Spot gold slipped $11 intra-day to $4,619/oz.

Zhao Leji met Uzbekistan presidential administration director Mirziyoyeva in Beijing on the morning of the 26th. Citing strategic guidance from Xi and President Mirziyoyev, both sides said China‑Uzbekistan strategic trust has strengthened and pragmatic cooperation has expanded, upgrading bilateral ties to an all‑weather comprehensive strategic partnership. China pledged to implement leaders’ consensus, deepen all‑round mutually beneficial cooperation and bolster political trust; the National People’s Congress offered to expand legislative and oversight exchanges to support development. Mirziyoyeva reaffirmed Uzbekistan’s adherence to the One China principle, endorsed Xi’s four global initiatives, and sought closer legislative ties and deeper cooperation in economy, transport, education and counterterrorism.

US government data showed the Fed’s preferred inflation gauge rose 3.7% YoY in July, slightly above economists’ forecasts. Rate futures priced the probability of a September Fed rate hike at about 42% after the release, up from about 36% before.