Gold faces pressure in Asian session

Stock Market

Markets in Asian are witnessing a sell-off primarily driven by the lower close of the previous session on Wall Street. This decline was influenced by changes in debt markets and the rise in US debt yields. As a result, European equity futures indicate a potential lower opening.

Macroeconomic Focus

With the US earnings season nearing its end, upcoming releases are not expected to significantly impact market sentiment. Investors are now refocusing on macroeconomic data. The latest US Consumer Confidence report exceeded expectations after three months of decline. Unlike the University of Michigan Consumer Sentiment index, which reflects consumers' views on their personal finances, the Consumer Confidence index gauges perceptions of the labor market.

Gold

Gold prices are experiencing renewed selling pressure near $2,330, continuing their decline from earlier in the week. The strengthening US Dollar is contributing to this downward trend. Market participants are eagerly awaiting new US economic data and upcoming speeches from Federal Reserve policymakers for further insights on future policy directions.

Oil

Recently, Brent crude oil traded slightly above $80 per barrel. While this price is lower than the peaks seen in the past two years, it remains relatively high in the context of current inflation. Investors are increasingly skeptical about the strength of demand in the US and China, the two largest economies driving global growth.