Gold prices edged back above the $4,000 level during Tuesday's Asian session, recovering slightly from a near two-week low, according to FX Street. Meanwhile, silver continued to decline, trading around $57.60 per troy ounce for the third straight day of losses. The US Dollar Index held firm near 101.20 after gaining for two consecutive days.
The USD/JPY pair remained in consolidation just below the mid-162.00s level during the same session, reflecting cautious positioning ahead of the upcoming US Consumer Price Index report and Federal Reserve rate hike expectations. Bitcoin also slipped as traders increased bets on a July rate hike, CoinDesk reported.
Market participants in Japan are closely watching these developments, as fluctuations in USD/JPY and commodities like gold directly impact export-driven sectors and investor sentiment amid global monetary policy shifts.