Global markets moved cautiously on Thursday, with gold and the dollar retreating and oil stabilizing amid scrutiny of U.S. Treasury actions and the ongoing conflict between the United States and Iran and its implications for inflation and energy. Date
Gold in spot trading fell 0.6% to $1,495.69 per ounce after investors took profits following a surge of over 4% in the previous session. The metal had reached $1,525.79, its highest since June 2. Meanwhile, U.S. futures rose 0.2% to $1,553.30.
The dollar index slid to 98.938, near its lowest since mid-May, while the euro remained stable at $1.1676, close to its highest level since late May.
Pressure on the dollar rose as U.S. Treasury bond yields fell after the Treasury Department announced plans to double repos to support long-term bond liquidity. The 30-year bond yield dropped to 5.184%, down from a high of 5.337%, its highest in 19 years.
In the oil market, Brent crude for October delivery rose 0.3% to $91.87 per barrel, while West Texas Intermediate crude for September delivery dropped by two cents to $85.81.
The war developments and maritime security in the Strait of Hormuz remained the focus of investors' attention, with shipping movements continuing to slow. Data from "Kpler" showed nine cargo vessels transiting on Wednesday, the same number as the previous day.