Asian shares slumped and gold prices rose on Monday as risk sentiment took a hit after Iran's retaliatory attack on Israel stoked fears of a wider regional conflict and kept traders on edge.
SINGAPORE -Asian shares slumped and gold prices rose on Monday as risk sentiment took a hit after Iran 's retaliatory attack on Israel stoked fears of a wider regional conflict and kept traders on edge.
The escalating tensions also sparked a flight to safety that sent gold rising 0.51% to $2,356.39 an ounce and the safe-haven dollar broadly higher, extending its 1.6% rise from last week. "A rise in oil prices would complicate efforts to bring inflation back to target in advanced economies, but will only have a material impact on central bank decisions if higher energy prices bleed into core inflation."
"The market is really trying to understand what's going on. Their visibility to price risk in this market has become a bit more troublesome, and I think when you don't have that visibility, you do get higher volatility. That's kind of where we are."Elsewhere, U.S. Treasury yields held near their recent highs as traders pared back their expectations of the pace and scale of rate cuts from the Federal Reserve this year.
Futures now point to about 50 basis points worth of easing expected this year, a huge pullback from the 160 bps that was priced in at the start of the year. A slew of Fed policymakers are due to speak this week, including Chair Jerome Powell, who could give further clarity on the future path of U.S. interest rates.
Asian Shares Gold Prices Iran Israel Regional Conflict Risk Sentiment Traders Dollar Yen Inflationary Pressures United States Rates MSCI Middle East Joe Biden Benjamin Netanyahu
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