Gold prices have been under pressure at the start of Friday, hitting a three-week low and as Reuters reports, the yellow metal is heading for its first weekly decline in five. At the time of writing, gold is trading at $1,755 while the greenback consolidates after a parabolic move due to prospects of more rate hikes by the U.S. Federal Reserve and the return of geopolitical angst. Spot gold The precious metal was down 0.2% after falling to its lowest since July 29 at $1,753.68 in early Asian trading. For the week so far, the metal is down 2.5%.
There was an article that did the rounds by Bloomberg as the Tokyo session opened that sent the US dollar bid and risk-off. The article reported on President Xi Jinping's and Russian leader Vladimir Putin's plans to attend a Group of 20 summit on the resort island of Bali later this year, Indonesian President Joko Widodo said.
“Xi Jinping will come. President Putin has also told me he will come,” Jokowi, as the president is known, said in an interview with Bloomberg News Editor-in-Chief John Micklethwait on Thursday. It was the first time the leader of the world’s fourth-most populous nation confirmed both of them were planning to show up at the November summit.
AUD/USD attracts follow-through selling during Tuesday’s Asian session, looking to extend the overnight rejection slide from 0.7000, or a two-week top, following the release of RBA meeting Minutes. The US Dollar retains a bullish undertone near its highest level since April 2025 as energy-driven inflation risks keep December Fed rate hike bets firmly on the table. Adding to this, geopolitical risks further underpin the safe-haven USD.
USD/JPY is dropping below 158.50 in the Asian session on Tuesday, snapping a two-day winning streak and pulling back from an over two-week top touched the previous day, despite Japan's soft PPI inflation print. Bulls turn cautious amid speculation that authorities will step in to prop up the Japanese Yen, which, in turn, weighs on the pair.
Gold builds on its modest intraday move up and hits a fresh daily high around the $4,200 neighborhood during the Asian session. The US Dollar retreats from its highest level since April 2025 amid some profit-taking, offering support to the commodity. However, the US Federal Reserve's hawkish stance and escalating Middle East conflicts could limit deeper losses for the safe-haven buck.
Cardano price is up nearly 2% at press time on Tuesday, holding above its 50-day Exponential Moving Average (EMA) at $0.2302 and a near-term rising support trendline at $0.2264. ADA is losing retail demand in the derivatives market as its futures Open Interest declines and funding rates flip negative.
The Indian Rupee extends the Monday’s advance against the US Dollar on Tuesday, driven by the announcement of fresh Reserve Bank of India’s US Dollar-related measures to shore up the domestic currency. In the opening session, the USD/INR pair tumbles 0.6% to near 95.00, the lowest level seen in over a month.
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