Key Takeaways
- Gold prices reclaimed the $4,000/oz level after U.S. PCE inflation data met expectations, easing fears of more aggressive Federal Reserve rate hikes.
- The UN International Maritime Organization (IMO) paused its Hormuz evacuation plan following a projectile attack on a Singapore-flagged vessel, reigniting geopolitical risk premiums.
- BHP Group (BHP) officially appointed Brandon Craig as CEO, effective July 1, 2026, alongside a major restructuring of its Americas leadership.
- Starlink is providing free satellite internet to Venezuela through July 25 to assist recovery efforts following devastating twin earthquakes that killed at least 164 people.
Precious Metals: Gold Stabilizes Above $4,000
Gold (XAU) rebounded on Thursday, trading near $4,036/oz after hitting a seven-month low of $3,959 earlier in the week. The recovery was triggered by the U.S. Personal Consumption Expenditures (PCE) price index, which rose 3.4% year-over-year (core) and 4.1% (headline), figures that broadly matched economist consensus. This "in-line" data reduced immediate pressure on the Federal Reserve to accelerate its tightening cycle, leading to a modest softening of the U.S. Dollar and Treasury yields.
Despite the daily gain, bullion remains in a technical bear market, down approximately 27% from its January all-time high of $5,600. Analysts note that while the "war premium" from the U.S.-Iran conflict has faded significantly, the metal continues to face headwinds from higher-for-longer interest rate expectations. However, renewed instability in the Middle East late Thursday provided a late-session floor for prices.
Geopolitics: UN Pauses Hormuz Evacuation After Attack
The United Nations' International Maritime Organization (IMO) has suspended its emergency plan to evacuate stranded vessels from the Strait of Hormuz. The decision follows reports from the UK Maritime Trade Operations (UKMTO) that a cargo ship was struck by a projectile off the coast of Oman. The pause comes just days after a UN-backed framework began moving some of the 11,000 seafarers and hundreds of ships trapped by the recent conflict.
The attack has cast doubt on the 60-day de-escalation window recently signaled by Washington and Tehran. U.S. Secretary of State Marco Rubio reiterated that the U.S. remains committed to ensuring the waterway stays open without tolls, warning that any permanent disruption would pose a severe threat to global energy security. Brent crude prices, which had dipped below $73/barrel, saw a 2% intraday spike following the news.
Corporate: BHP Group Reshapes Leadership for New CEO
BHP Group (BHP) confirmed that Brandon Craig will succeed Mike Henry as CEO and Director on July 1, 2026. As part of the transition, the mining giant is splitting its President Americas role into two distinct positions: President North America, to be led by Jessica Farrell, and President South America. Edgar Basto has also been named Chief Enterprise Performance Officer in a bid to streamline global operations.
Craig takes the helm at a critical juncture as the company navigates $2.3 billion in cost overruns at the Jansen potash project and looming industrial action at its Port Hedland iron ore operations. Investors are closely watching for Craig's stance on future M&A, particularly regarding copper assets, as BHP continues its strategic pivot toward future-facing commodities like copper and nickel.
Humanitarian: Starlink Rushes Terminals to Venezuela
In response to the 7.2 and 7.5 magnitude earthquakes that struck northern Venezuela on June 24, Starlink has announced it will provide free satellite internet service through July 25, 2026. The company is rushing additional terminals to the hardest-hit areas near Morón and Caracas to restore connectivity where terrestrial infrastructure has collapsed.
The earthquakes have caused widespread destruction, with official tolls reporting at least 164 dead and nearly 1,000 injured. The United Nations has urged the Venezuelan government to unblock social media access to facilitate "life and death" information sharing during the rescue phase. SpaceX's intervention follows a similar pattern of rapid deployment seen in previous global disaster zones.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.