Gold prices edged higher on Thursday as a softer U.S. dollar supported bullion before fresh U.S. inflation data. Spot gold rose 0.3% to $4,414.28 an ounce by 0419 GMT. U.S. gold futures for December delivery slipped 0.1% to $4,457.20. The early gain kept spot gold above $4,400 after a sharp reversal during Wednesday’s trading. Gold had initially moved lower before finishing that session more than 1% higher.

The Panama Canal may reduce daily ship traffic to about 29 vessels in February or March 2027 if drought conditions continue, its new administrator said. Ilya Espino de Marotta took office on Sept. 7 and raised the possibility as El Niño pressures reservoir levels. The canal needs freshwater from rainfall-fed lakes to operate its locks. The Panama Canal Authority has already begun staged capacity cuts after below-expected precipitation across the watershed.

German automotive manufacturer Volkswagen AG agreed on Monday to sell its Osnabrück assembly plant to Israeli private equity firm Aurelius Capital and the German state of Lower Saxony. Under the preliminary agreement, the new owners will convert the vehicle manufacturing site into a dedicated security and defense production facility. The strategic transaction marks the first major industrial conversion of a German car factory to supply military hardware amid ongoing structural reorganization across Europe’s automotive sector. Israel Aurelius German state to take over VWs Osnabrueck plant defense projects to supply air defense equipment for European security markets.

Egypt’s net international reserves rose to a record $57.2145 billion at the end of August 2026, marking an increase of about $920.6 million from July. This extends a series of monthly gains throughout the year, with reserves reaching above $57 billion for the first time. Remittances from Egyptians working abroad also hit a record level in the 2025/2026 fiscal year, contributing to the overall positive balance of payments for Egypt.

The ministerial summit, running from September 8 to 11, operates under the theme of leveraging artificial intelligence and communications networks for African structural transformation. South Korean Prime Minister Han Seong-sook is scheduled to deliver opening addresses alongside leadership delegations from the African Development Bank Group. Delegations will focus on combining South Korean technological manufacturing expertise with African human capital and critical mineral reserves. Korea Africa chart new course AI digital infrastructure strategies as continental planners seek to bridge an estimated $400 billion annual development financing deficit.

Fuel costs remained a major source of price pressure during the month. Petroleum product prices climbed 14.2% from a year earlier, though the increase slowed from July. Diesel prices jumped 19.6%, while gasoline prices rose 11.5%. Petroleum products added 0.54 percentage point to annual consumer price growth. South Korea relies heavily on imported energy, leaving domestic fuel costs sensitive to changes in global energy markets.