Dollar Weakness Lifts Precious Metals

Gold and silver prices advanced as the US Dollar weakened broadly against other major currencies. The dollar's decline was attributed to a sharp rally in the Japanese Yen following a suspected currency intervention, coupled with softer US inflation data which eased bets on Federal Reserve hawkishness. This environment pushed gold prices higher, while silver also saw a strong rebound for a second consecutive day. fxstreet +3

Global Growth Concerns Mount

Economic data from major economies pointed to potential headwinds, with China's GDP growth undershooting expectations in the second quarter amid weak domestic demand and a deepening real estate crisis. In the United States, weaker-than-expected economic growth was reported, while US mortgage rates climbed to their highest level in a year. These factors contributed to a cautious tone regarding the global economic outlook. fxstreet +2

Asian Policy and Trade in Focus

Market participants monitored policy developments across Asia and ongoing trade relations between the US and China. Chinese officials reportedly raised concerns about US trade restriction measures during a call with American representatives. Elsewhere in the region, analysts noted policy coordination in Singapore between fiscal support and currency management, while South Korean authorities took steps that helped lift the Won against the US Dollar. fxstreet +3