Spot gold fell below $4,090/oz, down 0.82% intraday. New York gold futures touched $4,100/oz, down 0.79% intraday.

Andy Burnham secured nominations from 322 of Labour’s 403 MPs on the first day of the party’s leadership contest, making him the clear favorite to replace Keir Starmer and assume the role of UK prime minister. Burnham said he was grateful for colleagues’ support and outlined plans to devolve power away from Westminster, reshape the economic model and promote broader-based growth. Rival candidates failed to reach the 81-MP nomination threshold; Burnham needs one more nomination to become the sole candidate. The leadership contest closes July 17 and he is expected to take office July 20. Starmer will not participate in the nomination vote by convention.

China A-share CRO sector continued to rally; Heyuan Bio rose over 17%, Medicilon rose over 10%, Yinuosi rose over 7%, Baiaosaitu rose over 6%, Joinn Labs rose over 5%.