UBS says gold prices may remain relatively volatile in the near term.

The National Flood Control and Drought Relief Headquarters and the Ministry of Emergency Management activated a level-4 flood and typhoon emergency response for Zhejiang and Fujian at 17:00 on Aug 6. Meteorological forecasts show Typhoon No.13 Baihaitun is expected to make landfall between the Yangtze River estuary and northern Fujian on the morning of Aug 9–10 at typhoon or strong-typhoon intensity, bringing heavy wind and rain to East China.

Fed official Musalem said the El Niño weather event could bring new supply shocks.