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Gold traded flat in Asian markets on Friday, weighed down by a stronger U.S. dollar and a rise in investor risk appetite following upbeat American retail sales figures. The precious metal was on track for a modest weekly decline, with growing confidence that the Federal Reserve will keep interest rates elevated dampening safe-haven demand.

By 05:16 GMT, spot gold held steady at $3,339.61 per ounce, while September gold futures hovered around $3,344.62. Despite recent gains, the yellow metal was headed for a 0.5% drop on the week, snapping a two-week winning streak.

Fed Outlook, Strong Retail Data Curb Safe-Haven Demand

Robust U.S. economic data — particularly stronger-than-expected June retail sales — reinforced views that the Fed may hold off on rate cuts in the near term. This has buoyed the dollar, which climbed roughly 0.7% this week, marking its second consecutive weekly gain.

Risk appetite also climbed on the back of positive corporate earnings, further sidelining demand for gold and other traditional hedges.

Uncertainty around President Donald Trump’s trade tariff threats provided only limited support for gold, as markets largely brushed off the geopolitical risk in favor of riskier assets.

Platinum Extends Rally, Outshines Peers

While gold and silver remained under pressure, platinum emerged as the standout performer. Spot platinum surged to $1,465.43 per ounce, up 5.5% for the week, after breaking through the critical $1,400 resistance level. The metal is now trading at levels not seen in over 11 years.

Analysts at ANZ said this breakout could signal further upside for platinum, supported by expectations of tightening supply and firming industrial demand.

Platinum — along with silver — has significantly outperformed gold in 2025, as investors rotate into less expensive alternatives amid elevated bullion prices.

Broader Metals Mixed Amid Dollar Strength

Elsewhere in the metals space, spot silver slipped to $38.1225 per ounce, marking a 0.5% weekly decline, as dollar strength continued to weigh on prices.

Copper prices were little changed this week. Benchmark contracts on the London Metal Exchange rose 0.3% to $9,706.50 per ton, while COMEX copper futures ticked up 0.6% to $5.5320 per pound, both showing sideways momentum.

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 remained largely flat in Asian trading on Friday, as the market digested recent supply concerns stemming from drone strikes in Iraq. The previous day’s gains, driven by fears of disruption in Iraqi Kurdistan, were not enough to reverse an overall bearish weekly trend.

By 21:56 ET (01:56 GMT), September Brent crude hovered at $69.51 per barrel, while WTI crude held at $67.51, both unchanged from the prior session. On Thursday, prices had climbed more than 1.5% but were still tracking losses of over 1% for the week.

Geopolitical Tensions Fuel Supply Risks

Thursday’s rally was underpinned by fresh attacks on oil installations in Iraqi Kurdistan, which temporarily knocked out nearly half of the region’s production. The strikes, allegedly carried out by Iran-aligned militias, renewed concerns over Middle Eastern output security.

Despite the unrest, Baghdad announced a tentative agreement to restart crude exports from Kurdistan to Turkey after a two-year pause. While the Kurdistan Regional Government has yet to formally confirm the arrangement, the move points to progress in negotiations between federal and regional authorities.

U.S. Policy Shift Weighs on Market Outlook

Earlier support for oil prices from the possibility of new U.S. sanctions on Russia faded after President Donald Trump opted to give Moscow a 50-day window to wind down the war in Ukraine. The softer stance defused expectations of imminent restrictions, which had helped push prices higher last week.

Inventory Draw Signals Tight Supply

Fresh data from the U.S. Energy Information Administration showed a surprise inventory draw of 3.9 million barrels, far exceeding the 1.8 million-barrel drop forecast by analysts. The report reinforced views that underlying market conditions remain tight.

In addition, the International Energy Agency (IEA) recently noted that supply-demand dynamics could be tighter than headline figures suggest, as global refinery activity picks up to meet summer fuel demand.

Despite a recent increase in production quotas from OPEC+, both the IEA and OPEC continue to project stable demand growth through 2025 and 2026, pointing to a cautiously optimistic outlook for crude 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.

European equities edged higher on Friday, buoyed by overnight strength from Wall Street and a flurry of upbeat earnings reports on both sides of the Atlantic.

By 07:05 GMT, Germany’s DAX advanced 0.5%, France’s CAC 40 gained 0.6%, and the UK’s FTSE 100 rose 0.2%. Markets responded positively to Thursday’s U.S. session, where the S&P 500 and Nasdaq Composite both closed at record highs, fueled by strong earnings from major U.S. corporations including Netflix, PepsiCo, and United Airlines.

Corporate Highlights in Focus

In Europe, earnings season gathered pace. British luxury fashion house Burberry (LSE:BRBY) posted a smaller-than-expected 1% decline in comparable retail sales for Q1, hinting at a potential stabilization after quarters of underperformance.

Saab (BIT:1SAAB) raised its full-year organic sales forecast after posting a 32% rise in second-quarter sales, signaling robust demand for its defense products.

Consumer goods group Reckitt Benckiser (LSE:RKT) confirmed the divestment of its Essential Home division to private equity firm Advent International in a deal worth up to $4.8 billion including debt, as it continues to streamline operations.

Meanwhile, Electrolux returned to profitability in Q2, reversing heavy losses from a year earlier, led by improved performance in North America.

Economic Indicators and Central Bank Outlook

On the macro front, German producer prices fell 1.3% in June year-on-year, matching forecasts and reinforcing signs of subdued inflation in Europe’s largest economy. This followed eurozone CPI data confirming annual inflation at 2.0%—right on the European Central Bank’s target.

With inflation cooling, the ECB may have more room to consider further easing, although geopolitical uncertainties—such as proposed 30% U.S. tariffs on EU imports—add complexity to the central bank’s upcoming rate decisions, with a policy announcement due July 23–24.

Oil Prices Rise on Supply Disruptions

Crude prices edged higher on Friday amid fresh supply concerns. Brent crude was up 0.6% to $69.92 per barrel, while WTI rose 0.6% to $67.96.

Drone strikes on oil facilities in Iraqi Kurdistan have taken out roughly half the region’s output over four days, contributing to tighter supply conditions. Additionally, strong summer travel demand has lifted global oil consumption to an average of 105.2 million barrels per day in early July, up 600,000 bpd from a year ago, according to JPMorgan.

Despite OPEC+’s decision to boost production more than expected, the International Energy Agency last week warned that underlying tightness in the oil market could persist.

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.

Bridgepoint Group PLC (LSE:BPT) reported a drop in first-half 2025 pre-tax profit to £60.6 million, down from £99.9 million in the same period last year. Despite the decline, the firm highlighted strong underlying performance, robust fundraising momentum, and a healthy pace of asset exits.

Management fee income climbed to £207.1 million, or £201.4 million when excluding catch-up fees—an 11% year-on-year increase on a comparable basis. Fee-related earnings rose 22% to £70.3 million (excluding catch-ups), while performance-related earnings held steady at £57.6 million. Adjusted EBITDA came in at £122.3 million, improving on last year’s results when excluding one-off items.

Bridgepoint’s assets under management rose 20% to €86.6 billion, with fee-paying AUM ticking up 2% to €37.5 billion. The group returned €2.6 billion to investors in the first half of the year, benefiting from timely exits and earlier-than-expected carried interest recognition from BE VI.

On the fundraising front, Bridgepoint reported continued strength. Its ECP VI fund began generating fees in May, while BDL IV secured €2.2 billion by the end of June. CEO Raoul Hughes expressed confidence in reaching the firm’s €24 billion fundraising target by 2026.

“Our ability to originate high-quality transactions and maintain a disciplined investment approach continues to generate strong returns,” Hughes said. He noted an uptick in deal activity and growing interest from limited partners in both European mid-market opportunities and U.S. energy infrastructure.

The company reaffirmed its full-year guidance, pointing to a solid pipeline of upcoming divestments and expanding investor appetite across its core sectors.

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.

Reckitt Benckiser Group (LSE:RKT) has reached an agreement to divest most of its Essential Home division to private equity firm Advent International in a transaction valued at as much as $4.8 billion (£3.6 billion). The deal, expected to close by year-end, will see Reckitt retain a 30% ownership interest and receive deferred and contingent payments totaling $1.3 billion (£1.0 billion).

The consumer goods giant plans to return excess capital to shareholders via a special dividend of $2.2 billion (£1.6 billion), alongside its ongoing share repurchase program. This shareholder payout notably surpasses the immediate net proceeds Reckitt expects from the sale, estimated at $1.3 billion (£0.9 billion).

Reckitt is scheduled to announce the next tranche of its share buyback alongside its half-year results on July 24, 2025.

Although the transaction’s value falls short of prior estimates near $5.8 billion (£4.3 billion), finalizing the sale could enhance management’s credibility and refocus investor attention on Reckitt’s core operations. Nonetheless, ongoing legal challenges related to NEC remain a risk factor.

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.

UK equities edged higher on Friday, supported by a steady pound trading just above $1.34. Burberry demonstrated signs of recovery, Bridgepoint delivered solid interim results, while GlaxoSmithKline faced pressure following a negative FDA panel opinion on its cancer drug.

By 08:45 GMT, the FTSE 100 was up 0.2%, with the British pound strengthening 0.2% against the dollar, holding above the 1.34 level. In Europe, Germany’s DAX advanced 0.4% and France’s CAC 40 climbed 0.6%.

GSK shares fall sharply after FDA panel rejects Blenrep benefit-risk profile

Shares of GlaxoSmithKline (LSE:GSK) dropped more than 6% after an FDA advisory committee voted against the benefit-risk balance of its multiple myeloma treatment, Blenrep (belantamab mafodotin-blmf). The Oncologic Drugs Advisory Committee reviewed the drug’s combination therapies for patients with relapsed or refractory multiple myeloma who had previously undergone at least one therapy line. The panel found that the proposed dosing regimen’s benefits did not outweigh associated risks. The FDA will weigh this non-binding recommendation ahead of its final decision expected by July 23.

Burberry’s sales decline less than anticipated

In corporate updates, Burberry (LSE:BRBY) reported a modest 1% drop in comparable retail sales for Q1 ending June 28, outperforming analysts’ expectations of a 3% decrease. This suggests early signs of stabilization for the luxury fashion house. Overall retail sales declined 2% on a constant currency basis, with retail space reductions contributing a 1% drag. Negative currency effects shaved off 4%, resulting in reported revenues of £433 million, down 6% year-on-year.

Bridgepoint posts lower H1 profits despite strong performance

Bridgepoint Group PLC (LSE:BPT) announced its half-year results showing robust fund performance, profitable exits, and steady fundraising progress. Pre-tax profit stood at £60.6 million, down from £99.9 million a year prior. Management fee income rose 11% on a like-for-like basis, excluding catch-up fees, reaching £207.1 million.

Reckitt Benckiser agrees to sell majority stake in Essential Home business

Reckitt Benckiser Group (LSE:RKT) is set to sell most of its Essential Home division to Advent International for up to $4.8 billion (£3.6 billion). Reckitt will retain a 30% stake and is set to receive deferred and contingent payments totaling $1.3 billion (£1.0 billion). The transaction is anticipated to close by the end of 2025.

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.

GlaxoSmithKline (LSE:GSK) revealed that the FDA’s Oncologic Drugs Advisory Committee recently voted against the proposed benefit-risk profile of Blenrep combinations for treating relapsed or refractory multiple myeloma at the current dosage. Despite this setback, GSK remains optimistic about Blenrep’s prospects and continues working closely with the FDA, underscoring the urgent need for new therapies in this difficult-to-treat cancer. Blenrep combinations have gained approval in various countries, including the UK and Japan, and are undergoing regulatory review in multiple other regions.

This development underscores the complexities faced in advancing treatments for multiple myeloma, a disease with limited curative options and high patient demand.

GSK’s shares are underpinned by strong financial results and encouraging commentary from recent earnings calls, particularly driven by specialty medicines and consistent shareholder returns. Nevertheless, short-term technical signals show limited momentum, while debt levels pose some concerns. Valuation metrics remain fair, with a reasonable dividend yield but no clear signs of undervaluation.

About GlaxoSmithKline

GSK is a leading global biopharmaceutical company dedicated to leveraging science and technology to develop advanced therapies. Its oncology portfolio focuses on improving patient outcomes across cancers affecting blood, women’s health, lung, and gastrointestinal systems.

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.

Hamak Gold Limited (LSE:HAMA) has established a new Advisory Board to support its strategic expansion into innovative fields such as data security, decentralized technologies, and digital assets. Dr. Arthur B. Laffer, a distinguished economist known for his influential fiscal policy work and strong advocacy for Bitcoin, has been appointed as the board’s inaugural member. His involvement highlights Hamak Gold’s focus on pioneering economic approaches and enhancing shareholder value.

The company plans to provide ongoing updates regarding additional advisory appointments and will outline its Bitcoin treasury strategy in an upcoming shareholder call scheduled for early September, where it will share insights on its future direction.

About Hamak Gold Limited

Hamak Gold Limited is a UK-listed gold exploration company with operations in Africa. It combines traditional mining activities with a forward-looking BTC/cryptocurrency treasury management approach, offering investors unique exposure to the digital asset space through its listing on the London Stock Exchange’s main market.

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.

CAP-XX Limited (LSE:CPX) has announced significant progress in its partnership with SCHURTER AG, with the project pipeline approaching an estimated USD 2 million in potential revenue. This collaboration marks a key step for CAP-XX, merging its cutting-edge supercapacitor technology with SCHURTER’s extensive global distribution network. The alliance is opening new market opportunities and boosting scalability across diverse sectors.

The partnership has already secured its first design-win order, signaling early commercial success, and both companies are actively developing plans to convert the promising pipeline into realized sales.

While CAP-XX benefits from stable technical indicators and positive corporate developments, the company continues to face financial challenges and valuation pressures. Although strategic partnerships offer avenues for growth, profitability and financial risks remain key concerns.

About CAP-XX Limited

CAP-XX Limited specializes in designing and manufacturing ultra-thin, flat supercapacitors and energy management systems. These are widely used in portable electronics, as well as larger scale applications such as automotive and renewable energy sectors. Their products are distinguished by high power density and energy storage within compact prismatic formats, serving the needs of power-intensive consumer and industrial devices.

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 One Plc (LSE:MET1) has acquired an initial 10% interest in NovaCore Exploration Inc., which is developing the Red Basin Uranium Project in New Mexico. The agreement includes an option to increase Metals One’s ownership up to 30%. This acquisition complements Metals One’s ongoing expansion in the U.S. uranium sector, adding a third exploration-stage asset to its portfolio.

Situated in a historically uranium-rich region, the Red Basin Project shows strong potential for sizeable uranium resources, supported by recent geophysical surveys and historic exploration results. This investment highlights Metals One’s strategy to assemble a robust uranium portfolio within jurisdictions that prioritize supply security and low geopolitical risk.

About Metals One PLC

Metals One Plc is a minerals exploration and development company targeting critical and precious metals in stable, low-risk regions. The company’s portfolio includes projects focused on gold, uranium, vanadium, copper, nickel, cobalt, zinc, and platinum group metals across the USA, Finland, and Norway. Metals One is listed on the AIM Market of the London Stock Exchange.

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.