Global stock markets moved higher at the end of the week, heading for their strongest weekly performance in around two months. The main driver came from weaker-than-expected U.S. jobs data, which eased investor concerns over the possibility of an imminent interest rate hike by the Federal Reserve.
Oil prices rose slightly on Friday ahead of a long holiday weekend in the United States, as markets maintained cautious optimism over peace efforts between the U.S. and Iran in the Middle East. However, investors are still waiting for clearer evidence of stable supply before confirming a stronger market direction.
In South Korea, the Kospi came under pressure as chip stocks tracked sharp losses among U.S. semiconductor names. Meanwhile, S&P 500 and Nasdaq e-mini futures both rose 0.1%, while Japan’s Nikkei 225 fell 1%.
At the time of writing, spot gold was trading around $4,036.90 per ounce, up 0.75%. Meanwhile, spot silver was trading near $59.07 per ounce, up 1.03% on the session.
The Dollar Index, which measures the greenback against a basket of major currencies including the yen and the euro, slipped slightly by 0.02% to 101.38.
Asian stock markets entered the new quarter in a cautious mood as talks between the United States and Iran continued to face obstacles. At the same time, investors closely monitored the possibility of Japanese currency intervention as the yen fell to its lowest level in 40 years against the U.S. dollar.
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At the time of writing, spot gold was trading around $4,006.70 per ounce, down 0.22%. Meanwhile, spot silver was trading near $58.47 per ounce, up 0.50% on the session.
The more actively traded September Brent contract declined 0.6% to $73.46 per barrel. Meanwhile, U.S. West Texas Intermediate crude for August delivery fell 0.8%, or 57 cents, to $70.18 per barrel. WTI is on track for a decline of about $17, or 19%, from its May 29 close.
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At the time of writing, spot gold was trading near $4,015.60 per ounce, down 1.79%. Meanwhile, spot silver traded around $58.18 per ounce, down 1.48% on the session.
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The Dollar Index, which measures the U.S. dollar against a basket of major currencies including the euro and Japanese yen, held steady around 101.34, near the 13-month high reached last week. For June, the index is on pace to gain around 2.5%, marking its strongest monthly advance since July last year.