Gold led every other asset tracked on the session, rising nearly $37 an ounce as Canada's hotter July inflation print and an expiring Strait of Hormuz toll waiver were treated by markets as one connected story rather than two. Gasoline prices, which drove July's inflation surprise, respond to the landed cost of crude rather than to headlines, meaning the toll deadline's effects were already embedded in the data before this weekend's expiry took effect.
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