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Gold Breaks Below $4,000, Down 28% from January Highs
Gold fell below $4,000 per ounce on Wednesday, marking a 28% drop from its record highs in January. The decline is described as a normal correction within a secular bull market.
Iran Proposes Fees for Strait of Hormuz Transit, WSJ Reports
Iran is pitching a plan to charge vessels for transiting the Strait of Hormuz, potentially earning $40 billion annually, according to the Wall Street Journal.
Crude Oil Poised for Rebound on Draws and Shorts – TD Securities
TD Securities strategists note that crude oil flows through the Strait of Hormuz are gradually normalizing, but around 10-11 million b/d of Middle East production remains at risk. Inventory draws and short positioning set the stage for a rebound.
Commerzbank: US Long-Run Growth Success but Faces China Challenge
Commerzbank economists highlight the US as a long-term growth success due to population gains, immigration, and productivity, but warn of a serious challenge from China.
US Indices Open Higher: Nasdaq +0.92%, S&P 500 +0.78%, Dow +0.63%
All three major US stock indices opened higher on the day, with the Nasdaq gaining 0.92%, the S&P 500 rising 0.78%, and the Dow Jones adding 0.63%.
US May PCE Inflation Rises to 4.1%, Highest Since April 2023
The US May PCE inflation, the Fed's preferred metric, rose to 4.1% year-over-year, the highest since April 2023. Core PCE rose to 3.4%, its highest since October 2023, more than double the Fed's 2% target.
WTI Oil Declines on Hormuz Normalization, US Iran Waiver
West Texas Intermediate crude fell for a fourth straight session as the normalization of Strait of Hormuz traffic and a US waiver on Iran sanctions eased supply concerns. WTI traded around $69.30, down 0.65% on Thursday.
TD Securities: Gold Strong During US Equity Lost Decades
TD Securities analyst Izidor Flajsman notes that precious metals, especially gold, have historically delivered strong real returns during US equity 'lost decades', outperforming broad commodities.
US Q1 GDP Growth Revised Up to 2.1% from 0.5%
The U.S. economy expanded at a 2.1% annualized rate in Q1 2023, according to the final estimate from the Bureau of Economic Analysis, a sharp increase from the previous quarter's 0.5% growth.
US Durable Goods Orders Decline 4.5% in May as Expected
The US Census Bureau reported that Durable Goods Orders fell 4.5% ($15.6 billion) to $332.1 billion in May, following an upwardly revised 8.5% gain in April.
Iran Parliament Speaker Dismisses Trump's Claim on Frozen Assets
Iran's Parliament Speaker responded to President Trump's assertion that unfrozen Iranian assets would be used to buy US agricultural products, stating that the only harvest is 'decades of mistrust' planted by the US.
Quantum Computing Backs Case for US Industrial Policy, Economists Say
The Economist columnists argue quantum computing is a unique area justifying early US government intervention, as commercial products and dominant architectures are still lacking.
Rubio Reiterates Criticism of Iran's Toll Plans Near Strait of Hormuz
US Secretary of State Marco Rubio reiterated criticism of Iran's proposed toll system near the Strait of Hormuz, a key chokepoint for nearly 20% of global energy supplies, after meeting with Gulf leaders.
RBC: US Consumer Resilience Tested by Persistent Inflation
RBC strategists note that while the US consumer has remained resilient in 2026, persistent inflation and the earlier energy price shock have eroded households' ability to absorb further price increases.
Micron Lifts US Stock Futures as Oil Declines; Nasdaq Set to Recover
US stock futures rise on Micron's boost, while oil prices continue to fall. The Nasdaq, down over 5% in June, could surge more than 2% if futures hold.
Oman Rules Out Tolls on Strait of Hormuz
Oman's Foreign Ministry stated on Thursday that future arrangements for the Strait of Hormuz will not include transit tolls, allaying fears over the critical energy corridor.
Eli Lilly Announces Medicare GLP-1 Bridge Program for Obesity Meds
Eli Lilly will offer its obesity drugs Zepbound and Mounjaro to eligible Medicare Part D patients starting July 1, 2026, at $50/month. An estimated 20 million beneficiaries may qualify for coverage through the end of 2027.
Oman: No Transit Tolls for Strait of Hormuz
Oman's foreign minister has ruled out any transit tolls for ships passing through the Strait of Hormuz, aiming to assure global energy markets that navigation will remain free and unhindered.
Brent Oil Falls to Pre-War Levels on Hormuz Strait Reopening
Brent oil prices dropped to levels last seen before the conflict on Thursday, as the reopening of the Strait of Hormuz provided significant relief and continued to push prices lower.
EU Regulators Propose Designating AWS, Azure as Gatekeepers
EU regulators have proposed that Amazon Web Services and Microsoft Azure be designated as gatekeepers under the bloc's tech rules, citing their role as key gateways between businesses and EU customers.
Saudi Arabia to Boost Crude Exports from Ras Tanura Terminal
Saudi Arabia is set to increase crude oil exports from its key Ras Tanura terminal amid rising Gulf shipments, signaling stronger global supply and potential market stability.
Silver Rises to $57.61, Up 0.31% on Thursday
Silver prices (XAG/USD) rose on Thursday, trading at $57.61 per troy ounce, a 0.31% gain from the previous $57.43, according to FXStreet data.
Gold Slides Below $4,000, Tests Key Support – SocGen
Societe Generale analysts report that gold has broken below its 200-day moving average and the March trough, triggering an accelerated decline toward the $3,930–3,885 support zone. A potential rebound depends on holding this level.
Iraq Threatens to Leave OPEC Over Quota Dispute
A senior Iraqi oil ministry official said Iraq may consider all options, including leaving OPEC, if its production quota is not significantly increased, according to Reuters.