Asian Stocks Fall as Bond Yields Surge Ahead of Trump-Xi Summit 
Australia Unemployment Hits Five-Year High Despite Strong Jobs Growth 
U.S. Dollar Hits Two-Month High as Oil, Treasury Yields Surge 
US 10-Year Treasury Yield at 6% Emerges as New Market Risk Threshold 
Oil Prices Ease as Iran Tensions Clash With Diplomacy Hopes 
RBI Uses $10 Billion Currency Swaps to Drain Excess Rupee Liquidity 
US Comfortable With Canada Trade Standoff as Import Bans Loom 
Gold Holds Near $4,275 as Rising Treasury Yields Fuel Fed Rate Hike Bets 
Wall Street Ends Flat as Oil, Treasury Yields and Fed Jitters Rattle Markets 
Trump, Xi Focus on Trade and AI at White House Summit 
Canadian Dollar Faces Pressure as Fed-BoC Policy Gap Widens 
European Stocks Fall as Bond Yields and Geopolitical Risks Weigh 
Dollar Holds Near Two-Month High as Yen Approaches 160 
Oil Prices Fall on U.S.-Iran Hormuz Deal Hopes 
Oil Prices Jump 3% as Houthi Attack Revives Supply Fears 
US Stock Futures Fall as Treasury Yields Surge Ahead of Trump-Xi Summit 
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Gold prices advanced in Asian trading on Monday, staying close to last week’s all-time highs as optimism over further U.S. interest rate cuts lifted demand for bullion. Spot gold gained 0.3% to $3,697.70 an ounce, while gold futures rose 0.7% to $3,733.10 by 01:33 ET (05:33 GMT). Prices touched a record $3,707.70/oz last week.
The Federal Reserve’s 25 basis-point rate cut last week, aimed at offsetting rising labor market risks, fueled bullish sentiment for gold. The Fed signaled more cuts could follow if job market weakness persists, although policymakers still flagged potential inflationary risks from tariffs. Markets now expect at least another 50 bps of cuts this year, according to CME FedWatch. Lower rates generally support gold, a non-yielding asset, by reducing the opportunity cost of holding it.
A stronger dollar, however, limited gold’s upward momentum, as the greenback recovered from its weakest level in more than three-and-a-half years.
Other precious metals also strengthened. Spot silver rose 1.3% to $43.65/oz, while platinum climbed 0.8% to $1,419.90/oz. Industrial metals saw modest gains, with London copper futures up 0.1% at $10,001.10 a ton and COMEX copper futures rising 0.1% to $4.6315 per pound.
This week’s focus shifts to key U.S. economic data and commentary from Federal Reserve officials. Fed Chair Jerome Powell is scheduled to speak Tuesday, while Friday’s release of the PCE price index—the Fed’s preferred inflation gauge—is expected to show sticky price pressures. Core PCE inflation is forecast to remain above the Fed’s 2% target. Additional data, including September’s PMI readings and a final revision to Q2 GDP, will also guide market expectations for monetary policy.
