Batis Exchange
Following the announcement, spot gold surged by about US$40 before easing slightly. It was last trading near US$4,073.60 per ounce, up more than 1% on the day.
Gold prices moved lower on Wednesday after U.S. President Donald Trump stated that an interim agreement intended to end the conflict with Iran was no longer in effect.
Following a hawkish stance from the Federal Reserve and ongoing inflation concerns tied to the conflict in Iran, investors are increasingly betting on a rate hike as early as September.
According to recent customs figures, China brought in an estimated 163 tonnes of gold last month, marking the most substantial monthly import volume since March 2024.
