Gold was down on Wednesday morning in Asia as the dollar strengthened and U.S. Treasury yields rose. The focus will also be on the latest U.S. jobs report, due later in the week.
Oil was down Wednesday morning in Asia. However, WTI futures were at their highest level since 2014, as a global energy crunch continues to tighten the crude, natural gas, and coal markets.
The dollar inched higher in choppy trade on Wednesday amid heightened nerves about the global growth outlook and as traders awaited U.S. jobs data for a clue on the timing of Federal Reserve policy tightening.
Asian shares dropped on Wednesday, reversing early gains, as analysts said sky-high oil prices meant stocks were quick to react to any hint of bad news such as a rate hike by New Zealand’s central bank.
The S&P 500 rebounded Tuesday as investors took advantage of Monday’s selloff to load up on tech stocks.
Gold was down on Tuesday morning in Asia, while the U.S. dollar strengthened, even as continuing inflation concerns saw the yellow metal trade close to a more than one-week peak hit during the previous session.