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Gold continued its upward trajectory for a third consecutive session on Tuesday, building on last week’s significant rebound. The spot price of gold increased by 1% to $4,432.74 per ounce as of 0217 GMT, reaching its highest point since June 5 and surpassing the seven-week peak achieved last week. Meanwhile, U.S. gold futures rose by 1.7% to $4,492.60. This upward movement followed gains seen on Friday and Monday, as global bullion markets responded to U.S. economic data and expectations regarding interest rates.

Denmark’s July inflation slowed to 1.7% as consumer price growth eased from June. During July, the consumer price index reached 102.92, with 2025 designated as the base year at an index of 100. Holiday home rentals and package holidays accounted for 1.24 percentage points of the monthly rise. Food prices contributed an additional 0.15 percentage point. Conversely, reductions in clothing, hotel accommodations, and footwear prices collectively decreased the monthly increase by 0.34 percentage point. Rent was the largest positive contributor to the annual inflation rate, adding 0.55 percentage point. Holiday home rentals contributed 0.51 point, with fuel adding 0.39 point. Electricity costs decreased the annual rate by 0.68 point. Food prices lowered it by 0.26 point, and package holidays reduced the rate by 0.06 point. These combined fluctuations resulted in headline inflation dropping below June’s 1.9% figure. Leading the annual increase are restaurants and transportation costs Prices at restaurants and hotels rose 8.1% from July 2025, representing the most significant increase among the main CPI categories. Transport costs grew by 5.5%, while information and communication expenses increased by 4.6%. Education expenses went up by 4.5%, and insurance along with financial services saw a 2.9% rise. In contrast, prices for food and nonalcoholic beverages declined by 1.6%.

Europe’s extreme heat and drought are adding new pressure to the EU economy in 2026. During assessments conducted in 2026, Triodos Bank identified four primary areas affected: labour productivity, agriculture, energy generation, and transport logistics. The report indicates that a decline in labour productivity alone could slash EU GDP by about 0.6%, representing the most significant single impact. Additionally, the bank projects agricultural output in the EU to decrease by 3% to 7% as a consequence of heat and drought. Diminished power generation, elevated electricity costs, and transport disruptions contribute further to the overall economic strain across Europe.

In South Korea, the ongoing heat wave has led to an unprecedented surge in the cost of fresh vegetables, driven by reduced shipments and farm damages nationwide. According to data from Korea Agro-Fisheries & Food Trade Corp., spinach was priced at 1,978 won per 100 grams on Aug. 7, marking a 152.3% increase from the previous month. Ten cucumbers cost 8,313 won, up 54.8%. Blue lettuce saw a 41.7% rise, while zucchini prices climbed 46.6% to 1,504 won. Record heat is disrupting farms, fisheries and food supplies across South Korea.

On Friday, the European Commission announced a significant milestone in its satellite communications initiative, finalizing a major expansion of the EU’s flagship orbital network after months of commercial negotiations with the SpaceRISE industrial consortium. The newly signed implementation agreement marks the transition of the IRIS² program from planning to large-scale industrial rollout. This formalized agreement increases the planned satellite fleet to 348 spacecraft, aiming to enhance member states’ sovereign connectivity, defense, and emergency response capabilities.

South Korea recorded a historic $49.73 billion current account surplus in June, driven by a surge in semiconductor exports. The cumulative current account surplus for the January to June period reached $191.01 billion, setting a new all-time high. Exports of goods climbed 84.5% year-on-year to reach $112.37 billion, with semiconductor exports jumping 196.9%. Overall information technology exports grew by 160.4% in June. Customs data showed exports totaling $102.25 billion, a 70.9% rise from the same month last year.

Eurozone manufacturing output accelerated in July while new orders and exports stayed weak. At the start of July, the survey’s output index rose to 52.9 from 51.7, reaching its highest level since March 2022. Production accelerated faster than overall manufacturing conditions, though companies largely depended on work accumulated from previous months. While new orders increased slightly, they lagged behind the pace of production. Export orders continued to decline.

In recent developments, the European Union has introduced the Scaleup Europe Fund, with an ambitious target of €5 billion dedicated to key technology firms. The European Commission finalized the legal procedures for the fund on August 4, officially placing it within the European Innovation Council Fund. Managed by EQT, the fund can now operate independently to make market-driven investments. The Commission anticipates initial investments to occur within the upcoming weeks, with ongoing efforts to raise additional capital toward the €5 billion goal.

In June 2026, inflation across OECD nations decreased to 4.2% from 4.6% in May, concluding a streak of three consecutive monthly increases. This metric tracks yearly variations in consumer prices among the group’s member countries. Out of the 38 economies, inflation declined in 20, rose in six, and was stable or broadly unchanged in 12. Notably, nine OECD nations reported inflation at or below 2%, including three with rates under 1%.

UK economic growth continues as inflation, hiring and investment pressures remain. Data from official sources reveal that in the first quarter, gross domestic product increased by 0.6%, following a 0.1% rise in late 2025. The GDP is now 0.9% higher than the same period last year. The services sector contributed most to quarterly growth, expanding by 0.8%. Household consumption also saw a 0.6% rise. Current official figures do not show two consecutive quarterly declines, which would be necessary to define a technical recession.