Gold Recovers Ahead of US Jobs Data

Gold prices rebounded to trade around the $4,045 level, recovering from a near seven-month low during the Asian session. The move was attributed by market participants to commentary regarding the Federal Reserve's stance, with traders now focusing on upcoming US Non-Farm Payrolls (NFP) data for further direction.

Silver Prices Edge Higher While Consolidating

Silver prices extended gains for a second consecutive day, showing an increase of over 1.25% on Wednesday. Despite the rise, the metal continued to trade in a sideways pattern below the $60.00 mark, consolidating near its lows for the year.

US Dollar Holds Firm Amid Broad Forex Activity

The US Dollar Index maintained its position, supported by resilient US manufacturing data, even as it missed some expectations. The dollar's firmness contributed to a decline in the Mexican Peso, which was rattled by uncertainty surrounding the United States-Mexico-Canada (USMCA) trade agreement, while other major and Asian currencies, including the Pound Sterling and Japanese Yen, also experienced notable volatility.

Mixed Signals from Global Economic and Geopolitical Fronts

Central bank officials continued to signal concerns over persistent inflation, with the Bank of Canada's governor stating that inflation remains clearly above their target. In geopolitical news, the IMF revised Israel's 2026 growth forecast downward to 3.5% citing regional tensions, while Qatari mediators reported "positive progress" in recent talks between the US and Iran.