Precious Metals See Mixed, Quiet Trading
Gold prices held steady in Asian trading, showing little change, while silver's recent rally paused. Silver traded flat and encountered resistance below the $60 per ounce level, with the stall attributed to a concurrent rise in US Treasury yields, which can diminish the appeal of non-yielding assets.
Geopolitical Tensions Support Oil Prices
Escalating conflict in the Middle East between the US and Iran heightened market concerns regarding global energy supply risks. Analysts noted that threats to key shipping lanes like the Strait of Hormuz have increased the energy risk premium, helping to push WTI crude oil prices to six-week highs.
Central Bank Policies Influence Currency Markets
Foreign exchange markets were focused on central bank activity, with the European Central Bank expected to deliver a hawkish hold on interest rates. Meanwhile, a poll of economists suggested the Bank of Japan could raise rates again by December due to the weak yen, while hawkish sentiment was also noted from the central banks of New Zealand and Australia. The US Dollar Index weakened slightly but was seen as retaining its broader bullish posture.
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