is particularly worrying for holders of zinc short positions. The premium for cash Metal?over a three-month delivery The price of a ton has dropped to $131, which is a significant drop from last October's record high of $323. The tightening market this year is due to the low?LME inventories that were the cause of the last year's shortage. Help is on the way for LME shorts. China has begun lifting exports and dispatching metal directly to LME Hong Kong warehouses. A Tale of Two Markets Zinc demand is not a booming industry. According to the International Lead and Zinc Study Group, global consumption grew modestly by 1.5% from January to may. The Group assessed a global surplus of 145,000 tons of refined metals in the first five month of the year, based on a 3.5% increase in output. However, the catch is that, just like last year, the majority of the growth in refined production came from China. Western smelters are facing extreme margin pressure as a result of the decline in treatment terms. The majority of surplus metal is therefore also found in China. Since the beginning of January, the stocks registered at the Shanghai Futures Exchange has more than doubled. LME stock, including those in off-warranty storage, is still?6,500 tonnes lower at 124.677 tons, despite recent daily deliveries to LME warehouses. HONG KONG FAST TRACK Since the beginning of last week, there have been daily warranting actions as the LME premiums for cash deliveries are increasing. The volumes have been modest, totalling?17,000 ton. However, they are enough to stabilize the on-warrant stock at around 95,000 tons. The number of off-warrant stock has increased from a low in July,?15.480 tons, to 29,627 tonnes. Hong Kong holds 5,000 tonnes of off-warrant stock and has delivered around two-thirds (?around) of the LME deliveries. Hong Kong was approved by the LME for good delivery only in July last year. But it is already acting as an arbitrage conduit. China has been historically a major importer of zinc refined. As recently as 2024, volumes reached as high as 445 000 tons. The country's smelter capacity is now so large that it is close to self-sufficiency. Imports dropped by one-third to 299,000 tonnes last year. China became a net exporter both in November and December. It delivered metal to LME storage facilities in Singapore and Taiwan in order to take advantage of the London market's cash crunch. Shanghai Metal Market (SMM), a local data provider, reports that the country became a net exporter in July with shipments of 9,200 tonnes and imports continuing to fall. This time, the pace of arrivals has clearly slowed down. So far. Turning Bullish Bulls bet that even China's Smelters will need to reduce operating rates due to the bombed out treatment charges. There are many zinc bulls in town. Over 110,000 tons have been accumulated by investment funds, the largest collective bet on higher prices since LME began publishing its position reports in 2018. The LME option market also shows a renewed interest in zinc. On the LME options market, there are nearly 1,500 open lots for December calls with a strike of $4,000 per tonne and another 757 lots at $4,500 per tonne. The bull story is that of limited mine supply. Global mine production increased by 4.8% in 2013 after three years of decline. ILZSG reports that the growth has slowed to only 1.1% between January and May this year. According to SMM, the competition for mined concentrats is so fierce that spot-treatment charges for Chinese imports have now reached a new record low of minus $117.50 a ton. China's smelters continue to?fight on. According to ILZSG, growth was "significant" for the first five months in 2026. LME bulls, and more importantly, LME short position holders, will need to know just?how important'. Andy Home is a columnist at. This column is great! Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
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Gold's upward momentum pauses ahead of US inflation data
Gold fell?on Tuesday, after reaching a more than 3-month high earlier in the session. The rally lost momentum as it approached a psychologically important resistance level. This was also ahead of this week's release of the preferred inflation gauge by the U.S. Federal Reserve. By 1334 GMT (9.34 am EDT), spot gold had fallen 0.6% to $4,622.01 an ounce after reaching its highest level since the 14th of May. U.S. gold ?futures fell 0.4% at $4,678.10. "I believe this is a simple drop in momentum." Bart Melek is the global?head for commodity strategy at TD Securities. Bullion reached $4,696.18 per ounce on Monday as investors continued to analyze the recent U.S. Treasury Department decision to double its 'liquidity support buyback operation' for longer-dated bonds and notes, which drove the dollar down to a 3-month low. The markets are now focusing on Wednesday's U.S. The July Personal Consumption Expenditures report (PCE), and Fed Chair Kevin Warsh’s remarks at the Jackson Hole Symposium on Friday, will provide further insight into the central bank’s monetary policy outlook. Fed is tracking the PCE data for its 2% target inflation, but this month's soft consumer and producer inflation numbers have reduced chances of an imminent rate hike in the U.S. According to the CME FedWatch Tool, traders are only pricing in a 38% probability of an interest rate increase in September in the United States. In an environment of high interest rates, gold loses its appeal as it doesn't yield any interest. Data showed that China's net imports of gold via Hong Kong rose by 11% in July compared to a month earlier, mainly due to an increase in investment demand. Iran has pledged on the geopolitical side to fight against the?expanded U.S. Sanctions aimed at isolating its economy. It expressed confidence that the major?trading partner would resist this pressure campaign, and said that Washington was eager to revive the talks. Silver spot fell by 1.7%, to $67.76 an ounce. Platinum dropped 2%, to $1,837.94 and palladium fell 2.8%, to $1,319.50. (Reporting and editing by Nick Zieminski in Bengaluru)
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Sinomine wins additional Zimbabwe Lithium export quota
Sinomine Resource Group announced that it had secured an export quota of 'another 300,000 metric tonnes of 'lithium -concentrate' from Zimbabwe. Zimbabwe, Africa’s leading producer of lithium metal for batteries, introduced export quotas on April 1st after temporarily stopping concentrate shipments from February due to alleged leakages and malpractice. It has been pressing the mining companies to process more battery metal in-country, as it aims to maximize the economic benefits from extractive industries. The country will ban exports of lithium?concentrates in January 2027. Sinomine, the company that operates the Bikita Lithium Mine in Zimbabwe, stated in a half-year?report?seen on Tuesday?that it had been granted an additional export quota for July, after receiving the first, 200,000?tons in April. The Chinese company stated that the supply of Lithium Concentrate from Bikita had returned to normal following the February to April shutdowns. It was also sufficient to meet its raw material requirements for its smelting operation in China. CHINESE FIRMS DOMINATE ZIMBABWE'S LITHIUM SECTOR Sinomine operates at Bikita two plants with a combined production capacity of 600,000 tonnes of spodumene, the main feedstock used by many lithium plants. Also, petalite, another mineral concentrate containing lithium, is produced. Sinomine reported that a recent upgrade to Bikita's technology will increase the company's annual spodumene concentration production capacity from 400,000 tons to 600,000 tons. Sinomine is building at Bikita a plant that will produce a total of?100,000.00 tons per year. It is expected to be finished by mid-2027. Lithium sulphate can be refined to become a battery grade material, such as lithium hydroxide and lithium carbonate?used in the battery manufacturing process. Zhejiang Cobalt, a Chinese company, operates the sole lithium sulphate production plant in Zimbabwe, where it started Africa's very first lithium salt exports last April. Sichuan Yahua has also built a lithium-sulfate plant in its Kamativi mine, located in western Zimbabwe. Chinese firms dominate Zimbabwe's Lithium sector, after investing around $2 billion since 2021 in mining and processing facilities. This has helped the Asian giant to consolidate its grip on the global supply chain for battery metal. (Reporting and editing by Jan Harvey; Chris Takudzwa Muronzi, Nelson Banya)
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Bitcoin continues to grow despite US sanctions against Iran
Investors regained calm in the global bond and share markets on Tuesday, as they shrugged off U.S. sanctions plans against Iran. They began to prepare for Nvidia's earnings report due out Wednesday. U.S. Treasury secretary?Scott Bessent warned countries to cut financial ties with Iran on Monday or face secondary sanctions. However, the Treasury Department did not actually impose penalties. The news prompted a slight drop in oil prices as well as the benchmark government bond yields. This was also aided by the report that the U.S. Treasury may use its cash account to fund increased U.S. Debt Buybacks. Wall Street futures pointed to a higher start in New York soon, while European shares rose 0.4%. Investors took comfort from the U.S. Iran's announcement that was softer than expected. They also drove defence stocks higher on the assumption that the conflict would continue for some time. The dollar was also up against the euro, and the Japanese yen in the currency market. However, traders were more interested in the break-down of the correlation between bond yields and traditional U.S. Iran announcement. Michael Metcalfe of State Street Global Markets' global macro strategy said that the recent jump in yields as well as the?weakness of the dollar could indicate a return to a "negative bias". He said that the next couple of days will be very interesting, as the Federal Reserve is holding its annual Jackson Hole conference. Another area that has been affected by the so-called "dollar dilution" concerns is the global crypto market. Bitcoin reached $80,000 for the first since mid-May as an overnight 2% increase took its rise in the last 10 day past 30%. Gold fell 0.6%, to $4,624 an ounce. It is still at its highest level since May and has risen 15% in the last month. Germany's benchmark 10-year bond rate, which is used to determine euro zone borrowing rates, fell to 3.222%. It remains near its 15-year high reached last week of 3.275%. The French 30-year bond yields are at 4.862%, having reached an 18-year peak on Monday. NVIDIA LOOMS Large Investors were waiting with bated breath for Nvidia to announce its results on Wednesday. They know that the chipmaker, one of the firms at the heart of the AI boom, will have a hard time meeting high expectations. Analysts expect quarterly revenues to nearly double, to $92 billion. Full-year earnings are expected to range between $103 billion and $105 billion. According to Fabien YIP, a market researcher at?IG: "Judging by Nvidia's past performance, it wouldn't surprise me if they met the headline figures." I believe the people are interested in knowing if there are any concerns about the circular deals that are driving its growth, and if this growth percentage will be sustainable over the next few quarters. Wall Street futures indicate that the Nasdaq and S&P 500 will all be slightly higher after a slight pullback from mid-August, as market sentiment is shaky. Overnight, MSCI’s broadest index of Asia-Pacific stocks ended up 0.4%, while South Korea, Taiwan, and Japan’s Nikkei gained between 0.5% to 1%. China's CSI300 index of blue-chip stocks ended down 0.2%. Alibaba's $10.2bn share sale required a steep discount, which impacted the mood in China. Beijing also warned the U.S. Beijing said it would take "all necessary steps to protect its rights" and retaliate if Chinese firms were affected by the new sanctions imposed by the Trump administration on Iran. When asked about possible sanctions against Chinese banks, U.S. Treasury Sec. Bessent said: "We want make it clear today that no one can escape the reach of U.S. sanctions." sanctions." "Sanctions."
Scientists attempt to prove link between Amazon Gold Mining and disability in babies
Indigenous women in the Amazon say they are afraid of getting pregnant. The rivers that were once the lifeblood for their people are now contaminated with mercury due to illegal gold mining. This poses a threat to the unborn children.
Alessandra Korap, a leader from the Munduruku tribe, said that "breast milk is no more reliable."
The family of Rany Ketlen, aged three, lives in Sai Cinza a Munduruku village surrounded by illegal mining. They struggle to understand why Rany is unable to lift her head or suffer from muscle spasms.
Scientists could have an answer soon. Rany is among at least 36 children in the area who have neurological disorders that cannot be explained by genetic testing, according to the preliminary results of a study on the effects of mercury contamination.
Scientists have warned about the dangers that mercury poses to Indigenous children living in the Amazon. However, no study has established a causal relationship between disabilities and these communities. This study could soon establish this link.
Eat the fish poisoned by mercury or go hungry. Rosielton Saw is Rany's dad. He has been a miner in their village, following his father Rosenildo, for many years.
The older man, sitting in the one-bedroom wooden house of the family, said that he was aware that the mercury the family used was harmful.
Rosenildo Saw stated that mining 30 grams of gold a week is "enough" to sustain oneself.
Surubim is a carnivorous, mercury-accumulating fish. The family eats it regularly. Rany Ketlen drinks the broth because she has severe swallowing issues.
Recently, health officials from the government have reported that dozens of patients in other parts of the region suffer from similar disorders. A lack of testing and medical care have made it difficult to get a complete picture of the issue or determine the exact cause.
Researchers are now collecting data about neurological disorders that have been linked to mercury poisoning. These range from acute brain malformations to memory problems, and will be concluded by 2026. Scientists involved in this latest, unpublished study, supported by Brazil's top public health institute, say that the main suspect is mercury, which seeps into waterways from miners who use it to bind the tiny specks gold they extract from riverbanks. This is a largely illegal trade fueled by record high prices for precious metal.
Mercury has contaminated the river fish, a staple of Indigenous communities, and it has accumulated at alarmingly large levels in placentas and breast milk, as well as offspring, and is often more than twice or three times higher than the threshold that pregnant women should be concerned about.
Zildomar Munuruku, chief of Zildomar and also a nurse said that despite the advice from health officials, he could not tell his people to stop consuming fish.
He said, "If we follow their rules we will starve."
MERCURY WILL LINGER EVEN IF MINING STOPS. Next month, world leaders and diplomats will gather in the Amazon to attend the United Nations Climate Summit, also known as COP30. The Brazilian organizers called it "Forest COP" to focus global attention on threats facing tropical rainforests, their inhabitants and illegal mining in the region.
Since he took office again in 2023, Brazilian President Luiz-Inacio Lula Da Silva has forced thousands of Indigenous miners from their lands. Mercury is not broken down by air, water or soil. This causes a long-lasting health crisis.
The Health Ministry released a statement saying that the Brazilian government had increased monitoring of mercury levels within the Munduruku Indigenous Territory. It also trained public health officials on how to recognize early signs of Mercury poisoning.
Paulo Basta is a researcher with the public health institute Fiocruz who has been studying mercury contamination in Indigenous peoples for over three decades.
The new data, papers and interviews reviewed by indicate that the humanitarian crisis caused by illegal mining in the Amazon will have lasting consequences for the current and future generations. In a 2021 study, Basta and colleagues found that 10 out of 15 mothers in three Munduruku village villages tested had high mercury levels. In a previous study, 12 out of 13 Yanomami villagers where mining was prevalent had dangerous levels of mercury in their bloodstream. Basta's team collected nearly all 546 cases registered in the government databases as of March 2025.
Basta stated, "That is just the tip." Tens of thousands people live in the Munduruku Yanomami and Kayapo territory.
It is not easy to prove causation.
Basta's research team is currently working on a study that will provide the missing piece of the puzzle: proof showing mercury causes disabilities. They are testing babies in their first year of life by following 176 women during pregnancy.
The researchers' preliminary findings showed that in Sai Cinza where Rany Ketlen lives with her family, mercury levels were five times higher on average for mothers than what the Brazilian Health Ministry considers to be safe, and three times as high for babies. Raylene Ketlen, Rany's one-year old sister, is among them. She has yet to show any symptoms.
Cleidiane Carrvalho is a nurse and a former researcher who has spent years trying to link researchers with sick Indigenous children. She was worried that without their studies, the crisis would be "silenced and neglected forever."
It has been difficult to prove a causal connection between mercury contamination and health problems.
Researchers at Fiocruz found that Indigenous communities are often lacking in basic health care and vulnerable to infectious diseases. These can all cause neurological disorders. In small Indigenous communities, marriages between close cousins are more common, and can lead to genetic disorders.
The 36 patients without inherited genetic disorders are likely to have mercury poisoning, but this does not exclude other causes, according to Fernando Kok, geneticist and Fiocruz researcher at the University of Sao Paulo.
The tests that detect mercury in the body are only snapshots of what a person ate recently, and cannot be used to prove a previous contamination as a source of neurological issues.
Kok stated, "It is a perfect crime because it leaves no sign." (Reporting and editing by Brad Haynes, Claudia Parsons and Adriano Machado; reporting by Ricardo Brito and Manuela Andreoni)
(source: Reuters)