US wholesale inflation was muted in June, signaling that price pressures might not be building for producers and manufacturers.

USD/JPY and AUD/USD move on trade talk progress, US PPI data, and Aussie housing trends. Policy paths in Japan, US, and Australia remain in sharp focus.

U.S. stocks opened moderately higher on Wednesday, boosted by a tamer-than-expected inflation reading and blowout quarterly results from big banks.

Economists, researchers and analysts have warned that President Donald Trump’s sweeping trade policy of tacking steep tariffs on most goods that come in to America will deliver a taxing blow to consumers via higher prices.

Wall Street braced for another inflation checkup after Tuesday's consumer price reading spurred traders to pare bets on Fed rate cuts in the coming months.

US wholesale inflation remained unchanged in June, contrary to concerns that President Trump's tariffs might increase goods prices. The Labor Department's report revealed a 2.3% year-over-year rise. This comes amid ongoing discussions on the impact of tariffs and the Federal Reserve's cautious stance on interest rates.

The market remained cautious, however, as rising Saudi Arabian production and persistent concerns over global trade tensions tempered the upward momentum.

Gold prices increased in the domestic futures market on July 16, influenced by positive global trends and a weaker US dollar. Silver also gained due to strong demand in the spot market.