Precious Metals Await US Jobs Data

Gold is reportedly on track for its strongest weekly performance since August, influenced by shifts in the US political landscape and related bond market activity. Silver prices recovered above the $52.00 level following a recent pullback, though market participants appear hesitant ahead of the upcoming US Non-Farm Payrolls (NFP) report.

Oil Markets Navigate Geopolitics and Demand Concerns

Crude oil prices remained volatile, with WTI trading above $90 per barrel as traders assessed geopolitical factors, including US-Iran relations. Despite Middle East supply concerns providing a floor for prices, oil was on track for a significant weekly decline amid signs that high prices are curbing demand and creating a supply glut. The commodity-linked Canadian Dollar remained steady, drawing some support from the daily recovery in oil.

Major Currencies Subdued Ahead of Key US Report

Major currencies traded cautiously against a steady US Dollar as financial markets awaited the influential US Non-Farm Payrolls (NFP) report for direction. The Euro, British Pound, and Japanese Yen saw limited movement, while the Australian and New Zealand Dollars softened due to domestic factors and the greenback's stability. Separately, China's central bank set a slightly weaker daily reference rate for the yuan against the dollar.