Gold prices softened on Tuesday, pressured by a firm US Dollar as traders awaited the upcoming US Consumer Price Index (CPI) data and news regarding the potential reopening of the Strait of Hormuz, FX Street reported. Despite this, retail investors continued to buy gold ETFs, helping gold (XAU/USD) reach its highest levels in nine weeks.
At the same time, rising energy prices limited further gains in gold, according to FX Street, as higher costs weigh on market sentiment. Meanwhile, Bitcoin fell to a one-week low ahead of the US CPI release, CoinTelegraph noted, reflecting cautious positioning among crypto investors ahead of key inflation data.
For Japanese markets, the interplay between a strong US Dollar, commodity prices, and inflation expectations remains critical, influencing FX pairs and risk appetite across equities and cryptocurrencies.