Shanghai Gold Exchange Gold T+D rose 1.67% to 951.5 yuan/gram in early trade on Sept 3; Shanghai Gold Exchange Silver T+D rose 2.31% to 15,980 yuan/kg.

U.S. military on Tuesday escorted 40 commercial vessels carrying about 18 mln barrels of oil through the Strait of Hormuz, a wartime high, CNN cited two U.S. officials. The operation used air, sea and space assets to blunt Iranian attacks on shipping, repelled multiple drone strikes and intercepted and destroyed an anti-ship cruise missile, officials said. The action occurred amid a new round of U.S.-Iran confrontation and aligns with the Trump administration’s priorities to strike targets near the strait, escort commercial traffic and maintain a maritime blockade of Iranian ports as part of a broader “maximum pressure” campaign. Officials do not expect a rapid resolution, and energy firms remain wary of routing tankers through the strait despite U.S. escorts.

An Indian government official said India's trade minister is expected to hold a bilateral meeting with U.S. Trade Representative Greer during the G20 summit.