Gold-backed ETFs recorded their longest inflow streak in months, while the PBOC added around 20 tons to reserves in July, its largest monthly purchase since October 2023.

Chinese inflation slowed to 0.5% in July, while producer price growth eased to 3.5%, pointing to weak domestic demand. Beijing responded with plans for faster fiscal spending and bond issuance, alongside further support for equipment upgrades and consumer trade-ins.

Oil stayed firm as uncertainty over reopening the Strait of Hormuz persisted, with Brent above $84 for a third session. 

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