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Gold Rises as Middle East Optimism Calms Inflation Fears

Samples of gold displayed in a program affiliated with the Brazilian Federal Police specializing in tracking gold in Brasilia (Reuters)
Samples of gold displayed in a program affiliated with the Brazilian Federal Police specializing in tracking gold in Brasilia (Reuters)
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Gold Rises as Middle East Optimism Calms Inflation Fears

Samples of gold displayed in a program affiliated with the Brazilian Federal Police specializing in tracking gold in Brasilia (Reuters)
Samples of gold displayed in a program affiliated with the Brazilian Federal Police specializing in tracking gold in Brasilia (Reuters)

Gold prices rose on Thursday as growing optimism about a possible end to conflicts in the Middle East calmed inflation worries and improved prospects for lower interest rates.

Spot gold rose 0.5% to $4,815.15 per ounce by 0926 GMT, after rising to a one-month high in the previous session. US gold futures for June delivery gained 0.3% to $4,836.50.

"For the month of March gold was under pressure because of the need for liquidity in the metal following the war, but that is kind of mostly run its course, that need for liquidity," said Nitesh Shah, commodity strategist at WisdomTree.

Shah added that he expects gold prices to remain very well supported as concerns surrounding central bank independence and dollar debasement risk still remain prevalent, Reuters reported.

Optimism grew on Thursday that the war in the Middle East may be near an end, with a key Pakistani mediator in Tehran and the administration of US President Donald Trump talking up hopes for a deal that would open the crucial Strait of Hormuz.

Crude oil prices were up more than 1% on Thursday, but remained well below the $100-a-barrel mark.

"Gold remains supported amid renewed optimism around de-escalation. The pullback in oil prices is easing some of the inflation concerns that weighed on prices earlier in the conflict. The move reflects a broader shift in market focus," ING analysts said.

Global equities vaulted past their previous all-time highs in Asian trading as optimism grew about a deal to end the Iran war.

Gold prices fell to as low as $4,097.99 an ounce on March 23 as high inflation concerns due to soaring energy prices raised expectations of a more hawkish approach to intrest rates by the US Federal Reserve, weighing on the non-yielding metal's demand.

Prices have since recovered as investors now see a more than 34% chance of at least one US interest rate cut by 2026-end, up from 32% a day prior, as per CME's FedWatch Tool.

Among other metals, spot silver rose 1.4% to $80.12 per ounce, platinum gained 1% to $2,130.25, and palladium was up 0.9% at $1,587.25.

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Business

Gold Heads for Modest Weekly Gain as Investors Await US Payrolls Data

Gold jewelry is displayed at an exhibition in Kabul, Afghanistan, 03 September 2026. (EPA)
Gold jewelry is displayed at an exhibition in Kabul, Afghanistan, 03 September 2026. (EPA)
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Gold Heads for Modest Weekly Gain as Investors Await US Payrolls Data

Gold jewelry is displayed at an exhibition in Kabul, Afghanistan, 03 September 2026. (EPA)
Gold jewelry is displayed at an exhibition in Kabul, Afghanistan, 03 September 2026. (EPA)

Gold prices were steady on Friday and poised for a modest weekly gain, as traders' attention turned to key US payrolls data for clues on the Federal Reserve's next interest rate decision.

Spot gold held its ground at $4,469.26 per ounce, as of 0633 GMT. Prices jumped 2% on Thursday as traders scaled back expectations for a September rate ‌hike after Fed ‌Governor Christopher Waller said he would support ‌leaving ⁠rates unchanged if data ⁠continued to show inflation pressures moderating.

US gold futures for December delivery fell 0.5% to $4,515.70.

Traders are pricing in an about 50% chance of a Fed rate hike later this month, according to the CME FedWatch Tool.

The US nonfarm payrolls report is due at 1230 GMT.

"Weak figures and a ⁠rise in unemployment could weaken the case for ‌a rate hike. In ‌this case, gold could recover. However, the metal could remain exposed to ‌changing sentiment, with inflation data releases coming next week," ‌said Ross Maxwell, global strategy operations lead, VT Markets.

"The market continues to benefit from central bank demand, which could limit the extent of any decline."

Though gold is often viewed as an inflation ‌hedge, elevated interest rates tend to weigh on the non-yielding asset.

Data on Thursday showed the ⁠number of ⁠Americans filing claims for unemployment benefits rose marginally last week amid low layoffs, pointing to stable labor market conditions.

Meanwhile, US Vice President JD Vance said the fighting between Washington and Tehran was not a war and declined to provide a timeline for when the conflict would be over, underscoring the challenge the Trump administration faces as the hostilities enter their seventh month and mid-term elections loom.

Among other metals, spot silver fell 0.5% to $66.59 per ounce. Platinum lost 1.2% to $1,803.53 and palladium declined nearly 1.3% to $1,403.03, with both metals on track for slight weekly declines.

Business

Oil Set for Steepest Weekly Gain Since Mid-July, Fueled by US-Iran Clashes

A worker refuels a car at a gas station in Caracas on September 3, 2026. (AFP)
A worker refuels a car at a gas station in Caracas on September 3, 2026. (AFP)
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Oil Set for Steepest Weekly Gain Since Mid-July, Fueled by US-Iran Clashes

A worker refuels a car at a gas station in Caracas on September 3, 2026. (AFP)
A worker refuels a car at a gas station in Caracas on September 3, 2026. (AFP)

Oil prices rose on Friday, heading for their steepest weekly gain since mid-July, as rising tension and renewed US-Iran hostilities heightened concerns over Middle East supply risks.

Brent crude futures rose 54 cents, or 0.6%, to $96.06 a barrel by 0100 GMT, while US West Texas Intermediate crude futures climbed 80 cents, or 0.9%, to $92.10.

On a weekly basis, Brent rose 7.6% and WTI was 10.4% higher, set for the highest gains since the week ended July 20.

US attacks this week that ‌killed and wounded ‌dozens, including Iranian civilians, marked the fiercest ‌clashes ⁠between the two countries ⁠since July. The war, which began with US-Israeli strikes in late February, is now in its seventh month.

Israeli Defense Minister Israel Katz renewed warnings that Israel would "cripple" Iran's military and civilian infrastructure, including energy facilities.

ANZ analysts raised their Brent crude forecast on Friday to $95 a barrel in the short term, with ⁠upside risk if the Middle East conflict intensifies.

"The ‌market is entering a delicate ‌adaptation phase. Elevated inventories helped absorb the initial supply crisis, but the ‌challenge is now to keep the market balanced as ‌those buffers diminish," the analysts said.

US Vice President JD Vance told reporters on Thursday that Washington does not plan to hold talks with Iran unless Tehran stops attacking commercial shipping in the Strait of ‌Hormuz.

Capping oil's advance, however, Russian President Vladimir Putin said there remained a path to a ⁠deal to ⁠end the war in Ukraine, adding that both the US and China were prepared to support a peace settlement.

Meanwhile, Iran expanded its list of vessels it deems non-compliant and subject to fines, confiscation or detention if they attempt to transit the strait. Iraqi ships remain among the few vessels Tehran has cleared to pass through Hormuz.

Iraq increased its oil exports to around 2.34 million barrels per day in August from about 1.35 million bpd in July, two Iraqi energy officials said on Wednesday, with September exports also expected to increase as heavy discounts and Iranian approvals for Iraqi tankers encouraged buyers.

Business

LEAP 2026 Concludes with Nearly $15 Billion in Investments, Agreements; 2027 Edition Set for April

LEAP 2026 witnessed global technology and investment momentum that strengthened the Kingdom's position as a leading center for the digital economy and artificial intelligence (AI). (SPA)
LEAP 2026 witnessed global technology and investment momentum that strengthened the Kingdom's position as a leading center for the digital economy and artificial intelligence (AI). (SPA)
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LEAP 2026 Concludes with Nearly $15 Billion in Investments, Agreements; 2027 Edition Set for April

LEAP 2026 witnessed global technology and investment momentum that strengthened the Kingdom's position as a leading center for the digital economy and artificial intelligence (AI). (SPA)
LEAP 2026 witnessed global technology and investment momentum that strengthened the Kingdom's position as a leading center for the digital economy and artificial intelligence (AI). (SPA)

LEAP 2026 concluded its fifth edition on Thursday, organized by the Ministry of Communications and Information Technology (MCIT), the Saudi Federation for Cybersecurity, Programming and Drones, Tahaluf, and the Events Investment Fund under the theme "Into New Worlds."

LEAP 2026 witnessed global technology and investment momentum that strengthened the Kingdom's position as a leading center for the digital economy and artificial intelligence (AI), the Saudi Press Agency reported on Friday.

Over four days at the Riyadh Exhibition and Convention Center in Malham, LEAP 2026 saw announcements, investments, and agreements worth nearly $15 billion, covering AI infrastructure, data centers, cloud computing, technology manufacturing, and venture capital, along with wide-ranging initiatives to develop national capabilities and align them with labor market needs and promising sectors.

The announcements included the establishment and expansion of high-capacity data centers and the development of computing and AI infrastructure. They also included the announcement that the Microsoft Azure cloud region in the Kingdom of Saudi Arabia will become available in November 2026, supporting local data hosting and the growth of cloud services and digital sectors.

Al Moammar Information Systems announced a $1.2 billion investment to expand its data centers and increase their capacity to 192 megawatts, while NHC Innovation announced an $800 million investment to develop Khuzam Digital Valley, with capacity that can be expanded to 65 megawatts by 2033.

Among the major cloud investments, Amazon Web Services (AWS) announced the launch of its first cloud infrastructure region in the Kingdom in December 2026 as part of a planned investment of more than $5.3 billion. AWS also expanded its partnership with HUMAIN to provide up to 50 megawatts of capacity within the first AI zone in the Kingdom by 2028.

The collaboration includes making the ALLAM Arabic-language model available through Amazon Bedrock and providing HUMAIN Fabric through AWS Marketplace, enhancing advanced computing capabilities and enabling various sectors to develop and operate AI solutions on a large scale.

In the creative industries sector, Adobe announced a commitment worth more than $4 billion as part of an expanded partnership with MCIT and HUMAIN. By the end of 2026, the partnership will provide more than 27 million eligible citizens and residents aged 13 or older with Adobe Firefly Standard and Adobe Express Premium features free for 12 months. It also includes developing the first image-generation model using Adobe Firefly Foundry, designed in partnership with HUMAIN to reflect Saudi culture and local context and support the creation of creative content with a Saudi character through Arabic-language prompts.

At the conclusion of its proceedings, LEAP 2026 announced that the sixth edition will be held from April 12 to 15, 2027, to continue building global partnerships, attracting investment, enabling innovation and talent, and strengthening the Kingdom's leading position in the smart age.