Precious Metals Gain on Weaker US Dollar

Gold prices saw consecutive days of gains, supported by a broader decline in the US Dollar after reports of Japanese intervention in currency markets. Silver also advanced, showing renewed demand despite a macroeconomic environment of restrictive central bank policy and persistent inflation risks.

Geopolitical Developments Ease Oil Prices

Market sentiment was lifted by signs of potential de-escalation between the United States and Iran, following reports of a new Iranian proposal for negotiations. This development contributed to a fall in West Texas Intermediate (WTI) crude oil prices and helped offset other market anxieties, with equity futures holding steady.

Renewed Trade Tensions Drive Currency Volatility

The US Dollar Index experienced significant fluctuations, initially dropping to a two-week low before rebounding as new trade concerns emerged. The volatility followed an announcement by the US President of intentions to increase tariffs on vehicles imported from the European Union, a move that an EU official described as making the U.S. an unreliable partner.