Spot gold broke above $4,300 an ounce on August 6, with its weekly gain topping 7% at one point for its best showing since January. Data from the People’s Bank of China showed China’s gold reserves rose to 76.08 million ounces at the end of July, up 640,000 ounces from June. South Korea’s central bank returned to gold buying after 13 years, with reserves at about 104.4 tonnes, or roughly 3.5% of its foreign exchange reserves. A World Gold Council survey found 45% of central banks expect to increase gold holdings over the next year.

Copper is trading above $14,000 per tonne, near a historic peak. China’s refined copper imports exceeded 200,000 tonnes in July, the highest monthly total in at least 12 years. LME copper stocks have fallen to a five-month low, while the cash-to-three-month spread has widened to about a $120-per-tonne backwardation from around $40 a week earlier. The market is forecasting a global refined copper deficit of about 35,000 tonnes in 2026, underscoring ongoing tightness in the physical market.

Market pricing for a Federal Reserve rate hike in September fell sharply after the U.S. July jobs report came in well below expectations. Data from the Kalshi prediction market show the probability of the Fed holding rates steady rose from 50% before the report to 65%. CME’s FedWatch tool puts the hold-steadier odds at 60%, up from 45% on Thursday and about one-in-three a week earlier, while markets still price in a 75% chance of a hike by December.

Twilio shares surged more than 23% after the cloud communications company posted better-than-expected second-quarter results and raised its full-year guidance. A series of Wall Street firms lifted their price targets, with the highest raised to $275, while keeping positive ratings. The moves reflect growing confidence in Twilio’s growth outlook, including its Communications Platform-as-a-Service (CPaaS) business.

South Korea’s three major shipbuilders—HD Korea Shipbuilding & Offshore Engineering (HD KSOE), Hanwha Ocean and Samsung Heavy Industries—posted combined first-half 2026 revenue of more than KRW 30 trillion and new orders exceeding USD 30 billion. In preliminary second-quarter results, the group reported revenue of KRW 8.927 trillion, up 20.2% year on year, and operating profit of KRW 1.6451 trillion, up 72.5%. Both figures topped market expectations.

Tesla CEO Elon Musk laid out a first-phase plan for Terafab requiring $16.8 billion in investment, spanning more than 100 million square feet and creating at least 3,000 jobs. He said roughly 25% of the project’s AI compute would go to Optimus, with about 75% allocated to AI spacecraft. After the details were shared, Tesla shares fell 1% on Thursday to $319.53, though the stock is up 3% this week and may snap a three-week losing streak.

Occidental Petroleum reported Q2 2026 earnings of $2.40 per share, beating estimates of $1.87. Revenue came in at $8,327,000,000, above the $7,149,975,001 forecast. Over the past six months, insiders recorded one open-market purchase and no sales, and analysts’ median price target stands at $66.0.

Palantir reported second-quarter results, with net profit up 225% year over year to $1.06 billion and revenue nearly doubling to $1.9 billion, including a 115% increase in U.S. revenue. The company raised its Q3 and full-year outlook, projecting revenue growth of more than 80%. The stock jumped 29.45% on the day.

Rising US-Iran tensions have strained energy flows through the Strait of Hormuz, tightening global crude supply. ExxonMobil posted second-quarter adjusted earnings per share of $6.06, or $12bn, while Valero Energy reported a record-high second-quarter net profit of $3.7bn. The average US gasoline price climbed to $4.09 a gallon, up 27 cents from January. The developments have directly pushed oil prices higher and boosted performance in refining-linked traditional assets.