Support
Gold eases after record high; silver holds steady
The U.S. dollar’s slight rise softened gold prices, but Fed easing could limit the impact
Australia's inflation dropped to a three-year low of 2.7% in August
Japan's services inflation rose to 2.7% year-on-year, slightly exceeding forecasts
WTI crude rose to $71.30 on Chinese stimulus and Middle Eastern tensions
Asian Pacific Market
Australia's inflation rate for August hit its lowest level in three years, supported by government measures such as electricity rebates and declining fuel costs. Consumer prices saw a 2.7% year-on-year increase, meeting expectations and dropping from 3.5% in July. This data contributed to a slight decline in the Australian dollar's value.
Japan's services sector inflation, as measured by the Producer Price Index (PPI), rose to 2.7% year-on-year, marginally exceeding the 2.6% forecast. This slight uptick, though just below the previous 2.8%, is being monitored closely by the Bank of Japan (BOJ) as part of its focus on inflation trends in services.
Currencies
In the currency market, the Japanese yen (JPY) and New Zealand dollar (NZD) ranked among the weaker performers today, while the euro (EUR) and Swiss franc (CHF) demonstrated relative strength. Market volatility remains low across major currency pairs.
Precious Metals
Gold recently touched a new all-time high, driven by market bets on further monetary easing from the U.S. Federal Reserve. Following the surge, prices pulled back slightly to the $2,655 mark due to profit-taking and an overbought Relative Strength Index (RSI), combined with a modest strengthening of the U.S. dollar. However, ongoing concerns around geopolitical tensions in the Middle East and potential Fed rate cuts continue to offer underlying support for the metal.
Silver prices consolidated near a four-month high, trading around $32.10-$32.15. Technical indicators favor continued gains, and any price corrections are likely to be viewed as buying opportunities, with silver maintaining a strong outlook in the current market.
Oil Market
West Texas Intermediate (WTI) crude oil prices climbed to $71.30, the highest since early September, buoyed by economic stimulus efforts from China and persistent worries over geopolitical instability in the Middle East. Additionally, U.S. crude oil inventories dropped by over 4 million barrels last week, lending further support to the WTI price.
