Precious Metals Rebound on Dip-Buying

Gold prices recovered toward the $3,900 level as buyers emerged following a recent dip, with persistent geopolitical risks cited as a supportive factor. Similarly, silver prices edged higher, attempting a recovery after falling to their lowest level since late 2025.

Conflicting Factors Drive Oil Market Volatility

Oil prices faced downward pressure as OPEC+ agreed to keep its production targets unchanged and diplomatic efforts concerning Iran appeared to progress. However, new geopolitical supply risks emerged as Ukraine resumed strikes on Russian oil refineries and a tanker was struck by projectiles off the coast of Saudi Arabia.

US Dollar Weakens Amid Shifting Central Bank Outlooks

The US Dollar struggled amid easing safe-haven demand, allowing currencies such as the Euro and Canadian Dollar to gain ground. The Japanese Yen weakened on perceptions of a less hawkish Bank of Japan, despite official warnings against disorderly currency moves, while traders awaited interest rate decisions from the Bank of England and the Reserve Bank of Australia.

Chinese Economic Data Influences Regional Currencies

China's RatingDog Manufacturing PMI for September eased slightly but came in above market forecasts, indicating resilience in the sector. Following the data release, the New Zealand Dollar weakened, while the People's Bank of China (PBOC) set a marginally weaker reference rate for the yuan against the US dollar.