Gold prices rose sharply on Thursday, recovering from a one-week low as a retreat in the U.S. dollar and oil prices eased investor concerns about inflation. The move came despite ongoing Middle East tensions and a divided outlook from the Federal Reserve.
The International Energy Agency forecasts global oil demand will fall by 1 million barrels per day this year, the first annual decline since the pandemic, citing disruptions from conflict in the Middle East.
The governing council of the International Maritime Organization (IMO) has condemned Iran's creation of a new authority to regulate traffic in the Strait of Hormuz, calling on member states to reject Tehran's sovereignty claims over the vital shipping lane.
European wheat futures climbed to a six-week high amid market speculation that Russia could close the Sea of Azov to shipping following Ukrainian attacks on tankers, threatening exports from the world's largest supplier.
Wheat futures jumped to their highest level since late May amid market speculation that Russia could close the Sea of Azov to shipping, threatening grain exports from the world's largest supplier.
Russia has reportedly suspended maritime traffic through the Don-Azov channel, a vital route for grain exports, following a Ukrainian attack on vessels in the Sea of Azov.
The U.S. dollar fell on Wednesday, erasing earlier gains, after minutes from the Federal Reserve's June meeting revealed a more divided policy outlook than expected, offsetting safe-haven demand from escalating U.S.-Iran tensions.
The U.S. dollar reversed earlier gains driven by Mideast tensions after minutes from the Federal Reserve's June meeting were interpreted by investors as more dovish than expected on the future path of interest rates.
President Donald Trump asserted that the crucial Strait of Hormuz remains open to commercial traffic, a statement aimed at calming market fears amid ongoing military exchanges between the U.S. and Iran.
