SINGAPORE : Gold prices rose on Monday, attracting some safe haven bids, while oil prices were choppy after Iran's retaliatory attack on Israel over the weekend stoked fears of a wider regional conflict and kept traders on edge for what comes next.U.S.
FILE PHOTO: Passersby walk in front of an electric screen displaying Japan's Nikkei share average outside a brokerage in Tokyo, Japan March 21, 2024. REUTERS/Issei Kato/File PhotoSINGAPORE : Gold prices rose on Monday, attracting some safe haven bids, while oil prices were choppy after Iran's retaliatory attack on Israel over the weekend stoked fears of a wider regional conflict and kept traders on edge for what comes next.
The threat of open warfare erupting between the arch Middle East foes and dragging in the United States has left the region on tenterhooks, as U.S. President Joe Biden warned Prime Minister Benjamin Netanyahu the U.S. will not take part in a counter-offensive against Iran.Global markets struggled for direction early in Asia on Monday after the weekend developments in the Middle East, as oil prices edged broadly lower in volatile trade, gold jumped and the dollar held broadly steady.
"Everything seems pretty well contained," said Chris Weston, head of research at Pepperstone."From a very simplistic perspective, the actions from Iran haven't really surprised anyone, they're very much in line with what we were pricing late last week. Futures now point to about 50 basis points worth of easing expected this year, a huge pull back from the 160 bps that was priced in at the start of the year.
"The U.S. CPI has been stronger than expected over the first three months of 2024. We expect that it will take a string of inflation prints of 0.2 per cent/month or lower to give the Fed confidence that inflation can stay sustainably lower and that interest rates do not need to remain at a restrictive level."
All three major indexes had registered losses on the week, weighed down by lacklustre bank earnings and the evolving expectations for Fed policy.
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