Gold whipsaws in choppy trading as US completes new Iran strikes

Gold whipsaws in choppy trading as US completes new Iran strikes


Gold prices spiked up after the US strikes against Iran. President Donald Trump accused Iran of dragging out talks on an interim peace deal.  In response, Tehran said it was closing the Strait of Hormuz to all vessels.
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FRANCIS MASCARENHAS

Gold whipsawed after the US completed a fresh round of strikes against Iran, raising the stakes in a war that’s roiled global markets and stoked inflation.

Bullion rose as much as 1.1% in choppy trading, reversing a drop of similar magnitude that took the metal close to $4,000 an ounce earlier Thursday. The US military said it had completed strikes against targets in Iran, after US President Donald Trump accused the country of dragging out talks on an interim peace deal. In response, Tehran announced that it is closing the Strait of Hormuz to all vessels.

The latest attacks underscored Trump’s growing impatience that the two sides have failed to reach an agreement. Now in its fourth month, the war has disrupted energy flows via Hormuz, caused oil prices to rise and raised the likelihood of interest-rate hikes as central banks try to keep inflation in check.

US inflation accelerated in May to the fastest pace in more than three years as the war pushed up energy prices, outstripping Americans’ pay gains. The consumer price index climbed 0.5% from April and 4.2% from a year earlier, the most since early 2023, according to the Bureau of Labor Statistics data out Wednesday.

Gold is around 22% below where it was trading before the Iran war broke out at the end of February. The metal’s recent decline through its 200-day moving average has triggered additional selling as it’s seen as an important level watched by institutional investors.

“The constant flow of conflicting headlines is increasing uncertainties and prompting investors to reduce risk exposure and raise liquidity across a range of asset classes,” Robert Gottlieb, a consultant and former precious metals trader at JPMorgan Chase & Co., wrote in a LinkedIn post. The latest slump “is more about deleveraging and portfolio repositioning, rather than a fundamental reassessment of gold as a safe-haven asset,” he wrote.

Spot gold rose 0.6% to $4,097.73 an ounce at 10:05 a.m. in Singapore, having lost more than 4% in the previous session. Silver climbed 1% to $63.96 an ounce. Platinum and palladium also advanced. The Bloomberg Dollar Spot Index, a gauge of the US currency, was 0.1% lower.

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©2026 Bloomberg L.P.

Published on June 11, 2026



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Anthropic pledges 0 million to study AI's economic impact, job losses

Anthropic pledges $200 million to study AI's economic impact, job losses



Anthropic on Wednesday joined growing calls for the artificial intelligence industry to find ways to cushion people from the technology’s disruptions, announcing an initial $200 million investment to research AI’s impact on jobs and the economy.


Alongside new policy proposals from the maker of the Claude chatbot, Anthropic CEO and co-founder Dario Amodei published an essay on his personal website that expanded on his position that the government should promise economic support for those financially impacted by AI. The technology could produce much larger disruptions to the labour market than previous technological advancements, Amodei wrote, and those disruptions could last longer.

 


“The key challenge in such a world won’t be incentivising growth, but finding a way for everyone to share in the benefits,” Amodei wrote.


The announcement comes on the heels of Anthropic rival OpenAI on Monday outlining goals that included ensuring gains from the technology are “widely shared”. OpenAI CEO Sam Altman recently met with Sen Bernie Sanders to discuss a plan for the public to take an ownership stake in artificial intelligence companies like OpenAI, using their stock to create a public wealth fund that would spread the fortune generated by AI behemoths.


In the Oval Office on Wednesday, President Donald Trump told reporters that he will soon meet with executives from several leading AI companies to discuss “giving back” to the public.


“We’re talking about giving back something to the public, and if we do that, the public will become very rich,” Trump said. “I think they’ll do that, and I think it’ll make it very popular.” 
In his essay, Amodei said he has warned of job displacement not because he is “trying to be a prophet of doom” but because he wants “both policymakers and the private sector to have the best chance to adapt and respond”.


He proposed better data collection to track AI job displacement, pro-employment policy incentives to slow or reduce displacement and “mechanisms such as universal basic income” if job displacement more permanently drives down labour demand.


That universal basic income could be financed through taxes on “relevant companies” or by raising the capital gains tax, Amodei wrote.


Scant details were available Wednesday about the $200 million commitment from Anthropic, but the company said it will go to what it calls an Economic Futures Research Fund that will back research trials and “program evaluation” on public policies it deems promising. The company is also establishing a $150 million national fellowship program it says will help early-career professionals “extend the benefits of AI to communities across America”.


Anthropic and OpenAI each recently announced they were moving toward initial public offerings of shares, following Elon Musk’s rocket company SpaceX, which is pitching itself as an AI-focused space company as it prepares to go public.


The economic policy framework Anthropic proposed Wednesday set recommendations for how the US government could respond to three levels of economic disruption caused by AI: one in which the national unemployment rate reaches 5 per cent, 10 per cent and an unspecified, “unprecedented” level. The latest unemployment rate, reported last week, was 4.3 per cent.


In the “unprecedented” scenario, the company wrote that more permanent support will be necessary, and it listed several ways to generate and share revenue broadly, including basic income, sovereign wealth models and equity-sharing mechanisms. This would be “novel economic territory”, the company wrote.


The company’s proposals also outlined several suggestions for mitigating safety and security risks. Anthropic is known for its emphasis on safety and building reliable, “steerable” AI systems, with Amodei and its co-founders splitting off from OpenAI to form the new company in 2021.


The proposals add that the government should be able to “block or deter” the rollout of AI models that “pose a significant risk of catastrophic harms”.


Amodei wrote that AI regulations should match the rigor of Federal Aviation Administration regulations in that AI models would be required to go through technical testing and auditing like airplanes. They wouldn’t be released if they didn’t meet high safety standards.


Last week, Trump signed an executive order on AI oversight that established a framework for the government to vet the national security risks of the most advanced AI systems for up to a month before their public release.


Amodei added existing regulations for aircraft, automobiles and drugs should serve as models for regulating AI. They are all “powerful technologies essential to the modern economy”, he wrote, “but capable of killing large numbers of people if designed or operated poorly.



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Oil surges as fresh US strikes on Iran threaten fragile truce

Oil surges as fresh US strikes on Iran threaten fragile truce


Oil jumped after a second day of US military strikes on Iran, with the Islamic Republic announcing a halt to all vessels through the Strait of Hormuz in response, putting further strain on a fragile ceasefire.

Brent crude surged more than 2% to trade above $95 a barrel, while West Texas Intermediate advanced toward $93, before paring gains after the US military announced an end to the brief campaign. President Donald Trump has accused Tehran of dragging out talks on an interim peace deal, and he warned of more strikes in an interview with Fox News if an agreement isn’t signed.

The US military earlier refuted the Iranian claim Hormuz has been completely closed, saying commercial ships are continuing to transit the waterway. State-run Press TV reported Iran had struck two vessels attempting passage in the strait, while drones had targeted the US Fifth Fleet in Bahrain.

The fresh US attacks follow strikes on Tuesday in retaliation for the downing of an American helicopter off Oman. Renewed hostilities threaten to extend the near-total closure of the Strait, which has choked off supplies of crude, fuels and natural gas since the start of the war in late February.

“The next few days will be critical in determining whether diplomacy can reassert itself or whether the conflict moves into a more sustained escalation cycle,” said Jorge Leon, the head of geopolitical analysis at consultant Rystad Energy. “Oil price volatility is likely to remain elevated until there is clearer evidence” for the ceasefire holding, he added.

US Central Command said it conducted “additional self-defense strikes” due to Iran’s “unwarranted and continued aggression.” Trump told Fox News he had spoken with top Iranian officials on Wednesday and they had asked him to stop the bombing. However, Iranian news organizations said authorities in Tehran denied direct talks with the American president.

Late Wednesday, Trump claimed in a social media post that the US military had supported the passage of “more than 200 commercial ships” through Hormuz, resulting in “more than 100 million barrels of oil” making it to market. It isn’t clear what the basis of his claim is. Trump also said the US controls the strait, “not Iran.” Both countries have implemented blockades. 

Oil flows remain significantly below pre-war levels, although there has been a trickle exiting the Persian Gulf under the cover of darkness, with physical markets showing some signs of ample supply. Still, the disruption to Middle East shipments has driven energy prices higher, including retail US gasoline, and raised concerns about slowing economic growth. 

Separately, US government data on Wednesday showed US crude inventories fell by 7.2 million barrels last week, extending declines for a seventh week. Supplies at Cushing, Oklahoma, also dropped slightly.

More stories like this are available on bloomberg.com

©2026 Bloomberg L.P.

Published on June 11, 2026



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Gold price dips ₹10 to ₹1,48,850; silver down ₹100, trading at ₹2,49,900

Gold price dips ₹10 to ₹1,48,850; silver down ₹100, trading at ₹2,49,900



Gold Price Today: The price of 24-carat gold fell ₹10 in early trade on Thursday, with ten grams of the precious metal trading at ₹1,48,850, according to the GoodReturns website. However, the price of silver declined by ₹100, with one kilogram of the precious metal selling at ₹2,49,900. 

 


The price of 22-carat gold decreased by ₹10, with ten grams of the yellow metal selling at ₹1,36,440. 

 


The price of ten grams of 24-carat gold stood at ₹1,48,850 in Mumbai, Kolkata, Hyderabad and ₹1,50,540 in Chennai.

 


In Delhi, the price of ten grams of 24-carat gold stood at ₹1,49,000.


  

 


In Mumbai, the price of ten grams of 22-carat gold was ₹1,36,440, the same as in Kolkata, Bengaluru, Hyderabad, and ₹1,37,990 in Chennai.


                   

In Delhi, the price of ten grams of 22-carat gold stood at ₹1,36,590.  

 


The price of one kilogram of silver in Delhi, Kolkata, and Mumbai stood at ₹2,49,900. 

 


The price of one kilogram of silver in Chennai stood at ₹2,59,900. 

 


US gold prices rebounded from a six-month low on Thursday on short-covering as investors awaited a key US inflation report that could shed more light on the Fed policy outlook.

 


Spot gold rose 0.4 per cent to $4,089.12 per ounce by 0215 GMT, after hitting its lowest since November 21 at $4,022.09 earlier in the day. US gold futures for August delivery were down 0.5 per cent at $4,111.10.  Spot silver rose 0.3 per cent to $63.86 per ounce, platinum gained 0.6 per cent to $1,673.75, and palladium climbed 2.2 per cent to $1,239.89.

 


(with inputs from Reuters) 

 



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Visa enables ChatGPT's AI agents to shop, complete purchases for users

Visa enables ChatGPT's AI agents to shop, complete purchases for users



Payments giant Visa said Wednesday that it has embedded its payment network inside of ChatGPT, empowering the chatbot to independently shop and complete transactions on behalf of its user.


It means AI agents can not only recommend products but complete the purchase on the user’s behalf, at potentially any merchant that accepts Visa. The payment network’s previous attempts at this technological leap were confined to a single retailer or a small set of enrolled merchants.


It is not OpenAI’s first attempt at e-commerce. The company late last year announced Instant Checkout, which allowed ChatGPT to scour the internet for a specific item like a digital personal shopper. But the process was prone to errors and was not widely adopted by merchants due to the fee that OpenAI was charging merchants. The company retired Instant Checkout in March.

 


Visa’s collaboration is different from OpenAI’s previous attempts, as it will allow users to link their Visa cards to ChatGPT to shop and make it easier for merchants to accept transactions initiated by agents.


OpenAI will provide the technology to allow agents to interact, make decisions and initiate purchases through ChatGPT. Visa, the world’s largest payment network outside of China, will provide the payment authorisation and fraud monitoring needed to do this at scale.


“As AI agents become active participants in the economy, Visa’s focus is to ensure transactions are trusted, secure and seamless,” said Jack Forestell, chief product and strategy officer at Visa.


Speaking at a company event Wednesday in San Francisco Wednesday, Forestell gave an example of a customer telling ChatGPT they’re looking for a pair of wireless headphones under $150. The chatbot would find a pair for sale under those parameters and buy it on behalf of the customer.


Visa and OpenAI did not disclose the financial terms of the collaboration and did not give details on the fees merchants or customers would have to pay.


Instant Checkout charged merchants 4 per cent of the transaction’s value, which merchants saw as being too expensive.


Allowing AI agents to buy products on behalf of a consumer raises concerns for both banks and retailers. A customer could overspend, or the agent buys the wrong item, or the customer claims they did not authorise that transaction. Banks have been concerned about potential fraud claims that could occur when an agent uses a bank customer’s credit or debit card.


Visa says the feature will have guardrails like spending limits, required approval steps and approved merchants for shopping in order to protect consumers and minimise fraud.


Retailers have introduced shopping assistants powered by AI that can recommend products and personalise the customer’s shopping experience, with the earliest iterations of those experiments being Amazon’s Alexa. But Alexa could only shop on Amazon, and OpenAI’s Instant Checkout feature was limited to select merchants.


Visa’s biggest competitor, Mastercard, has also been introducing its own AI-shopping features to its payment network on a smaller scale.


Mastercard announced that AI agents will have the capability to procure services on behalf of a business. For example, a coffee shop wants to start an advertising campaign as part of a launch, so it gives an AI agent the authorisation to purchase services from web and ad providers in order for the coffee shop to build out its campaign.



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