Gold Rises on Weaker US Dollar and Bond Yields

Gold prices advanced to a weekly high near $4,200, benefiting from a broad-based weakness in the US Dollar. The dollar's retreat from recent highs was accompanied by a pullback in US Treasury yields, a dynamic which provided support for non-yielding assets like gold. Multiple currencies gained against the greenback as the downward correction in yields continued for a second day.

Crude Oil Prices Ease on Geopolitical Comments

Energy markets saw crude oil benchmarks like WTI and Brent decline after recently trading at higher levels. The drop in prices was linked to comments from the US President indicating that Washington would not attack Iran before the upcoming midterm elections, which eased immediate geopolitical supply fears. Further influencing the supply outlook, China is reportedly set to resume refined fuel exports in October following a temporary suspension.

Market Sentiment Mixed Amid Equity and FX Divergence

The broader financial markets displayed a mixed risk appetite, as a pullback in bond yields helped foster a more cheerful mood in some currency markets. This risk-on sentiment supported currencies like the Australian Dollar and British Pound. However, equity markets showed signs of strain, with Asian stocks struggling after a selloff in US tech shares driven by concerns over revenue outlooks in the artificial intelligence sector.