CEO of Norway's sovereign wealth fund said he sees inf pressures across many sectors, including energy, commodities and wheat.

Gold pulled back Tuesday after earlier touching a more-than-three-month high as markets focus on upcoming US inflation data and a speech by Fed Chair Kevin Warsh. IG analyst Tony Sycamore said pullbacks are likely to attract strong buying. Last week the US Treasury doubled the size of liquidity-support repo operations for longer-dated Treasuries, which boosted gold and raised concerns about dollar weakness. TD Securities said those concerns should support gold in the coming weeks given the Fed has not signaled it is ready to counter rising inflation, but warned that sustained oil-driven upward pressure on rates would limit a near-term large gold rally.

Riksbank minutes said if higher‑than‑expected inflation this summer proves persistent, a policy rate increase later this year remains possible. The bank left the policy rate at 1.75% at its last meeting. Governor Thedéen said the next policy move would need to be a rate increase but timing is uncertain. The minutes described a mixed outlook: headline inflation is low at 0.7% YoY in July; growth has picked up while firms' pricing plans remain muted, oil has retreated and the labour market is weak. Risks cited include election‑year temporary tax cuts boosting headline inflation, underlying price pressures running hotter than expected over the summer, and the Middle East conflict spilling over and pushing domestic prices higher.