25/08/2026 – Daily Reports
Gold prices edged lower on Tuesday after briefly reaching their highest level in more than three months, with investors shifting their focus toward upcoming U.S. inflation data and the Federal Reserve’s Jackson Hole meeting. Spot gold traded around $4,640 per ounce, while U.S. gold futures remained near $4,696. Expectations surrounding the Federal Reserve’s policy outlook have increased as rising bond yields add uncertainty, while the Treasury’s plans to expand long-term bond buybacks have also raised concerns over potential dollar debasement.
The U.S. Personal Consumption Expenditures (PCE) inflation report, due Wednesday, will provide fresh clues on the interest-rate outlook ahead of Fed Chair Kevin Warsh’s Jackson Hole speech later this week. Higher interest rates could weigh on gold as the metal does not generate yield, although concerns over inflation and currency weakness continue to provide support. Geopolitical tensions are also in focus after Iran vowed to retaliate against expanded U.S. economic sanctions. Silver, platinum and palladium all moved lower alongside gold.
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- Brent crude rose 0.3% to $92.44, while WTI gained 0.4% to $85.38, recovering slightly after both benchmarks fell more than 2% in the previous session.
- Markets are largely viewing the latest U.S. sanctions against Iran as economic pressure rather than an immediate threat to physical oil supply, limiting the initial upside reaction in crude.
- Treasury Secretary Scott Bessent announced an expansion of sanctions aimed at cutting off Iran’s economic lifeline, warning countries that continue doing business with Tehran could risk access to the dollar-based financial system.
- Bessent did not disclose which countries would be targeted or when the penalties would take effect, saying they would first be given time to comply.
- An oil tanker was struck and disabled near Oman, highlighting the continued risk of disruptions to regional shipping.
- Iran continues to claim control over the Strait of Hormuz, a critical global energy chokepoint that previously handled cargoes equivalent to around 20% of global oil consumption.
- Iran has identified 45 tankers it says violated its rules for crossing the strait and threatened action against them, including potential cargo confiscation.
- The U.S. Strategic Petroleum Reserve fell by another 3.7 million barrels to 289.7 million barrels, its lowest level since November 1982.
What’s Next?
- The oil market is currently treating the latest U.S. measures as economic pressure rather than an immediate supply shock. However, the risk remains asymmetric. Any serious disruption to shipping through the Strait of Hormuz could trigger a much stronger move in crude, especially with U.S. strategic reserves already at their lowest level in decades.
Global markets are focused on U.S. sanctions against Iran, oil prices and Nvidia’s earnings. The latest U.S. sanctions plan was viewed as less severe than initially feared, supporting European equities.
Oil is trading around $91–92 per barrel for Brent, while investors continue to monitor geopolitical risks and reduced traffic through the Strait of Hormuz.
Gold climbed above $4,650, reaching a three-month high as investors sought safe-haven assets amid concerns over U.S. inflation and bond-market volatility.
U.S. technology stocks remain under pressure ahead of Nvidia’s earnings tomorrow. Markets are also awaiting Fed Chair Kevin Warsh’s comments at Jackson Hole for further clues on monetary policy.
Global Market News Briefing — 25 August 2026
- Nasdaq. US futures pointed higher on Tuesday after the Nasdaq Composite closed Monday down 0.77% at 25,980, dragged by semiconductors. Treasury Secretary Scott Bessent announced “Operation Economic Outcast,” a set of expanded sanctions targeting Iran, while Nvidia fell 2.9% and Sandisk 6.45%. Nvidia informed customers it would raise server prices ahead of its quarterly results due Wednesday. Investors are also weighing new trade measures against Canada and Kevin Warsh’s first Jackson Hole address as Fed chair, alongside Wednesday’s July PCE inflation release.
- DAX. The index traded around 26,322, up roughly 0.8% at midday. The Ifo business climate index rose to 88.8 in August from a revised 86.7 in July, above the 87.2 consensus, with Ifo President Clemens Fuest saying the German economy is recovering despite renewed energy price increases. Destatis also reported second-quarter GDP growth of 0.3% quarter-on-quarter, above the preliminary 0.2% estimate. Current conditions improved to 88.5 and expectations to 89.1. On Monday the DAX fell about 0.3% below 26,100, with Volkswagen down 1.6% after CEO Oliver Blume warned of further cost-cutting and significant workforce reductions.
- Nikkei. The Nikkei 225 closed 200 points, or 0.31%, higher at 65,729, led by Furukawa Electric (+9.66%), Fujikura (+5.72%) and Citizen Holdings (+4.01%), while Yokohama Rubber (-3.75%), Tokyo Electric Power (-3.41%) and Honda Motor (-3.21%) fell. Real estate, banking and textile sectors led the advance; Ibiden gained 6.30%.
- Gold. Spot gold rose 0.6% to $4696 an ounce, its highest since mid-May, supported by a weaker dollar and the US Treasury’s bond buyback plans capping yields. UOB noted the metal is on track for its strongest monthly gain since September 1999, having risen over 15% this month. Earlier in Asian trade the dollar index near 98.96.
- Brent. Brent futures fell 35 cents, or 0.38%, to $88,98 a barrel, the lowest since 19 August. Saxo Bank’s Ole Hansen said the shift from military escalation to economic pressure in the US-Israeli conflict with Iran had eased market anxiety, and that the sanctions announcement was less forceful than feared. Iran pledged retaliation against the expanded measures.
