Asia stocks mixed.
Most Asian stocks edged lower on Tuesday as fresh U.S. military strikes in Iran tempered optimism over a possible Middle East peace deal, although South Korean shares surged to record highs in catch-up trade after a holiday.
Technology shares across the region remained relatively resilient following strong gains on Wall Street last week.
U.S. stock futures traded modestly higher in Asian hours after Wall Street was closed on Monday for the Memorial Day holiday.
Fresh US strikes in Iran temper peace deal optimism
Oil prices rebounded after tumbling sharply on Monday amid hopes that a deal could eventually reopen the Strait of Hormuz, a key artery for global crude shipments. Brent crude rose back toward $98 a barrel, while U.S. crude traded near $92.
Still, investors remained cautiously optimistic after U.S. President Donald Trump said negotiations with Iran were “proceeding nicely,” though he warned there was no rush to finalize an agreement.
Gold prices dip.
Gold prices fell in Asian trade on Tuesday after fresh U.S. strikes on Iran dampened recent optimism over a potential peace deal between the two sides.
The dollar steadied, while oil prices rebounded on Tuesday following news of the U.S. attacks, pressuring gold prices and cutting short a recent rally in bullion.
Spot gold fell 0.9% to $4,529.07 an ounce by 01:46 ET (05:46 GMT), while gold futures steadied at $4,560.92/oz.
Other precious metals also retreated, with spot silver down 2.1% to $76.4330/oz, while spot platinum fell 0.7% to $1,951.33/oz. Oil recovered from two days of losses, having fallen sharply on Wednesday after Trump flagged progress in talks with Iran.
Gold falls after US-Iran strikes boost oil, dollar
Gold and precious metals had gained some ground in recent sessions, especially after several reports showed the U.S. and Iran were close to a framework deal to reopen the Strait of Hormuz.
Bitcoin dips below $77k.
Bitcoin fell below $77,000 levels on Tuesday as renewed U.S. strikes on Iranian targets dented hopes for a near-term peace deal, while cooling exchange-traded fund inflows added to pressure on the world’s largest cryptocurrency.
Bitcoin last traded 0.6% lower at $76,946.7 by 02:43 ET (06:43 GMT), after rising near $78,000 levels in the previous session.
Middle East peace uncertainty, cooling ETF flows weigh
The U.S. military conducted fresh strikes in southern Iran on Monday against missile launch sites and mine-laying boats, reports showed.
The strikes were “defensive” in nature and did not indicate that a ceasefire with Iran had ended, the U.S. said.
This comes after U.S. President Donald Trump said on Monday that talks with Iran were “proceeding nicely.”
The renewed geopolitical uncertainty pushed investors toward safer assets such as the dollar and gold, while weighing on equities and cryptocurrencies.
Oil prices rebounded nearly 2% in Asian trading, keeping inflation concerns elevated.
The latest decline in Bitcoin comes after a volatile month for digital assets, with traders repeatedly swinging between optimism over a possible U.S.-Iran breakthrough and fears of escalation in the conflict.
Important Note: The information found on Ausprime platform is intended only to be informative, is not advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not include any specific investment objectives, financial situation and needs of any specific person who may receive it. The past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statement
