Spot gold breaks through the $4,170 per ounce threshold

The Bank of Japan will purchase 85 billion yen of 10- to 25-year Japanese government bonds, compared to 100 billion yen in the previous operation. The Bank of Japan will purchase 330 billion yen of 1- to 3-year Japanese government bonds, compared to 355 billion yen in the previous operation.

(1) Analysis: Iran has intensified oil tanker attacks in the Strait of Hormuz, with geopolitical risks supporting oil prices. However, Saudi Arabia's east-west pipeline flow has recovered to 5.8 million barrels per day, and Gulf exports are now close to pre-conflict levels, leading the restored supply to limit price gains. The EIA has raised its oil price forecast, global inventory buffers are narrowing, and the supply-demand balance remains tight. Oil prices are fluctuating between $88.5 and $90.5, maintaining a range-bound outlook. (2) Key focuses: Geopolitical situation, inventory data, US dollar index. (3) Resistance levels: 90.60, 91.00, 91.70. (4) Support levels: 90.00, 89.00, 88.50.

(1) Analysis: Bond yields have fallen from their highest levels since 2002 to around 5.29%. Combined with lower oil prices and a slightly weaker US dollar, these factors are supporting gold prices, which are currently consolidating around $4,150. CME data shows about a 79.5% probability that the Federal Reserve will hold rates steady in October, with concerns over rate hikes easing. However, with the FOMC minutes approaching and Fed officials maintaining a hawkish stance, persistent inflation is capping the upside. Gold remains below the 100-day moving average, with the price mainly ranging in a consolidation phase. (2) Key focus: US bond yields, US dollar index, geopolitical situation, FOMC minutes. (3) Resistance: 4,180, 4,200, 4,230. (4) Support: 4,130, 4,100, 4,080.

(1) On Wednesday, Australia's High Court issued a historic ruling on a major coal mine expansion case, determining that local planning authorities failed to properly consider methods for limiting greenhouse gas emissions. Environmental advocates highlighted that this is the first landmark ruling by Australia's highest court on a climate-related issue. (2) Previously, lower courts found that Scope 3 emissions, resulting from customers burning coal, account for 98% of the potential pollution of this project. (3) This decision will directly affect coal mine approvals in New South Wales and could serve as a precedent for similar projects nationwide. Currently, around 30 new or expanded coal mine projects are seeking government approval. (4) Australia's coal export industry is valued at around 70 billion Australian dollars (49 billion dollars). Mining companies have warned that approval delays may impact employment and Australia’s reputation as an energy supplier.