U.S. Dollar Hits Two-Month High as Oil, Treasury Yields Surge 
RBI Uses $10 Billion Currency Swaps to Drain Excess Rupee Liquidity 
Wall Street Ends Flat as Oil, Treasury Yields and Fed Jitters Rattle Markets 
Oil Prices Jump 3% as Houthi Attack Revives Supply Fears 
Germany’s 2026 Growth Outlook Strengthens on Fiscal Spending 
Japanese Yen Rebounds as Trump Flags Currency Weakness 
Fed Unveils Stablecoin Rules Under GENIUS Act 
Asian Currencies Mixed as Dollar Holds Near Two-Month High 
Oil Prices Fall on U.S.-Iran Hormuz Deal Hopes 
Dollar Falls as Oil Eases, Yen Jumps on Intervention Signals 
Fed’s Hammack Says Bond Yield Surge Is Not Driven by Inflation Fears 
Japanese Bank Stocks Surge as Bond Yields Fuel Rate Hike Bets 
Gold Prices Fall as Treasury Yields Rise on Fed Rate Hike Bets 
U.S. Treasury Yields Surge as 30-Year Hits 22-Year High 
China Agrees to Buy 20 Million Tons of U.S. Coal 
Fed Unveils Stablecoin Rules Under GENIUS Act 
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Gold prices dropped to a nearly four-week low in Friday’s Asian session, weighed down by fading safe-haven demand as the Israel-Iran ceasefire held firm. Spot gold fell 1% to $3,293.79 an ounce—its lowest since June 2—while August gold futures slid 1.2% to $3,306.70. The yellow metal is poised for a weekly loss of over 2%, marking its second consecutive weekly decline and extending its drop to nearly 6% from April’s all-time high.
The retreat comes amid easing geopolitical risk after a ceasefire brokered by U.S. President Donald Trump appeared stable through Thursday, reducing investor appetite for gold. Focus has now shifted to the upcoming U.S. Personal Consumption Expenditures (PCE) price index—the Federal Reserve’s preferred inflation gauge—for signals on interest rate direction.
Markets anticipate a 0.1% monthly rise in both headline and core PCE readings for May. Year-over-year, headline PCE is expected to rise 2.3%, with core PCE at 2.6%, both higher than the previous year’s figures. Fed Chair Jerome Powell recently cautioned Congress against premature rate cuts, noting persistent inflationary risks, particularly from tariffs. Meanwhile, Trump criticized Powell and may appoint a replacement by September, according to the Wall Street Journal.
In broader metals markets, a stronger U.S. dollar added pressure. The dollar index rose 0.1%, making gold and other commodities more expensive for overseas buyers. Platinum futures dropped 1.3% to $1,392.00 per ounce, retreating from decade-highs but still up 32% for June. Silver futures slipped 0.6% to $36.375, while London copper futures edged down 0.2% to $9,891.15 per ton. U.S. copper futures ticked up slightly to $5.06 per pound.
