Houthi forces announced on August 6 that they carried out military strikes against what they described as large-scale Saudi military deployments in several Yemeni regions, including Ruwaik, Abul, and Saniya, as well as multiple military camps. The attacks utilized several ballistic missiles and drones, according to reports from state media.
The Houthi statement claimed the operation targeted Saudi military preparations for an escalation against Houthi-controlled areas. The group asserted that the strikes caused significant casualties among pro-Saudi forces, destroyed and set fire to multiple military camps, weapons depots, and equipment near the Wadi A口岸, and destroyed numerous military vehicles. The Houthis warned Saudi Arabia against further military action, threatening consequences, and called on Yemeni personnel fighting for Saudi forces to evacuate the affected military camps.
Yemen's government forces reported on the same day that Houthi attacks on their camps and positions in the eastern provinces of Marib and Hadramawt resulted in at least 35 soldiers killed and dozens wounded. A senior official, speaking on condition of anonymity, said the Houthis used drones and ballistic missiles in the assault. Some of the wounded are in critical condition, and the death toll may rise further.
In a separate development, the Israel Defense Forces stated on August 6 that they launched retaliatory airstrikes in southern Lebanon over the past 24 hours, targeting Hezbollah assets. This action was a response to an incident the previous day in which Israeli soldiers were killed or wounded in southern Lebanon. The strikes hit Hezbollah weapons storage facilities, a command center, and multiple military infrastructure sites.
On the same day, US President Donald Trump signed an executive order imposing minimum import prices and additional tariffs on polysilicon and its derivative products under Section 232 of the Trade Expansion Act of 1962. The measures aim to support the domestic US supply chain for polysilicon, semiconductors, and solar energy. The minimum import prices are set at $21 per kilogram for polysilicon, $100 per kilogram for polysilicon ingots and wafers, $0.22 per watt for solar cells, and $0.38 per watt for solar modules. Additionally, the US will impose a 15% ad valorem tariff on polysilicon ingots and related derivative products listed in an annex. The measures take effect December 4, 2026. The order also authorizes the Commerce Department to establish a "Reshoring America" incentive program, allowing companies that commit to constructing, renovating, or expanding production facilities for polysilicon, ingots, wafers, or solar cells by January 20, 2029, to apply for exemptions from Section 232 tariffs on certain imported equipment and related products.
Trump also commented on the situation in the Strait of Hormuz, stating that an agreement to reopen the waterway "cannot yet be said to be formally reached," but that the strait is "somewhat open already." He noted that the US is engaged in negotiations and that progress is good, with the situation moving in a positive direction.
This week, gold and silver prices have seen a significant rebound. On Wednesday, both domestic and international precious metals markets surged. Spot gold jumped 4.1% in a single day, its largest daily gain since February 3. COMEX gold futures closed at $4,308 per ounce, up 3.74%, while COMEX silver futures settled at $62.255 per ounce, up 3.34%. By Thursday morning, spot gold had reclaimed the $4,300 per ounce level, hitting a nearly six-week high.
Xia Yingying, head of the precious metals and new energy research team at Nanhua Futures, attributed the sharp rally to multiple factors. On the macro front, expectations of a new agreement between Iran and Oman led to a sharp drop in oil prices, easing inflation concerns. Weak US JOLTS job openings and ADP employment data fanned fears that Friday's non-farm payrolls would disappoint, cooling expectations of further Federal Reserve rate hikes. "Central bank gold buying also provides a long-term bullish factor. The Bank of Korea restarted its gold reserve allocation for the first time in 13 years, buying overseas gold ETFs in the second quarter and establishing a mechanism to purchase domestic refined gold bars. Amid rising geopolitical risks and financial market uncertainty, gold's store of value is again drawing attention from central banks, with buying in the domestic precious metals market also recovering," she said.
Analyzing the unusual price action where gold surged while the dollar and US Treasuries weakened slightly, Cong Shanshan, a precious metals analyst at Huishang Futures, believes the rally was driven by a confluence of capital flows and macro sentiment, not simply by interest rate or exchange rate logic. While weak macro data and reduced geopolitical risk provided a fundamental boost, the core driver was capital flows: a prolonged downtrend had built up significant short positions, and when prices broke through key resistance, short covering triggered a cascade of buying, amplified by the fact that previous bearish factors were already fully priced in. This allowed gold to stage a powerful independent rally.
Looking ahead, Cong Shanshan sees the $4,300 level as a dense trading zone and a key psychological barrier. Breaking above it will likely continue to attract speculative buying. However, since the rally is primarily technically driven, short-term market indicators have entered overbought territory, and significant profit-taking has built up, suggesting prices may enter a wide consolidation phase. The sustainability of the move will be tested by Friday's US non-farm payrolls report, and a disappointing data result could trigger a pullback. "Over the longer term, continued central bank gold buying builds a solid floor for gold prices, while gradually cooling US employment and inflation data will push real interest rates lower, opening up upside for precious metals. Gold has strong medium-to-long-term investment value. Silver, with stronger industrial attributes, offers greater price elasticity but also higher volatility, and investors should be wary of risks such as a stronger-than-expected US economy, a dollar rebound, or escalating geopolitical conflicts," she added.
Xia Yingying believes that after deep price corrections, precious metals have already partially priced in a hawkish Fed stance, limiting further valuation downside. With expectations of a rate hike this year already fully priced in, if the Middle East situation eases, US inflation cools in July-August, the AI investment boom fades, and medium-to-long-term US Treasury yields remain elevated, the Fed may pause rate hikes in the second half of the year. This could support a corrective rally in gold and silver prices during August and September.
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