European stocks open mostly higher.
European stocks opened mostly higher on Thursday, echoing a climb in global shares, boosted by continuing hopes for an imminent resolution to the Iran war.
the pan-European Stoxx 600 had inched up by 0.2%, the CAC 40 in France had gained 0.1%, the FTSE 100 in the U.K. had ticked higher by 0.2%, and the Dax in Germany was down slightly by 0.1%.
Mediators have been maintaining an ongoing drive to forge a permanent halt to hostilities between the U.S. and Iran, as the end of a temporary two-week ceasefire later this month edges closer.
Washington and Tehran have agreed in principle to hold fresh talks, after an initial round of negotiations last weekend in Pakistan did not yield an immediate deal, according to the Wall Street Journal. Citing officials familiar with the matter, the paper said both sides have not set a time or venue for the meeting.
Gold prices rise as dollar extends losing streak.
Gold prices rose in Asian trade on Thursday as persistent weakness in the dollar benefited metal markets, with focus remaining on more potential ceasefire talks between the U.S. and Iran.
The gold metal remained close to a near one-month high hit on Wednesday, as hopes of a de-escalation in the Iran war boosted risk appetite and also cooled concerns over sticky inflation.
XAU/USD rose 0.9% to $4,835.09 an ounce, while gold futures rose 0.7% to $4,857.05/oz by 01:21 ET (05:21 GMT).
Other precious metals also advanced on Thursday. Spot silver jumped 2.4% to $80.8165/oz, while spot platinum rose 1.6% to $2,147.21/oz, with both metals remaining close to one-month highs.
Gold rises as dollar falls for ninth straight session; Iran talks eyed
Gold and broader metals benefited from sustained weakness in the dollar, as improving risk appetite sapped haven demand for the greenback.
Asia FX firms as dollar weakens on Iran hopes.
Most Asian currencies firmed on Thursday, while the dollar retreated as risk appetite improved on growing hopes that the U.S. and Iran will organize more talks before their ceasefire expires next week.
The Chinese yuan was an outlier, remaining flat even as gross domestic product data read stronger than expected for the first quarter.
Regional currencies ticked higher as U.S. officials said talks with Iran could take place in the coming days, and that an end to the war appeared close. This sapped the dollar of some safe haven demand.
The dollar index and dollar index futures fell about 0.1% each on Thursday, extending losses into a ninth consecutive session. The greenback was its softest level in six weeks.
Soft producer inflation data also pressured the dollar, as did growing speculation that the Federal Reserve may still cut interest rates this year.
In Asia, the Japanese yen’s USD/JPY pair fell 0.2%, while the South Korean won’s USD/KRW pair fell 0.3%.
The Singapore dollar’s USD/SGD and the Indian rupee’s USD/INR fell 0.1% apiece, while the Taiwan dollar’s USD/TWD fell 0.2%.
Chinese yuan flat after Q1 GDP beats expectations
The Chinese yuan’s USD/CNY pair hovered around 6.8 yuan, remaining at its strongest level in three years.
Chinese GDP grew 5% in Q1, more than expectations of 4.8% while also accelerating from the prior quarter’s 4.5% rise.
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