IEA Projects Substantial Q3 Oil Deficit; Precious Metals Strengthen Before US CPI

The International Energy Agency (IEA) now forecasts a Q3 oil market deficit of approximately 1.8 million barrels per day, more than double its previous projection. This significant revision suggests tighter supply conditions ahead. Concurrently, precious metals like gold are showing firmness, trading within a range of USD 4,363-4,416/oz, as markets await the US CPI report for further economic direction.