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Gold prices traded steady but near recent lows on Wednesday in Asia, as easing trade tensions and expectations of a Federal Reserve interest rate cut later in the day kept investors cautious.

At 01:40 ET (05:40 GMT), spot gold inched up 0.2% to $3,957.42 per ounce, while U.S. gold futures slipped 0.1% to $3,977.76. The metal has fallen sharply over the past two sessions, hitting its weakest level since early October.

Fed policy meeting in focus; Trump’s Asia tour draws attention

The Federal Reserve is set to conclude its two-day policy meeting later Wednesday, with markets widely expecting a 25-basis-point rate cut.

Although rate cuts typically support non-yielding assets like gold, investors are more focused on the central bank’s forward guidance. If Fed Chair Jerome Powell signals that future easing could be delayed—or if inflation risks remain elevated—gold could face renewed pressure from rising real yields or a stronger U.S. dollar.

Trade optimism dampens safe-haven demand

Gold’s recent weakness has also been tied to signs of progress in U.S.-China trade relations. Reports of a framework agreement on tariffs and rare-earth export controls have lifted hopes of de-escalation.

Additionally, U.S. President Donald Trump said he expects to reduce the 20% tariff on Chinese imports linked to fentanyl precursor chemicals ahead of his planned summit with Chinese President Xi Jinping in South Korea on Thursday.

Following a stop in Tokyo, Trump arrived in Gyeongju, South Korea, on Wednesday for a meeting with South Korean President Lee Jae Myung.

These developments have reduced market anxiety around trade and geopolitics, softening demand for traditional safe-haven assets such as gold and contributing to the recent pullback from record highs.

Broader metals market remains muted

Trading across the metals complex was subdued ahead of the Fed announcement. Silver futures rose 0.3% to $47.45 per ounce, while platinum futures slipped 0.6% to $1,575.80.

On the industrial side, benchmark copper futures on the London Metal Exchange gained 0.2% to $11,053.20 per ton, and U.S. copper futures were up 0.3% to $5.18 per pound.

Market participants remain on edge as they await the Fed’s comments for clues on the direction of monetary policy, which could determine whether gold continues to drift lower or finds renewed support in the weeks ahead.

Oil prices edged higher on Wednesday, supported by a sharper-than-expected drop in U.S. crude inventories and renewed optimism surrounding an upcoming meeting between the leaders of the United States and China — the world’s two largest energy consumers.

At 07:45 GMT, Brent crude futures rose 22 cents, or 0.34%, to $64.62 per barrel, while U.S. West Texas Intermediate (WTI) gained 20 cents, or 0.33%, to $60.35 per barrel.

China’s Foreign Ministry confirmed that President Xi Jinping will meet U.S. President Donald Trump on Thursday in Busan, South Korea, stating that the discussion would “inject new momentum into the development of U.S.-China relations” and that Beijing was prepared to work with Washington for “positive outcomes.”

Beijing also said it remained open to further cooperation on controlling fentanyl exports, following remarks from Trump that he could reduce tariffs on Chinese goods in exchange for tighter controls on the precursor chemicals used to make the drug.

Meanwhile, data from the American Petroleum Institute (API) showed a notable drawdown in U.S. crude, gasoline, and distillate inventories for the week ending October 24. Crude stockpiles reportedly fell by 4.02 million barrels, gasoline inventories by 6.35 million barrels, and distillates by 4.36 million barrels.

The steeper-than-expected inventory declines prompted a price rally in the previous session and continued to provide support in early Wednesday trading.

“The surprise draws on inventory in the U.S. helped prices this morning, but the interplay of sanctions risks and OPEC+’s posture is driving markets,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.

“That doesn’t mean the rally has unlimited upside. Because while the sanctions/supply story has been built up, the demand side still shows softness and spare capacity remains,” she added.

Last week, both Brent and WTI posted their largest weekly gains since June after Trump introduced Ukraine-related sanctions on Russia, targeting energy majors Lukoil and Rosneft.

However, lingering doubts over whether sanctions would sufficiently tighten supply — coupled with speculation that OPEC+ could raise output — weighed on prices in the previous session, when both benchmarks slipped by nearly 1.9%, or more than $1 per barrel.

On Tuesday, the Kremlin reiterated that Russia continued to offer “top-quality energy at a good price,” leaving its trade partners free to decide whether to continue purchases following the U.S. measures.

Industry sources said that several Indian refiners have paused new orders for Russian crude pending government guidance, with some turning to the spot market for alternative supplies. Still, state-run Indian Oil affirmed on Tuesday that it “would not stop buying Russian oil as long as it was complying with sanctions.”

Germany’s economy minister said the U.S. government had provided written assurances that Rosneft’s German assets would remain exempt from sanctions, given that the company no longer holds control over them.

Within OPEC+, the world’s leading coalition of oil-producing countries, discussions are reportedly leaning toward a modest output increase in December, with two sources suggesting a possible boost of around 137,000 barrels per day, according to individuals familiar with the matter.

Separately, the CEO of Saudi Aramco noted that global crude demand “was strong even before sanctions were imposed on Russian oil majors” and emphasized that “Chinese demand was still healthy,” reinforcing optimism in the broader energy market.

Banco Santander S.A. (LSE:BNC) reported third-quarter results that modestly exceeded market forecasts, supported by lower provisions and stable contributions from its main geographic segments. Shares were little changed following the release.

The Spanish lender posted a net profit of €3.5 billion, coming in about 1% above analyst expectations. Revenue was broadly consistent with projections, down 1.3% quarter-on-quarter, while pre-provision operating profit edged 1% above estimates. Operating costs fell 1%, and provisions were 6% below forecasts from both Morgan Stanley and the broader market.

Morgan Stanley described the outcome as “an in-line set of results at a group level.” The brokerage noted that net interest income was slightly softer—0.3% below consensus—mainly due to weakness in Argentina, while fee income exceeded expectations by 1%.

Santander also recognized a €181 million legal provision at its corporate center related to ongoing legal matters in the UK. According to Morgan Stanley, the impact “was offset by lower taxes and profit was in-line.”

The bank’s CET1 capital ratio improved to 13.1%, up 10 basis points from the prior quarter, despite minor model and market headwinds.

In Spain, net interest income rose 1.3% quarter-on-quarter, “3% better than expected, with provisions also 12% lower,” according to Morgan Stanley. Spanish net profit reached €975 million, about 10% below expectations, affected by weaker trading and restructuring charges.

In the UK, Santander reported €398 million in profit, exceeding the €322 million estimate. Net interest income remained stable in pounds, while fees rose 4% and costs declined 4%.

The U.S. division posted a 2% increase in pre-provision operating profit, driven by 4% growth in net interest income and 5% higher fees. Provisions met expectations, but a higher tax rate led to an 8% drop in profit.

In Brazil, net interest income slipped 2% in local currency, in line with consensus. Pre-provision profit was 6% below forecasts due to softer trading and fees, though lower costs and taxes pushed net profit up to €593 million, 5% ahead of expectations.

Morgan Stanley commented that “revenue performance in Spain, and the US, with no asset quality issues uncovered in the US and Brazil which were a concern into the quarter, should come as somewhat of a relief.”

Santander reaffirmed its 2025 return on tangible equity (ROTE) target of around 16.5% after Additional Tier 1 instruments, based on a tangible book value of €82.4 billion. This implies full-year profit of approximately €13.5 billion, or 3% above Morgan Stanley’s forecast. As the brokerage summarized, “guidance of 16.5% ROTE post AT1s maintained, implies c. €13.5bn profits for the full year, 3% above MSe.”

The UK Competition and Markets Authority (CMA) has approved the proposed merger between Primary Health Properties PLC (LSE:PHP) and Assura PLC (USOTC:ARSSF), allowing the deal to move forward without a Phase 2 investigation.

In its decision, the CMA stated that, based on the evidence reviewed, the merger does not raise competition concerns that would warrant a deeper inquiry. This regulatory clearance represents a key milestone in the transaction, removing one of the final barriers to completion.

The merger between the two UK healthcare property specialists is expected to create a leading real estate investment trust (REIT) focused on modern primary care facilities, strengthening their combined market position and operational efficiencies.

More about Primary Health Properties PLC and Assura PLC

Primary Health Properties PLC is a real estate investment company specializing in the ownership and management of healthcare properties leased primarily to the NHS and other healthcare providers across the UK and Ireland.

Assura PLC operates in a similar space, developing and managing community healthcare buildings that support the delivery of frontline medical services. The merger aims to enhance portfolio scale, improve capital efficiency, and accelerate investment in healthcare infrastructure across the UK.

GSK (LSE:GSK) delivered a robust third-quarter 2025 performance, with sales rising to £8.5 billion, fueled by strong demand across its specialty medicines, vaccines, and general medicines divisions. The company raised its full-year guidance, now expecting turnover growth of 6–7%, core operating profit growth of 9–11%, and core EPS growth of 10–12%.

The results were driven by double-digit gains in respiratory, oncology, and HIV treatments, reflecting GSK’s focus on innovation and expansion in high-growth therapeutic areas. The company also benefited from continued momentum in its vaccine portfolio, including products for meningitis and shingles.

During the quarter, GSK secured four new product approvals and reported progress in multiple late-stage clinical trials, positioning it for future growth. CEO Emma Walmsley highlighted that ongoing investments in R&D and pipeline development are “building sustainable long-term value for patients and shareholders alike.”

In line with its capital return strategy, GSK declared a dividend and continued its share buyback program, emphasizing its commitment to shareholder returns.

More about GlaxoSmithKline plc

GlaxoSmithKline plc (GSK) is a global biopharmaceutical company focused on developing and manufacturing specialty medicines and vaccines that address major diseases. Its core therapeutic areas include respiratory, oncology, immunology, and HIV, complemented by a leading vaccine portfolio. Headquartered in London, GSK operates worldwide with a mission to unite science, technology, and talent to get ahead of disease together.

Next plc (LSE:NXT) reported a strong third-quarter performance, with full-price sales rising 10.5% year-over-year, significantly above its earlier projections. The growth was broad-based, driven by robust demand across both the UK and international markets, where overseas sales surged 38.8% compared to the prior year.

Thanks to this momentum, the company has increased its full-year profit guidance by £30 million to £1.135 billion, reflecting stronger-than-expected trading conditions and disciplined cost control. In addition, Next announced plans to return surplus capital to shareholders via a special dividend, underscoring its strong cash generation and balance sheet health.

CEO Simon Wolfson noted that the company’s continued investment in online infrastructure and international expansion has positioned it to maintain growth despite a challenging retail backdrop.

More about Next plc

Next plc is one of the UK’s leading retailers, offering a wide range of clothing, footwear, and homeware products. The company operates through a hybrid model combining a nationwide retail network with a strong e-commerce platform, and has an expanding international presence. Next’s focus on digital innovation, supply chain efficiency, and customer experience continues to drive its performance and support its long-term growth strategy.

Journeo plc (LSE:JNEO) announced that its subsidiary Infotec has received $5 million in purchase orders from Outfront Media Group to deliver advanced platform display systems for the New York City Metropolitan Transportation Authority (MTA).

This deal marks Journeo’s first major project in the Digital Out-of-Home (DOOH) advertising sector within the U.S. subway network. The new systems will integrate cutting-edge display and maintenance technologies, designed to improve both performance and reliability across New York’s extensive public transport system.

The order not only strengthens Journeo’s entry into the U.S. market but also reflects growing confidence in its transport-focused digital infrastructure solutions. Management expects the project to serve as a strategic foothold for future expansion in North America’s smart transit and digital advertising markets.

More about Journeo plc

Journeo plc is a UK-based provider of intelligent transport systems and critical infrastructure solutions, delivering sustainable technologies that enhance safety, communication, and operational efficiency across public networks. Through subsidiaries such as Infotec, Journeo Fleet Systems, and Journeo Passenger Systems, the company offers products ranging from CCTV and vehicle telematics to real-time passenger information systems across Europe and Scandinavia.

Glencore (LSE:GLEN) reported a robust production performance in the third quarter of 2025, driven by notable strength in its copper and coal operations, while reaffirming its full-year production guidance across key commodities.

Copper output surged 36% quarter-on-quarter, with substantial contributions from KCC, Mutanda, Antamina, and Antapaccay. Zinc production climbed 10% year-to-date, and both steelmaking and energy coal volumes are on track to reach the upper end of guidance.

The company emphasized its strategic decision to prioritize copper over cobalt production in the Democratic Republic of Congo (DRC) in response to export restrictions, with plans to store surplus cobalt domestically until regulatory conditions improve. Other portfolio developments included the completion of the Pasar copper smelter sale and the closure of operations at the Mount Isa copper mine in Australia.

CEO Gary Nagle highlighted that Glencore’s operational discipline and commodity diversification continue to support resilience amid volatile markets, noting that copper remains central to the company’s long-term strategy tied to global electrification and the energy transition.

More about Glencore

Glencore is one of the world’s largest diversified natural resource companies, engaged in the production, refinement, and marketing of over 60 commodities. Operating across more than 30 countries with a workforce exceeding 150,000 employees and contractors, Glencore serves industrial clients in sectors including automotive, steel, energy, and battery manufacturing. The company also provides logistics, financing, and supply chain solutions to commodity producers and consumers worldwide.

Ecora Resources (LSE:ECOR) delivered a record third-quarter performance in 2025, posting a total portfolio contribution of $25 million, fueled by robust results across its base metals assets. The standout contributors were the Mantos Blancos copper royalty and the Voisey’s Bay cobalt stream, which together underpinned a strong uplift in revenue and cash flow.

The company also achieved a 30% reduction in net debt, reflecting disciplined capital management and improved portfolio efficiency. Strategic initiatives such as the sale of the Dugbe gold royalty and the resumption of mining at Kestrel strengthened liquidity and financial resilience. Looking ahead, Ecora expects further growth milestones from ongoing developments at Santo Domingo and potential shifts in cobalt export regulations in the Democratic Republic of Congo, both of which could influence its future cash generation profile.

CEO Marc Bishop Lafleche highlighted that the results underscore Ecora’s transformation into a critical minerals-focused royalty company, benefiting from growing demand tied to global electrification and the energy transition.

More about Ecora Resources

Ecora Resources is a royalty and streaming company specializing in critical minerals that support the clean energy transition, including copper, nickel, and cobalt. Having shifted its focus from coal to sustainable commodities, the company now targets long-life, low-cost assets in established mining jurisdictions. Ecora’s portfolio provides investors with exposure to the metals essential for battery manufacturing, renewable infrastructure, and electric vehicle production, positioning it as a key player in the evolving global resources market.

Seeing Machines Limited (LSE:SEE) has been chosen by a major Japanese original equipment manufacturer (OEM) to collaborate on an Advanced Development Project (ADP) focused on creating an integrated Driver and Occupant Monitoring System (DMS/OMS) platform.

This partnership represents a major milestone in Seeing Machines’ strategic expansion into the Japanese automotive sector, one of the most competitive and technologically advanced markets in the world. The collaboration underscores the growing demand for AI-driven driver monitoring solutions and validates the company’s expertise in vision-based safety systems.

Seeing Machines expects a formal production award in 2026, with commercial production planned for 2028, marking an important step toward reinforcing its position as a global leader in automotive safety innovation. The company noted that the project supports its mission to enhance transport safety and reduce accidents through advanced human-machine interaction technologies.

More about Seeing Machines Limited

Founded in 2000 and headquartered in Australia, Seeing Machines Limited is a pioneer in vision-based monitoring technologies that use AI algorithms, embedded processing, and optical engineering to track and analyze driver behavior and fatigue. Its systems are deployed across automotive, commercial fleet, aviation, and off-road sectors, with operations spanning Australia, the U.S., Europe, and Asia. The company’s technology plays a key role in improving road and operator safety through intelligent monitoring solutions.