Gold prices climbed to their highest level in two weeks on Tuesday, supported by a weaker dollar following President Donald Trumps dismissal of Federal Reserve Board member Lisa Cook.
HSBC is pressing ahead with a major restructuring of its Swiss private banking business in a move aimed at reducing exposure to clients classified as high-risk. The bank has decided to terminate relationships with a significant number of Middle Eastern clients, including wealthy individuals with assets exceeding 100 million, according to people familiar with the matter.
The minutes of the U.S. Federal Reserves July 2930 meeting, released on Wednesday, revealed a rare internal split not seen since 1993 over the direction of interest rates. While most policymakers agreed to keep the federal funds rate unchanged within the 4.25%4.50% range, two membersMichelle Bowman, Vice Chair for Supervision, and Governor Christopher Wallervoted against the decision, preferring a quarter-point rate cut to guard against mounting weakness in the labor market.
Gold prices moved within a narrow range on Thursday as investors awaited clearer signals on the U.S. Federal Reserves policy outlook ahead of the Jackson Hole Symposium in Wyoming, running August 21 to 23.
The Peoples Bank of China PBoC decided to keep its key lending rates unchanged in its latest move to maintain financial stability and support growth. The one-year Loan Prime Rate LPR was held at 3%, while the five-year LPR, a benchmark widely used for mortgage lending, remained at 3.5%.
Britains consumer price inflation accelerated to 3.8% in July, up 3.6% in June, according to official figures released on Wednesday. The reading came in slightly above economists expectations of 3.7% in a Reuters poll and matched the Bank of Englands own forecast.
Data released by the Central Bank of Egypt revealed an increase in its net foreign assets, which reached 10.491 billion equivalent to EGP 511.211 billion by the end of July 2025, compared to 10.1 billion equivalent to EGP 499.628 billion by the end of June.
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