Precious Metals Gain Ahead of Data

Gold and silver prices trended higher during Asian trading, with gold attracting buyers after a previous day's retracement and silver rising to near $65.40 an ounce. This upward movement in precious metals occurred as investors positioned themselves ahead of key US economic data releases.

Dollar Strengthens as Markets Await US Inflation Report

The US Dollar extended its recent gains against a basket of major currencies, including the British Pound, Japanese Yen, and Australian Dollar, as traders awaited the release of US Consumer Price Index (CPI) data. This inflation report is widely anticipated for its potential to influence the Federal Reserve's future monetary policy, with expectations of a possible rate hike cited as a factor capping gold's gains.

Geopolitical Tensions Support Safe Havens and Oil

Rising geopolitical uncertainty, including mixed signals regarding a potential US-Iran deal and tensions in the Middle East, contributed to gains in crude oil prices. These developments were also noted as a factor supporting safe-haven demand for assets like the US Dollar and gold.