US Dollar Strengthens on Safe-Haven Demand and Jobs Data Focus

The US Dollar gained against its major peers, driven by safe-haven demand stemming from a sell-off in technology-related stocks and a general risk-averse mood. Market attention was firmly fixed on the upcoming US Nonfarm Payrolls (NFP) report, with expectations for an increase in job creation. A Federal Reserve official characterized the US economy as resilient and the labor market as solid, further supporting the dollar's momentum ahead of the data release.

Precious Metals Consolidate as Market Awaits US Data

Gold prices consolidated after reaching a two-week high, as a stronger US Dollar created headwinds for the metal. Despite pressure from the dollar, gold demonstrated resilience and renewed safe-haven appeal amid the broader equity market downturn. Meanwhile, silver prices registered a modest increase during the trading session.

Global Economic Risks and Diverging Policies Weigh on Sentiment

A cautious sentiment permeated global markets, with persistent Middle East supply risks providing a floor for oil prices. In Europe, France's deepening budgetary crisis highlighted regional economic concerns, while central bank commentary from Poland and the Czech Republic pointed to a challenging outlook for their currencies despite recent rate hikes.