Precious Metals See Gains but Remain Range-Bound

Silver prices gained ground, trading above $57.50, though bullish momentum stalled below the $58.00 level as the metal tested resistance. Similarly, gold prices posted modest increases but remained contained within an established trading range, facing resistance below the $4,225 mark.

Fed Rate Outlook Weighs on US Dollar

The U.S. Dollar faced broad pressure as market participants scaled back expectations for a Federal Reserve interest rate hike in October, contributing to its weakness against several major and emerging market currencies. This sentiment, along with concerns stemming from volatility in U.S. AI-related stocks, kept the dollar on the defensive.

Euro Weakens on Political Concerns

In currency markets, the Euro faced notable selling pressure, particularly against the British Pound, amid concerns over fiscal risks and political instability in France. In contrast, commodity-linked currencies such as the Australian and New Zealand dollars found support, benefiting from the broader U.S. Dollar weakness. The British Pound held steady as traders awaited a week of important UK economic data releases.

Crude Oil Prices Ease from Recent Highs

Crude oil prices started the week on a weaker note, retreating from recent highs after a period of strong gains. WTI crude pulled back from a one-month peak, while Brent crude also eased, with reports citing a U.S. waiver on some Russia-related sanctions as a contributing factor. Both benchmarks remained within recent trading ranges despite the session's pullback.