Daily market news

Silver (XAG/USD) steadies on Friday as the US Dollar (USD) and Treasury yields retreat after the latest US Personal Consumption Expenditures (PCE) inflation data showed underlying inflation remained relatively contained.

According to the June 23-25 Reuters poll, 78 of 102 economists expect that the Federal Reserve (Fed) will hold interest rates steady in the current range of 3.50%-3.75% the entire year, up from 72 economists who anticipated the same in the early June poll.

Gold price (XAU/USD) trades 0.6% higher to near $4,050 during the European trading session on Friday. The precious metal recovers after discovering support near $3,960 in the past two trading days.

Crude Oil prices edge lower on Friday, with the US benchmark West Texas Intermediate (WTI) barrel changing hands at $69.65 at the time of writing. This is the lowest price since February 27, one day before the US and Israel launched a joint attack on Iran.

The Australian Dollar (AUD) underperforms its major currency peers, trading 0.25% lower to near 0.6890 against the US Dollar (USD) during the European trading session on Friday. The antipodean weakens as market participants expect the next move by the Reserve Bank of Australia (RBA) on the downside.

The Euro (EUR) is trading practically flat, around 0.8615 against the British Pound on Friday, showing some signs of bottoming after bouncing from 0.8600 lows on Wednesday.

West Texas Intermediate (WTI) depreciates after registering over 2% gains in the previous day, trading around $70.30 per barrel during the Asian hours on Friday.

Silver price (XAG/USD) is down 2.5% to near $56.50 during the Asian trading session on Friday.

West Texas Intermediate (WTI) crude Oil edges higher on Thursday, snapping a three-day losing streak as short covering lifts prices following the recent selloff to a more than three-month low. At the time of writing, WTI is trading around $71.50, up more than 2% on the day.