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2026-06-04 09:50:05
[Middle East Ceasefire Expectations Rise, Oil Prices Weaken, Gold Prices Rebound Slightly] 1. Gold prices rose slightly in early Asian trading on Thursday, with spot gold rising as much as 0.88% to $4473.38 per ounce, mainly supported by a pullback in oil prices. Investors are assessing the prospects for resolving the Middle East conflict. 2. The Trump administration announced Wednesday evening that Israel and Lebanon had agreed to implement a ceasefire agreement. This news boosted hopes for a broader agreement to end the conflict with Iran. 3. On the same day, the US House of Representatives passed a Democratic-led resolution aimed at limiting the president's ability to continue waging war against Iran without congressional approval. 4. Oil prices fell slightly in early trading on Thursday, mainly as the Lebanon-Israel ceasefire strengthened market expectations for a eventual peace agreement between the US and Iran. 5. The latest Beige Book released by the Federal Reserve showed that the US economy remains supported by an investment boom, but also revealed signs of consumer pressure, weak hiring, and rising prices. These factors will set the tone for incoming Federal Reserve Chairman Warsh's first policy meeting in two weeks. 6. New York Fed President Williams stated that he expects the upside risks to inflation triggered by the Middle East conflict to be short-lived and reiterated that there is currently no need to adjust monetary policy. 7. Dallas Fed President Logan, however, noted that strong economic growth and signs of "explosive" corporate earnings are causing her concern. She believes the Fed may need to raise interest rates this year to bring inflation back to its 2% target level.
