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.
