Asian Currencies Edge Higher as Markets Look to Fed Rate Cut; Rupee Steadies Near Record Lows 
BOJ Governor Ueda Highlights Uncertainty Over Future Interest Rate Hikes 
IMF Deputy Dan Katz Visits China as Key Economic Review Nears 
Japan’s Nikkei Drops as Markets Await Key U.S. Inflation Data 
Australia’s Economic Growth Slows in Q3 Despite Strong Investment Activity 
U.S. Soybean Shipments to China Gain Momentum as Trade Tensions Ease 
Asian Currencies Steady as Rupee Hits Record Low Amid Fed Rate Cut Bets 
South Korea Posts Stronger-Than-Expected 1.3% Economic Growth in Q3 
Asian Markets Stabilize as Wall Street Rebounds and Rate Concerns Ease 
Oil Prices Slip as Russia-Ukraine Peace Hopes Fade and Oversupply Fears Grow 
Gold Prices Steady as Markets Await Key U.S. Data and Expected Fed Rate Cut 
Asian Currencies Steady as Markets Await Fed Rate Decision; Indian Rupee Hits New Record Low 
Europe Confronts Rising Competitive Pressure as China Accelerates Export-Led Growth 
Trump and Lula Discuss Trade, Sanctions, and Security in “Productive” Phone Call 
Oil Prices Hold Steady as Ukraine Tensions and Fed Cut Expectations Support Market 
RBI Cuts Repo Rate to 5.25% as Inflation Cools and Growth Outlook Strengthens 
Gold prices climbed on Wednesday as South Korea’s martial law crisis and Israel-Lebanon tensions boosted safe-haven demand. Spot gold edged up 0.1% to $2,646.53 per ounce, with traders eyeing Federal Reserve Chair Jerome Powell’s upcoming address for clues on interest rates.
Gold Prices Edge Higher on South Korea’s Political Crisis
As a result of modest safe-haven demand prompted by political unrest in South Korea, gold prices increased slightly in Asian trade on Wednesday, Investing.com shares. However, traders remained on the sidelines as they anticipated additional signals regarding U.S. interest rates.
This week, the yellow metal got a little relief as haven demand was boosted by fears that the Israel-Hezbollah ceasefire might collapse. However, the dollar's ascent on concerns over the US economy's long-term rate outlook dampened gold's gains.
At 23:25 ET (04:25 GMT), spot gold was up 0.1% at $2,646.53 per ounce, while February gold futures were up 0.1% to $2,668.60 per ounce.
Martial Law Reversal Shakes Investor Confidence
President Yoon Suk-Yeol of South Korea proclaimed martial law on Tuesday, but he quickly reversed his decision in the face of strong public and parliamentary opposition.
In the midst of South Korea's greatest political crisis since the 1980s, the opposition party demanded Yoon's impeachment and the Parliament voted unanimously against martial law.
Investor confidence throughout Asia took a hit due to political unpredictability in South Korea, a nation widely seen as an economic lynchpin for East Asia. As a result, there was a surge in the demand for gold as a safer investment.
Israel-Lebanon Tensions Add to Haven Demand
As a result of Israel's threats to punish the Lebanese government for the break of its ceasefire with Hezbollah, several people felt pressured to purchase safe havens in Lebanon. In defiance of a ceasefire established by the United States, both Israel and the militant organization resumed attacks on each other last week.
Wednesday saw a general cooling of metal prices as investors awaited Federal Reserve Chair Jerome Powell's speech, which they expected would provide further clues about interest rates.
Powell’s Speech Looms Over Global Markets
Later in the day, Powell will deliver his speech, which comes only weeks before the Fed's last meeting of the year.
Despite December's 25 basis point rate decrease expectations, the long-term picture for rates has become more clouded due to Trump's inflationary plans and sticky inflation.
Because of this unpredictability, the dollar rose sharply, which put pressure on metal prices worldwide.
The price of silver and platinum, two other precious metals, did not change much on Wednesday. Market participants in industrial metals saw a 0.3% decline in copper futures on the London Metal Exchange to $9,096.0/ton and a 0.2% decline in February copper futures to $4.1895/lb.
