0739 GMT - Gold prices slip back below $4,000 a troy ounce ahead of Fed Chairman Kevin Warsh's speech at the European Central Bank Forum in Portugal. "The market has yet to attract sufficient buying interest to establish that level as support," analysts at Saxo Bank say. "Gold fell 14% during the second quarter, its worst quarterly performance since 2013, as investors continued to price in the risk that the Federal Reserve may tighten policy further in response to an inflation flare-up, despite the recent retreat in energy prices." In early European trading, New York futures slide 1.6% to $3,974 an ounce. Meanwhile, the U.S. dollar index is up 0.2% to 101.37, making dollar-denominated commodities more expensive for overseas buyers. (giulia.petroni@wsj.com)
Oil Little Changed With Focus on U.S.-Iran Talks, Hormuz Recovery
0731 GMT - Oil prices are little changed in early trading as the market monitors peace talks between the U.S. and Iran and the return of shipping through the Strait of Hormuz. Brent crude is up 0.2% to $73.10 a barrel, while WTI futures rise 0.1% to $69.58 a barrel after posting their sharpest quarterly decline since early 2020 on Tuesday. President Trump has weighed returning to all-out war with Iran but decided to stick with diplomatic talks for now, the Wall Street Journal reported. He also told aides that he is fine if negotiations with Tehran blow past an Aug. 18 deadline. "Improving prospects for a lasting U.S.-Iran agreement continued to ease supply concerns," analysts at MUFG say. Still, "uncertainty remains over key issues, including Iran's nuclear program and future governance of the Strait of Hormuz, which could complicate negotiations during the ongoing ceasefire period." (giulia.petroni@wsj.com)
