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Thursday, August 13, 2026
What’s happening: Gold prices fell slightly this morning but held near one-week highs after climbing following US inflation data.
What happened: Spot gold rose about 1% on Wednesday after July’s CPI report matched expectations.
Continued tensions over the Strait of Hormuz and China’s central bank buying gold further supported the yellow metal.
Why it matters: US headline inflation eased to 3.4% year-on-year in July from 3.5% in June, matching forecasts. Core inflation slowed to 2.5% in July, from the previous month’s 2.6%. Easing inflation concerns sparked speculations of the Federal Reserve keeping interest rates unchanged next month.
Gold’s rally on Wednesday was also underpinned by continued uncertainty over the Strait of Hormuz, where Iran has said the waterway will remain closed until the US meets its conditions.
China’s central bank added roughly 640,000 troy ounces to its gold reserves in July, marking its 21st consecutive month of purchases.
Meanwhile, spot gold ETF (exchange traded fund) inflows extended to a fifth straight session, pushing total holdings to a six-week high.
Strength in the US dollar exerted pressure on gold prices as a higher greenback makes metals more expensive for foreign currency holders. The US dollar index, which measures the greenback’s performance versus a basket of major peers, edged higher to 96.28 this morning.
Profit taking after Wednesday’s surge also cooled gold prices this morning.
Spot gold prices fell 0.3% to $4,395.19, after climbing as high as $4,449.71 in overnight trading.
What to watch: Investors will monitor the release of US producer price index and weekly jobless claims, both due at 1630 UAE Time today.
Producer prices are expected to rise 0.2% in July, rebounding from a 0.3% decline in June, while core producer prices are forecasted to climb 0.3%. Analysts expect jobless claims at 202,000, up slightly from 199,000 in the prior week.
Context: Japan’s stocks surged this morning, taking the Nikkei 225 higher by more than 1% and the broader Topix Index to new record highs.
Details: Japan’s producer prices rose 7.2% year-on-year in July, easing from 7.3% in the previous month. The figure came in below forecasts of 7.4%.
On a monthly basis, Japan’s producer prices rose 0.1% in July, slowing from a 0.5% surge in June. The latest reading marked the weakest monthly rise in five months.
Asian stock indices mirrored the action on Wall Street. Data released by the US on Wednesday showed consumer inflation eased for the second straight month to 3.4% in July. Dampening speculations of the Federal Reserve hiking interest rates in September supported broader risk sentiment.
A rally in AI stocks sent the S&P 500 close to its record high on Wednesday and lifted the Nasdaq 100 to a one-month high. The Dow Jones index lagged due to a pullback in some cyclical stocks.
Shares of CoreWeave and Super Micro Computer both climbed more than 19% after the companies reported quarterly results. Lumentum’s stock jumped 13% on strong earnings.
Shares of Cisco Systems fell although the company reported fiscal fourth-quarter earnings per share of $1.22, above the $1.13 estimate, and raised its guidance. The stock has rallied more than 60% year to date.
Tech and AI-linked shares were among the top performers in Japan as well, with shares of Advantest, Kioxia Holdings and Ibiden recording strong gains this morning. Bank stocks also notched gains, with shares of Mizuho Financial and Mitsubishi UFJ moving higher.
Japan’s Nikkei 225 jumped around 1.5% to 68,517.90 this morning, while the TOPIX rose 0.4% to trade at 4,155.74.
What to watch: Data on GDP growth rate and industrial production from Japan will be released on Monday. Japan’s economy, which grew at an annualised rate of 1.8% in the first quarter, is expected to expand by 2% in the second quarter. Analysts expect Japan’s industrial production to surge 1.3% in June, accelerating from a 0.1% gain in the previous month.
Applied Materials reports fiscal third-quarter results today, offering a fresh read on semiconductor equipment demand.
Other Markets: European indices closed lower on Wednesday, with the FTSE 100, DAX 40, CAC 40 and STOXX Europe 600 Index down by 0.10%, 0.23%, 0.46% and 0.16%, respectively.
Ukrainian forces struck Russia’s Black Sea Fleet base at Novorossiysk overnight, damaging four warships. The news sent the USD/RUB pair higher in forex trading this morning.
UK’s RICS house price balance improved to -30% in July from -32% in June. The reading beating expectations of -31% sent the GBP/USD pair higher in forex trading this morning.
Canada’s building permits jumped 18.5% to C$14.9 billion in June, recovering from a 1.7% plunge in May. The latest reading also topped market estimates of a 0.8% gain, which sent the USD/CAD pair lower in forex trading this morning.
Germany’s current account surplus widened to €19 billion in June from €9 billion in May. The reading topping expectations sent the EUR/USD pair higher in forex trading this morning.
India’s inflation rate accelerated to 4.45% year-on-year in July from 4.38% in June. The figure narrowly missing forecasts of 4.5% sent the USD/INR pair lower in forex trading this morning.
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