Prices of the yellow metal were steady even as U.S. Spot gold rose 0.2% to $1,663.99 an ounce, while gold futures were flat around $1,672 an ounce. Bullion prices marked their worst quarter since March 2021 with a 7.5% drop. Prices also recovered marginally from a bruising September, where they dropped 3%. Gold prices steadied above a major support level on Monday as growing risks of an economic recession spurred some safe haven demand for the yellow metal. Both contracts also recovered from steep losses in September and the third quarter. London-traded Brent oil futures rose 2% to $87.23 a barrel, while West Texas Intermediate futures jumped 2.5% to $81.45 a barrel. Oil prices rallied in early trade on Monday following multiple reports that the OPEC+ will decide on supply cuts during a meeting this week, as it grapples with weakening prices. Tuesday will see the Reserve Bank of Australia meet, with markets widely expecting another 50-basis point rate hike, as well as the release of CPI inflation data from Japan. The dollar traded flat against the yen at 144.75 after hitting a high of 144.89 overnight.Īttention later in the day will be on September data for the U.S. Japan's Nikkei 225 index, however, was up 0.72%Ĭhina has just entered Golden Week and Hong Kong has a holiday on Tuesday. Hong Kong's Hang Seng index dropped 0.64%. In Australia, the S&P/ASX 200 index fell 0.15%.
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