Support
Geopolitical tensions boost safe havens
Gold prices remain a shy away from $2400
Dollar retreats from recent highs, steady near 106.07.
GBP/USD edges up slightly to 1.2475, above five-month lows post-UK inflation data.
Gold surges in Asian trade, nearing record highs amid renewed geopolitical tensions.
What’s moving markets?
In currencies
The dollar continued to retreat, hovering close to 106.07, a shy away from going back to the 105 level. Previously this week, the dollar had reached its highest level against the yen in 34 years and achieved its strongest position against the euro in five months.
Meanwhile, the GBP/USD pair edged up by 0.2% to 1.2475, trading slightly above its five-month lows following Wednesday's release of data indicating that UK inflation rose at its slowest pace in two and a half years in March. Earlier in the week, Bank of England Governor Andrew Bailey remarked that the UK faces lower inflation risk compared to the US.
In commodities
In Asian trading on Friday, gold prices experienced a significant surge, nearing record highs. After the rise of geopolitical tensions once again, further intensifying demand for safe-haven assets.
Spot prices climbed to as high as $2,417.79 per ounce, while gold futures expiring in June reached as far as $2,433.0 per ounce.
Similarly, Oil prices had received a boost following the report of the strike in Iran. With Brent almost claiming back the $90 before steading near $87.
