Morning highlights: gold hits record, oil rises, markets await Fed and OPEC+ decisions

Gold hit an all-time high of $3570 an ounce and silver rose to a one-year peak amid pressure from Donald Trump. Brent crude oil prices rose to $69 per barrel in anticipation of the OPEC+ meeting, where production is expected to be maintained, and the US is increasing pressure on Russia and India over raw material supplies. On these and other topics - in our review of key events for the morning of September 2.

Gold futures reached an all-time high of $3578.40 per ounce, silver also rose to an annual peak, MarketWatch writes. The growth in demand for "safe harbors" is explained by fears for the independence of the Fed after the pressure of Donald Trump and the legal dispute over his attempt to remove a member of the Board of Governors of the regulator Lisa Cook, the publication points out. At the same time, uncertainty remains over the legality of the global tariffs imposed by the White House, which may now reach the Supreme Court.

Futures on the Dow Jones, S&P 500 and Nasdaq moved in a mixed direction at the beginning of the week, and the price of bitcoin again exceeded $109,000. Investor optimism is fueled by expectations of rate cuts at the next Fed meeting, which makes gold more attractive than bonds, MarketWatch notes.

"The key question is not whether the rally can continue, but how the market will handle the stress if the illusion of calm is shattered," wrote SPI Asset Management managing partner Stephen Inness, adding that a 5-10% correction is "likely" before a recovery by year-end.

US President Donald Trump has again accused India of unfair trade policies, calling relations with it a "complete one-sided disaster," CNBC writes. He said New Delhi was dragging its feet too long in proposing zero tariffs, while Washington has already imposed duties of 50 percent, including an additional 25 percent as punishment for Russian oil purchases. According to WTO data, the average rate on U.S. goods imported into India in 2024 was 6.2% compared to 2.4% by the United States.

Amid an escalating trade standoff, Prime Minister Narendra Modi met with Chinese President Xi Jinping at the SCO summit in Tianjin, emphasizing the importance of the partnership. Washington fears a rapprochement between New Delhi and Beijing, US Treasury Secretary Scott Bessent called the meeting "revealing," CNBC reported.

The TV channel notes that improved ties with China give India access to the technology it needs to industrialize. However, long-standing disputes make a full-fledged alliance unlikely.

Robinhood and FanDuel announced the launch of so-called event contracts - binary contracts on the outcome of events: from sports matches to the price of gold or bitcoin, writes Yahoo Finance.

These products are in a "gray zone": they are neither bets nor investments, but are regulated by the Commodity Futures Trading Commission (CFTC), unlike gambling and classic exchange trading. The American Gaming Association (AGA) demands that such contracts be considered a form of betting, pointing to the threat of circumvention of laws.

Robinhood has filed lawsuits against regulators in Nevada and New Jersey, accusing them of trying to block the product.

Oil prices rose: Brent approached $69 per barrel, WTI held near $65, Bloomberg reports. Traders are waiting for the OPEC+ meeting next weekend, when, as expected, it will be decided to keep production volumes unchanged. At the same time, the price remains in the range of $65-70 per barrel amid fears of oversupply and weakening demand due to trade conflicts, the agency believes.

Russian supplies are also in the spotlight: the US is trying to increase pressure on Moscow through India, while New Delhi is holding a friendly meeting with Vladimir Putin. The US Treasury Department is preparing new sanctions, but analysts note that Ukraine's attacks on Russian infrastructure are only keeping prices from falling, while expectations of a surplus are limiting growth, the agency writes.

- Japan's broad Topix index jumped 0.5 percent.

- The benchmark Nikkei 225 rose 0.25 percent but squandered gains.

- In South Korea, the Kospi index strengthened nearly 1 percent and the Kosdaq small-company index gained 1.04 percent.

- Australia's S&P/ASX 200 fell 0.1 percent.

- S&P 500 futures were down 0.1%, Nasdaq Composite futures were down 0.2%, and Dow Jones Industrial Average contracts were little changed.

This article was AI-translated and verified by a human editor