Asian Markets Rally as Oil Prices Tumble and Middle East Peace Hopes Emerge 
Currency Markets Show Caution Amid U.S.-Iran Negotiations 
UK Consumer Confidence Weakens Amid Middle East Conflict and Rising Living Costs 
Federal Reserve Balance Sheet Reduction: Brookings Research Outlines Possible Path Forward 
Gold Prices Climb as Middle East Ceasefire Talks Stir Market Optimism 
Oil Prices Climb as Iran Reviews U.S. Peace Proposal Amid Middle East Tensions 
Wall Street Slides as Iran War Uncertainty, Oil Surge, and AI Fears Rattle Markets 
Japan's Private Sector Growth Slows in March Amid Rising Costs and Middle East Uncertainty 
U.S. Stock Futures Steady as Iran Reviews U.S. Ceasefire Proposal 
Australia's Inflation Eases in February but Core Pressures Persist 
Bank of Japan Officials Signal Continued Interest Rate Hikes Amid Inflation Concerns 
Oil Prices Plunge Over 6% as Middle East Ceasefire Hopes Ease Supply Fears 
WTO Reform Talks Begin in Cameroon Amid Global Trade Tensions 
Oil Prices Rebound as Iran Denies U.S. Talks Amid Gulf War Supply Fears 
Asian Currencies Stay Muted as Dollar Holds Firm Amid Iran Uncertainty 
U.S. Futures Slide as Iran Denies Nuclear Talks with Washington 
U.S. Oil Prices Slide as Middle East Ceasefire Talks Spark Market Optimism 
Gold prices slipped in Asian trading on Friday as expectations for a U.S. Federal Reserve rate cut in December weakened, strengthening the U.S. dollar and pressuring most major commodities. Spot gold declined 0.6% to $4,053.09 per ounce, while December gold futures edged down 0.3% to $4,049.76. The metal is on track for a weekly loss of nearly 0.8%, reversing last week’s 2% rebound.
The pullback came as investors grew more confident that the Federal Reserve will leave interest rates unchanged at its December 10–11 meeting. Stronger-than-expected U.S. nonfarm payrolls data for September added to concerns that the central bank has little incentive to cut rates soon, especially with inflation still proving resilient. According to the CME FedWatch Tool, traders now see only a 28.5% chance of a 25-basis-point rate cut in December—down sharply from the 45.4% probability priced in last week.
A stronger dollar reduced the appeal of non-yielding assets like gold, amplifying downside pressure. High-for-longer interest rates typically weigh on precious metals, making interest-bearing assets more attractive by comparison. Platinum and silver also faced declines, with spot platinum dropping 0.6% and silver sliding more than 2% to $49.5955 per ounce.
Still, gold’s losses were cushioned by continued safe-haven demand as global tech stocks suffered a steep sell-off. Investors remained wary after sharp declines in major technology names, including Nvidia, whose strong earnings failed to ease concerns about rising inventories and questionable financing practices involving its customers. Growing fears of an AI-driven tech bubble unwind added further uncertainty.
Fiscal worries in Japan also boosted risk-off sentiment as the government approved a massive 21.3 trillion-yen stimulus package, raising questions about how the spending will be financed. As a result, long-term Japanese bond yields surged to their highest levels in decades.
With remarks from several Fed officials and key U.S. economic data on the horizon, traders are bracing for more volatility in precious metals through next week.
