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Gold prices remained near a two-week peak in Asian trading Thursday, supported by growing speculation that the Federal Reserve may cut interest rates in September amid ongoing tensions between President Donald Trump and the central bank.

Spot gold edged close to $3,400 per ounce this week but stalled just below that mark as the dollar gained some traction and U.S. Treasury yields stabilized.

Heightened concerns over the Fed’s independence have been a key factor driving gold, following Trump’s attempt to remove Governor Lisa Cook. Both Cook and the Fed challenged the move, with Cook signaling potential legal action to retain her position.

Spot gold slipped 0.2% to $3,389.96 per ounce, while October gold futures advanced 0.4% to $3,445.32 per ounce by 01:37 ET (05:37 GMT).

Fed Rate Cut Speculation Accelerates Amid Trump Dispute

Gold’s gains this week coincided with rising worries about the Fed’s autonomy after Trump’s attempted firing of Cook, setting the stage for a potential legal showdown during which she is expected to remain in her role.

Markets have increased their bets on a September rate cut, particularly after Fed Chair Jerome Powell hinted last week that such a move was possible. CME FedWatch data showed futures pricing in an 84.9% likelihood of a 25-basis-point cut, up from 78.4% a week ago.

Powell noted some easing in the labor market but refrained from making firm commitments on future rate adjustments, citing uncertainty over how Trump’s policies might affect inflation.

The dollar’s retreat this week on expectations of a rate cut helped support gold and other metals. While the greenback recouped some losses, most commodity prices remained buoyant.

Spot platinum held at $1,349.08 per ounce, and spot silver rose 0.3% to $38.6975 per ounce.

Among industrial metals, benchmark London Metal Exchange copper futures rose 0.3% to $9,789.60 per ton, while COMEX copper futures dipped 0.2% to $4.4915 per pound. Lower interest rates generally boost metals by reducing the opportunity cost of holding non-yielding assets.

Investors Await Key U.S. Economic Data

Attention now turns to upcoming U.S. economic indicators. A revised estimate of second-quarter GDP is expected later Thursday, likely showing strong quarter-on-quarter growth of 3%.

The more closely watched measure will be the July PCE price index, due Friday. As the Fed’s preferred gauge of inflation, it is anticipated to show inflation remaining steady and above the central bank’s 2% annual target, providing fresh signals on the outlook for monetary policy.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Oil prices eased in Asian trading on Thursday, as investors balanced the effects of a slightly larger-than-expected U.S. crude inventory draw with the implementation of new tariffs on imports from India.

As of 21:34 ET (01:34 GMT), October Brent futures fell 0.5% to $67.71 per barrel, while West Texas Intermediate (WTI) futures slipped 0.6% to $63.80 per barrel.

U.S. Crude Stocks Drop More Than Anticipated

According to the Energy Information Administration, U.S. crude inventories fell by 2.4 million barrels in the week ending August 22, exceeding analysts’ expectations of a 1.9 million-barrel decline. Gasoline inventories dropped 1.2 million barrels, and distillates fell 1.8 million barrels. Meanwhile, implied gasoline demand rose to 9.24 million barrels per day from 8.84 million bpd a week earlier, indicating strong seasonal consumption.

While the draw reflects robust end-of-summer driving, it also raises concerns that demand could slow once the seasonal peak ends, potentially squeezing refining margins and limiting the upside for oil prices.

Market Eyes 50% U.S. Tariff on India

Investors are also digesting the impact of U.S. tariffs on India. In response to India’s continued imports of Russian crude, an additional 25% duty on Indian oil imports came into effect Wednesday, doubling the total U.S. tariff to 50% from August 27.

Although Indian refiners paused purchases of Russian oil briefly after the secondary tariffs were imposed, they have since resumed imports, suggesting that the measures have not significantly curtailed flows. Analysts expect markets to continue monitoring Russian crude shipments to India to gauge potential effects.

Geopolitical tensions remain a key driver of sentiment. U.S. President Donald Trump has positioned himself as a mediator in the Ukraine conflict but warned last week that additional sanctions on Moscow could be imposed if progress toward a peace deal is not made within two weeks.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

European equity markets advanced on Thursday after Nvidia (NASDAQ:NVDA) posted robust results, alleviating fears of a slowdown in AI demand, though uncertainty over its China operations tempered sentiment.

The pan-European STOXX 600 index rose 0.3% to 556.53 as of 07:04 GMT.

Semiconductor shares showed a mixed performance as investors digested Nvidia’s data center guidance, which came in slightly below some analysts’ projections. ASML (EU:ASML) and Be Semiconductor Industries (EU:BESI) edged lower, while Infineon (TG:IFX) and ASM International (EU:ASM) climbed nearly 1% each. Although Nvidia’s forecast remains substantial in dollar terms and marginally above analyst estimates, it fell short of the outsized gains some investors had expected.

Corporate earnings across Europe were largely positive. Delivery Hero (TG:DHER) gained 3.8% after reporting slightly stronger-than-expected revenue growth for Q2. Pernod Ricard (EU:RI) advanced 4% following its fourth-quarter results, with Remy Cointreau (EU:RCO) rising close to 2%.

In France, the CAC 40 index added 0.7%, recouping part of a 2.8% decline earlier in the week amid political uncertainty over a potential collapse of the minority government in a confidence vote.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

U.S. stock futures were mixed Thursday as Nvidia’s earnings weighed on technology shares. Meanwhile, Tesla’s European sales continued to decline in July, and doubts emerged over the U.S.-Japan trade deal after Tokyo’s lead negotiator canceled a planned Washington visit.

Nvidia Retreats Amid China Concerns

Nvidia (NASDAQ:NVDA) reported strong quarterly results after Wednesday’s market close, surpassing analysts’ estimates and forecasting third-quarter revenue above Wall Street expectations.

However, weaker-than-expected data center revenue and uncertainty over China projections caused investors to question the company’s lofty valuation, sending shares lower in after-hours trading. The drop erased roughly $110 billion from Nvidia’s $4.4 trillion market capitalization.

Nvidia posted second-quarter earnings of $1.04 per share, beating the $1.01 forecast, with revenue at $46.7 billion. The company projected third-quarter revenue of $54 billion, plus or minus 2%, exceeding analysts’ $52.76 billion expectations. Yet data center revenue, Nvidia’s largest segment, came in at $41.1 billion, below the $41.34 billion estimate, largely because no H20 chips were sold in China during the quarter.

CEO Jensen Huang expects permission to resume selling Nvidia chips to China after reaching an agreement with U.S. President Donald Trump to pay commissions to the U.S. government. “But with no formal U.S. rules in place and questions about whether Chinese regulators will discourage purchases of Nvidia chips,” the company excluded potential China sales from its current-quarter forecast.

Nvidia CFO Colette Kress added, “the company will ship between $2 billion and $5 billion in H20 revenue in the current quarter, if geopolitical issues were to subside.” She noted, however, that the outlook for China remains highly uncertain.

U.S. Futures Mixed as Tech Sector Feels Pressure

Thursday morning, S&P 500 futures rose 2 points (0.1%), Dow futures added 127 points (0.3%), while Nasdaq 100 futures fell 17 points (0.1%). Wednesday had been a strong session, with the S&P 500 hitting a record close. The indices are on track for monthly gains, with the S&P 500 and Nasdaq Composite each up more than 2%, and the Dow Jones Industrial Average rising over 3%.

Investors are also monitoring earnings from Snowflake (NYSE:SNOW) and NetApp (NASDAQ:NTAP), along with weekly initial jobless claims and Q2 GDP figures.

Tesla Sales Drop Sharply in Europe

Tesla (NASDAQ:TSLA) experienced a steep decline in European sales and market share in July, according to data from the European Automobile Manufacturers’ Association (ACEA). Despite overall EV sales increasing in the region, Tesla lagged behind Chinese competitor BYD, which captured a larger market share.

ACEA data showed Tesla’s total new car registrations in the EU, EFTA, and the U.K. fell over 40% year-on-year. Market share also dropped to 0.8% from 1.4% last year, with January–July sales down 33.6%. Meanwhile, total battery EV sales in Europe rose 33.6% in July, representing 15.6% of the car market compared with petrol at 28.3% and hybrid EVs at 34.7%.

Tesla’s updated Model Y has had little impact, while European competitors continue to challenge the market. CEO Elon Musk’s support of U.S. President Trump and ties to a German far-right party have further affected Tesla’s image in Europe.

Japan Trade Talks Delayed

Japan’s chief trade negotiator, Ryosei Akazawa, canceled a U.S. visit, postponing talks aimed at finalizing a $550 billion investment package tied to tariff relief.

“It was found that there are points that need to be discussed at the administrative level during coordination with the American side. Therefore, the trip has been cancelled,” Japan’s government spokesperson Yoshimasa Hayashi said Thursday.

In July, Washington and Tokyo agreed on a 15% tariff on imports from Japan in exchange for investment via government-backed loans and guarantees. President Trump described it as “our money to invest” and said the U.S. would retain 90% of profits, while Japanese officials emphasized that investments must also benefit Japan.

Oil Prices Retreat

Oil fell on expectations of lower U.S. fuel demand as the summer driving season winds down. At 02:55 ET, Brent crude dropped 0.5% to $66.91 per barrel, and WTI fell 0.9% to $63.59 per barrel.

Both benchmarks had climbed the previous session after the Energy Information Administration reported a 2.4 million-barrel drop in U.S. crude inventories, above analysts’ 1.9 million-barrel forecast. While this reflected strong demand ahead of Labor Day, the end of summer typically signals slower U.S. fuel consumption.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Georgina Energy plc (LSE:GEX) has signed a Memorandum of Understanding with Halo Capital Investments Ltd for an off-take arrangement covering its Hussar and Mt Winter projects. Under the 12-month non-exclusive agreement, Halo has the option to acquire 100% of helium, hydrogen, and natural gas from these projects, with processing, storage, and transportation handled at Halo’s expense. This allows Westmarket Oil & Gas to sell gas in its raw form, minimizing infrastructure costs for Georgina.

The company has also received confirmation from the Department of Mining, Petroleum and Exploration that all requirements for the Hussar EP513 permit have been met, with final drilling approval now pending. These developments position Georgina to advance the commercialisation of its energy assets.

About Georgina Energy plc

Georgina Energy plc is an Australian development company focused on helium, hydrogen, and other natural resources. Through its subsidiary Westmarket Oil & Gas, it holds interests in the Hussar Prospect in Western Australia and the Mt Winter Prospect in the Northern Territory, aiming to become a leading supplier in the global helium and hydrogen markets.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Falcon Oil & Gas Ltd. (LSE:FOG) announced that shareholders approved all resolutions at its Annual General & Special Meeting in Dublin. The outcome reflects strong support for the company’s strategic direction and operational plans, reinforcing its position in the unconventional oil and gas sector.

About Falcon Oil & Gas Ltd.

Falcon Oil & Gas Ltd. is an international energy company focused on the exploration and development of unconventional oil and gas resources. Headquartered in Dublin, Ireland, and incorporated in British Columbia, Canada, the company operates primarily in Australia, South Africa, and Hungary.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Chesnara (LSE:CSN) has delivered robust interim results for 2025, with cash generation rising 26% to £37 million and a 3% increase in its interim dividend. The company also announced the acquisition of HSBC Life (UK), a move expected to enhance cash flow and support long-term growth. Additional strategic progress includes a successful rights issue and admission to the FTSE 250 Index, strengthening its platform for further expansion and shareholder value creation.

About Chesnara

Chesnara is a European life and pensions consolidator listed on the London Stock Exchange. The company manages nearly one million policies, operating under Countrywide Assured in the UK, Scildon in the Netherlands, and Movestic in Sweden. Its focus is on efficient administration of life and savings policies, profitable new business, and strategic acquisitions to drive long-term value.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Cloudbreak Discovery PLC (LSE:CDL) has secured £600,000 through a share placement at a 10% discount, with participation from strategic institutional investors, including a US-based mining fund. The funds will be used to accelerate the work program at the Darlot West Project and support general working capital. The company has also entered a stock lending agreement with Crestmont Invest Inc., with plans to issue a prospectus and apply for a London Stock Exchange listing, aimed at enhancing operational capacity and market visibility.

About Cloudbreak Discovery PLC

Cloudbreak Discovery PLC is a natural resource exploration and project development company. It focuses on mineral and energy projects, employing a multi-asset, generative approach to develop assets with high intrinsic value and drive long-term shareholder growth.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Empire Metals Limited (LSE:EEE) has achieved a major milestone at its Pitfield Project, demonstrating through metallurgical testwork that weathered ore can be processed using conventional methods to yield high-purity titanium dioxide with excellent recoveries. This advancement highlights Pitfield’s potential as a more efficient and environmentally sustainable alternative to traditional ilmenite operations, offering both cost savings and competitive advantages in the titanium market.

About Empire Metals

Empire Metals Limited is a natural resources exploration and development company focused on titanium extraction and processing. Listed on AIM and OTCQB, the company is developing the Pitfield Project in Western Australia, known for its high-grade titanium deposits.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Metals Exploration PLC (LSE:MTL) has announced a six-week postponement of gold production at its Runruno operation due to cyanide contamination in the BIOX circuit, attributed to illegal mining activity. The company expects to achieve its full-year 2025 production target, though likely at the lower end of the forecast range, and has introduced enhanced monitoring measures to prevent similar issues in the future.

About Metals Exploration PLC

Metals Exploration PLC is a gold-focused production, exploration, and development company with assets in the Philippines and Nicaragua. The firm specializes in advancing mining operations while targeting sustainable and efficient gold extraction.

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.