Precious Metals Under Pressure

Gold prices attempted a rebound after hitting a three-month low, though concerns over interest rates, fueled by a rally in oil prices, kept the metal under pressure. Concurrently, silver slid to a new year-to-date low, dropping below the $54.00 mark and continuing its downward trend.

US Dollar Remains Subdued

The US Dollar Index struggled for a fourth straight day, pressured by factors including weak technology sector earnings. This broad weakness in the greenback allowed other currencies, such as the Canadian Dollar, to advance.

Global Rate Hike Expectations Build

Hotter-than-expected inflation data in the United Kingdom and Japan bolstered expectations for future interest rate hikes, providing strength to the British Pound and Japanese Yen. Similarly, the New Zealand Dollar gained ground amid growing prospects of a rate increase from its central bank.

Energy Prices Supported by Geopolitical Risk

Oil prices traded near five-week highs as escalating supply risks and geopolitical tensions in the Middle East continued to influence the market. Lingering concerns over supply disruptions, including attacks in the region, helped sustain elevated crude prices.