Japanese yen rebounds from 18-month low against dollar

NEW YORK – The Japanese yen rebounded from an 18-month low against the dollar on Wednesday as Japanese officials warned of potential intervention to shore up the currency, while the US currency was modestly stronger against the euro as traders continued to evaluate likely Federal Reserve policy.

The yen has tumbled on concerns about looser fiscal and monetary policy as speculation rises that Prime Minister Sanae Takaichi will call an early snap election, a move that could delay parliamentary approval of a bill that grants the government the right to issue deficit-covering bonds.

“Takaichi’s plan to leverage her astonishingly high personal ratings in calling a snap election is translating into a rise in bets on reflation in the Japanese economy, more government spending and higher yields,” said Karl Schamotta, chief market strategist at Corpay in Toronto. “All of that is translating into downward pressure on the yen, which of course is being offset by intervention threats from authorities.”

YEN WEAKNESS OVERDONE?

Japanese Finance Minister Satsuki Katayama issued another verbal warning on Wednesday, saying officials would take “appropriate action against excessive FX moves without excluding any options.”

So far, however, officials have not indicated that an intervention is likely in the very near term.

“It would come as a little bit of a surprise to markets since recent commentary hasn’t conveyed much urgency,” said James Lord, global head of FX & EM strategy at Morgan Stanley.

Some also see weakness in the yen as having moved too far.

Analysts at LMAX Group note that from a technical perspective, “there are signs of a meaningful top in place after the market put in a multi-year high in 2024.”

From a fundamental perspective, “speculative yen longs have been largely unwound, leaving room for fresh short positioning if USD/JPY breaks higher through 160, though rising intervention warnings from Japanese officials add two-way risk,” they said in a report.

The yen strengthened 0.43% against the greenback to 158.46 per dollar. It earlier reached 159.45, the weakest since July 2024.

The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, fell 0.06% to 99.13, with the euro down 0.03% at USD 1.1637.

FEDERAL RESERVE EXPECTED TO HOLD RATES

The dollar has benefited in recent weeks from rising expectations that the Fed will keep rates on hold for the next several months.

That was further boosted after data on Friday showed that the unemployment rate dipped to 4.4% in December.

Morgan Stanley pushed back its expectations for rate cuts to June and September, from January and April, after Friday’s jobs data.

“Up until now we have been quite focused on the labor market, but with the reduction in the unemployment rate we think it’s going to be difficult for that to be the driver of any near-term cuts,” Lord said.

“That arguably reduces the case for the dollar to weaken in the way that we’ve been expecting so far this year. But at the same time, I do think a lot of the uncertainty that’s been injected into the Fed debate given recent events is pushing in the other direction,” Lord added.

Concerns about Fed independence have increased as the Justice Department undertakes a criminal investigation into Fed Chair Jerome Powell in relation to a building renovation.

Powell called the investigation a “pretext” for the White House to gain more influence over interest rates, which US President Donald Trump wants cut dramatically.

The dollar was little changed on data on Wednesday showing that US producer prices picked up slightly in November amid a surge in the cost of gasoline, while US retail sales increased more than expected in November.

The Fed’s “Beige Book” also showed that economic activity increased in most parts of the United States and employment was mostly unchanged in recent weeks.

Traders remain focused on rising geopolitical tensions.

Iran has warned neighbors hosting US troops that it would hit American bases if the United States strikes, a senior Iranian official told Reuters on Wednesday, as Iran seeks to deter Trump’s threats to intervene on behalf of protesters.

In cryptocurrencies, bitcoin gained 3.58% to USD 97,428.

(Reporting by Karen Brettell; Additional reporting by Gregor Stuart Hunter, Amanda Cooper, Rod Nickel, and Will Dunham)

US oil prices dip more than USD 1 as Trump remarks reduce fears about Iran

TOKYO – US oil prices fell more than USD 1 in early Asian trade on Thursday after US President Donald Trump said killings in Iran’s crackdown on nationwide protests were subsiding, easing fears of supply disruptions and possible military action against Iran.

US West Texas Intermediate crude futures were trading at USD 60.78 a barrel at 2322 GMT, down USD 1.24, or 2%, from the previous day’s close.

WTI had settled more than 1% higher on Wednesday, then gave back most of those gains after Trump’s remarks reduced concerns over a potential US attack on Iran and supply disruptions.

Trump said on Wednesday afternoon that he had been told that killings in Iran’s crackdown on nationwide protests were subsiding and he believed there was currently no plan for large-scale executions.

(Reporting by Yuka Obayashi; Editing by Lisa Shumaker)

Dollar rebounds with CPI data in line, bankers back Powell

SINGAPORE – The US dollar recovered ground to near a one-month high in early Asian trade on Wednesday after US CPI data that was broadly in line with estimates, firming up expectations that the Federal Reserve will remain on hold later this month despite unprecedented pressure from the White House to lower interest rates.

The US dollar index, which measures the greenback’s strength against a basket of six currencies, was last up 0.3% at 99.18, retracing losses from Monday after US President Donald Trump threatened Fed Chair Jerome Powell with a criminal indictment.

Global central bank chiefs and top Wall Street bank CEOs lined up in support of Powell on Tuesday.

“There’s a very loud chorus of opinion coming from politicians, former Fed chairmen and other officials that Fed independence is sacrosanct and cannot be interfered with,” said Brian Martin, head of G3 Economics at ANZ in London.

“It risks having adverse consequences of higher inflation, higher funding costs for the government and more volatility in economic activity,” he said on a podcast.

“Markets are erring on the side of caution: They’re not jumping to conclusions, and I think that sense will prevail and that the independence of the Fed will be protected.”

On Tuesday, data showed US consumer prices increased 0.3% in December compared to the previous month, lifted by higher costs for rents and food as some of the distortions related to the government shutdown that had artificially lowered inflation in November unwound.

The print cemented expectations the Federal Reserve would leave interest rates unchanged this month, with Fed funds futures currently pricing an implied 95.6% probability that the US central bank will remain on hold when its next two-day meeting concludes on 28 January, unchanged from a day earlier, according to the CME Group’s FedWatch tool.

“Indirect attacks on the Fed’s independence aren’t likely to roil the financial markets in the US, so long as inflation there remains under control,” wrote analysts from Capital Economics.

Volatility in most currency pairs was subdued in early Asian trading ahead of a possible Supreme Court ruling on the legality of Trump’s emergency tariffs.

“It could rule them legit, and if so we just move on. We suspect they will be struck down, and we’ll probably still just move on,” analysts from ING wrote in a research report.

“This Treasury market is showing a remarkable capacity to just not care too much about stuff.”

Against the yen, the US dollar was last flat at 159.025 yen, little changed after the Reuters Tankan poll showed Japanese manufacturers’ confidence slipped to a six-month low in January, albeit still in positive territory.

The yen had earlier fallen to its weakest levels since January 2024 on speculation that Japanese Prime Minister Sanae Takaichi may call parliamentary elections to consolidate her power.

The Yomiuri newspaper reported on Wednesday that she is considering snap lower house elections on February 8.

Against the Chinese yuan trading offshore in Hong Kong, the US dollar was last flat at 6.9708 yuan ahead of the release of Chinese trade data for December in a few hours’ time.

The Australian dollar was last up 0.1% at USD 0.6688, while the New Zealand dollar nudged 0.1% upwards to USD 0.5740.

The euro was last flat at USD 1.1642, while the British pound also held steady at USD 1.3423.

Bitcoin gained 1.8% to USD 95,751.99, rising to the highest level in two months, while ether was last up 4.0% at USD 3,334.46.

(Reporting by Gregor Stuart Hunter; Editing by Stephen Coates)

Gold, silver extend record-breaking rallies as uncertainty persists

Gold surged to a record high on Wednesday, with silver rising in its wake, as geopolitical and economic uncertainties drove investors toward safe-haven assets while expectations of Federal Reserve rate cuts added further momentum.

Spot gold was 0.9% higher at USD 4,628.68 per ounce by 01:38 p.m. ET (1838 GMT), after earlier hitting a record high of USD 4,641.40.

US gold futures for February delivery settled 0.8% higher at USD 4,635.70.

“All roads are leading to gold and silver,” said Alex Ebkarian, COO at Allegiance Gold, citing demand from diverse buyers and noting the market is in a structural bull phase.

Gold, which does not yield interest, typically performs well in periods of low interest rates and heightened uncertainty.

Iran warned neighbours hosting US troops it would strike American bases if Washington intervenes over protests in the country, while Danish and Greenlandic ministers will meet US Vice President JD Vance after President Donald Trump renewed demands for US control of Greenland.

Meanwhile, data showed US retail sales rose above expectations in November, while PPI met monthly forecasts but exceeded annual estimates, following weaker-than-expected December core CPI figures released on Tuesday. Traders continued to anticipate two interest rate cuts this year.

Concerns over Fed independence remained, as central bank chiefs from around the world lined up in support of Fed chair Jerome Powell on Tuesday, after the Trump administration threatened him with a criminal indictment.

Spot silver was up 5.2% at USD 91.46 per ounce, after scaling a record high of USD 92.23.

“We anticipate some volatility, but I see silver at USD 100 as no different than at USD 90. Our short-term forecast is between USD 100 to USD 144,” Ebkarian said, adding that metals are likely to maintain their upward trend through the first quarter.

Spot platinum climbed 2.4% to USD 2,379.68 an ounce, and palladium rose 1.3% to USD 1,862.96 an ounce.

(Reporting by Anmol Choubey in Bengaluru; Editing by Alexander Smith, Krishna Chandra Eluri, and Shailesh Kuber)

Gold, silver hit record highs as inflation data cements Fed rate cut bets

Gold hit a record high on Tuesday, as US inflation data cemented bets on Federal Reserve rate cuts this year and persistent geopolitical and economic uncertainties drove safe-haven demand, while silver also hit a fresh peak.

Spot gold steadied at USD 4,591.49 per ounce as of 01:31 p.m. ET (1831 GMT), following a record high of USD 4,634.33 earlier in the session. US gold futures for February settled 0.3% lower at USD 4,599.10.

“The reason for the slightly positive tone across the board in the markets was the benign CPI data (which) portends a higher likelihood of Fed rate cuts in the future,” said David Meger, director of metals trading at High Ridge Futures.

The US core Consumer Price Index rose 0.2% month-on-month and 2.6% year-on-year in December, falling short of analysts’ expectations of 0.3% and 2.7%, respectively.

Trump reiterated his push to cut interest rates “meaningfully” after the inflation data.

The Fed is expected to keep rates steady at its January 27-28 meeting, though investors currently anticipate two interest rate cuts this year. Lower interest rates tend to be favourable for non-yielding bullion.

Fundamental factors like geopolitical tensions and questions over Fed independence continue to support safe-haven gold, said Meger.

Concerns over Fed independence grew after the Trump administration opened a criminal investigation into Fed Chair Jerome Powell, drawing criticism from former Fed chiefs and global central bankers.

Trump has also threatened to slap a 25% tariff on countries trading with Iran, risking reopening old wounds with Beijing, Tehran’s top partner. Elsewhere, Russia struck cities across Ukraine with missiles and drones overnight.

Commerzbank raised its 2026 year-end gold forecast to USD 4,900.

Meanwhile, CME Group said on Monday it will adjust margin setting for precious metals to address market volatility.

Elsewhere, spot silver gained 2.1% to USD 86.74 per ounce, after hitting an all-time high of USD 89.10 earlier in the session.

“Despite technical indicators screaming correction, traders continue to favor bullish options (for silver)… Investors should prepare for sharp countermoves within this high-volatility environment, even as the broader bullish bias remains intact,” said Hugo Pascal, a precious metals trader at InProved.

Spot platinum was unchanged at USD 2,343.35 per ounce, and palladium rose 1.4% to USD 1,868.68 per ounce.

(Reporting by Anmol Choubey in Bengaluru; Editing by Vijay Kishore, Krishna Chandra Eluri, and Sahal Muhammed)

US yields fall after inflation data matches expectations

NEW YORK – US Treasury yields declined on Tuesday, after a reading on inflation for December came in as expected and kept intact market expectations for the path of rate cuts from the Federal Reserve this year.

The Labor Department said the Consumer Price Index (CPI) rose 0.3% last month, matching expectations of economists polled by Reuters. In the 12 months through December, the CPI advanced 2.7%, equaling November’s gain and in line with expectations.

The yield on the benchmark US 10-year Treasury note slipped 2.4 basis points to 4.175%.

“It’s more of a relief trade that indeed inflation does not appear to be accelerating and so that lingering concern about inflation being too high and what that means for a host of issues, that’s a concern that persists in the minds of markets and investors,” said Bill Merz, head of capital market research at US Bank Wealth Management in Minneapolis.

“When we have numbers like today’s that alleviate some degree of that tail risk of higher inflation, that’s a constructive sign, and we’re seeing the bond markets have a modest but constructive reaction to that as well.”

The yield on the 30-year bond fell 1.7 basis points to 4.823%.

Expectations for the path of Fed rate cuts were little changed after the data, with markets pricing in only a 2.8% chance of a cut at the central bank’s meeting later this month, down from 4.4% in the prior session, according to CME’s FedWatch Tool. Expectations for a cut of at least 25 basis points at the Fed’s March meeting dipped to 27.4% from 28.7% on Monday.

Markets are currently pricing in roughly 50 basis points of cuts this year, according to LSEG data.

A closely watched part of the US Treasury yield curve measuring the gap between yields on two- and 10-year Treasury notes, seen as an indicator of economic expectations, was at a positive 63.9 basis points.

Federal Reserve Bank of St. Louis President Alberto Musalem said the Fed is committed to returning inflation to its 2% target and Tuesday’s data was encouraging for views that it will converge more towards that level this year, but there was no near-term reason to cut rates further.

Federal Reserve Bank of Richmond President Tom Barkin is scheduled to speak later in the day.

The two-year US Treasury yield, which typically moves in step with interest rate expectations for the Fed, shed 2.5 basis points to 3.522%.

An auction of USD 22 billion in 30-year bonds was seen as strong by analysts, with above average demand of 2.42 times the bonds on sale. Auctions of USD 58 billion in three-year notes and USD 39 billion in 10-year notes on Monday were also seen as solid by market participants.

The breakeven rate on five-year US Treasury Inflation-Protected Securities (TIPS) was last at 2.368%, its highest since mid-November.

The 10-year TIPS breakeven rate was last at 2.3%, indicating the market sees inflation averaging about 2.3% a year for the next decade.

(Reporting by Chuck Mikolajczak; Editing by Susan Fenton and Nick Zieminski)

Wall Street falls with financials amid credit card rate plan concern

NEW YORK – US stocks ended lower on Tuesday, led by a drop in financial shares as comments from JPMorgan executives added to worries about US President Donald Trump’s recent proposal for a cap on credit‑card rates.

Helping to limit the day’s decline, a report early in the day showed that a reading on US inflation for December came in as expected, leaving intact market expectations for interest rate cuts from the Federal Reserve this year.

Trump’s proposed 10% cap on credit-card interest rates would directly hurt financial companies’ profits, and top JPMorgan executives, including CEO Jamie Dimon, warned that Trump’s plan would also severely hurt consumers.

That extended this week’s selloff in financials over the proposal, which Trump made last Friday.

Shares of Visa fell 4.5%, Mastercard dropped 3.8%, and the financial sector fell 1.8%, leading declines in the S&P 500.

Shares of JPMorgan ended down 4.2%. The bank reported a better-than-expected quarterly profit but also a drop in investment banking fees.

“Financials are getting hit by Trump’s credit-card proposal,” said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York.

“It seems to be sinking in,” he said. “I think it’s going to be extremely difficult to have that become a reality, but it’s still out there.”

The Dow Jones Industrial Average fell 398.21 points, or 0.80%, to 49,191.99, the S&P 500 lost 13.53 points, or 0.19%, to 6,963.74, and the Nasdaq Composite lost 24.03 points, or 0.10%, to 23,709.87.

Results from JPMorgan and other companies on Tuesday also unofficially kicked off the fourth-quarter US earnings season.

Other big banks, due to report their quarterly numbers later this week, were also lower even as analysts expected most banks to post stronger results for the last quarter of 2025.

Delta Air Lines shares eased 2.4% as the midpoint of its 2026 profit forecast fell short of analysts’ expectations.

Earnings news overall for the reporting period will most likely be positive, said Oliver Pursche, senior vice president, adviser for Wealthspire Advisors in Westport, Connecticut, adding, “I suspect there are going to be some upward revisions” for 2026.

The day’s declines, he said, most likely reflect “a little bit of letting the air out of the balloon,” after recent record highs. The Dow and S&P 500 both registered record closing highs on Monday.

Advancing issues outnumbered decliners by a 1.15-to-1 ratio on the NYSE. There were 577 new highs and 77 new lows on the NYSE.

On the Nasdaq, 2,068 stocks rose and 2,701 fell as declining issues outnumbered advancers by a 1.31-to-1 ratio.

Volume on US exchanges was 18.68 billion shares, compared with the roughly 16.4 billion average for the full session over the last 20 trading days.

(Reporting by Caroline Valetkevitch in New York; Additional reporting by Medha Singh and Pranav Kashyap in Bengaluru; Editing by Maju Samuel and Matthew Lewis)

Financial stocks fall as Trump’s credit card rate cap plan rattles investors

US financial stocks and UK-listed lenders fell on Monday as President Donald Trump’s call for a one-year cap on credit card interest rates threatened a key revenue stream for the industry.

The move deepened concerns over the sector as investors grapple with interest-rate uncertainty and will likely dull the potential benefit from a shift toward value stocks.

Trump on Friday called for a 10% cap on the interest rate on credit cards starting January 20, without providing details on how he planned to make the companies comply.

Shares of JPMorgan Chase and Bank of America, the top two US lenders, dropped 2.5% and 1.6%, respectively, in early trading. Citigroup fell 3.7% while Wells Fargo declined 1.5%.

Wall Street analysts, however, expressed skepticism about the cap going into effect, noting that such a measure could only be enacted by Congress, with passage unlikely.

“It would take an Act of Congress for such rate caps to be in place, given the overwhelming legal challenges an executive order would likely face,” analysts at UBS Global wrote in a note.

British bank Barclays’ shares touched their lowest in nearly a month and were last down 2.2%.

Shares of US consumer finance firms such as Synchrony Financial, Bread Financial, and Capital One fell between 8% and 11%.

American Express tumbled 3.8%, while payment processors Visa and Mastercard slipped 1.8% each.

RISKS TO CREDIT ACCESS

Trump’s announcement is seen as an attempt to rein in concerns over the cost-of-living, in what is a revival of his presidential campaign pledge.

“It is not surprising to see Trump revisit the idea as ‘affordability’ has become a top concern among the US voting base,” Seaport Research analyst Bill Ryan wrote.

However, analysts said the move could backfire, as lenders would be forced to slash limits or close accounts of borrowers with a lower credit score.

“This rate cap would not address the root of the problem and could push consumers towards more expensive debt. It could push more borrowing away from banks into other unsecured loans such as pawn shops and other non-bank consumer lenders,” J.P. Morgan analyst Vivek Juneja wrote in a note.

COSTLY CREDIT CARD LOANS

Credit cards are typically seen as one of the costliest forms of credit. Lenders often cite their unsecured nature with no collateral as a major reason for the high rates, since they face greater risk if borrowers default.

The average interest rates on credit cards in November stood at 20.97%, according to the Federal Reserve’s consumer credit report released last week.

Investors will closely scrutinize commentary from bank executives, as the industry kicks off the fourth-quarter earnings season this week.

JPMorgan is set to report results on Tuesday, followed by Bank of America, Citigroup, and Wells Fargo later in the week.

(Reporting by Niket Nishant and Utkarsh Shetti in Bengaluru; Editing by Sriraj Kalluvila)

Bond yields ease off earlier highs as market gauges Fed risk

NEW YORK – US Treasury yields were little changed on Monday, retreating from earlier highs as markets weighed the revelation by Federal Reserve Chair Jerome Powell that the central bank had been threatened with a criminal indictment over a building renovation project.

Powell said late Sunday the Fed had received subpoenas from the Justice Department last week pertaining to remarks he made to Congress last summer over cost overruns for a USD 2.5 billion building renovation project at the Fed’s headquarters complex in Washington, rekindling concerns about the Fed’s independence and the credibility of US assets.

The move was the latest in a series of actions by US President Donald Trump aimed at pressuring Powell, who is scheduled to step down from his post in May, and the central bank into lowering interest rates. Many investors feel such pressure could undermine the Fed’s independence, seen as a cornerstone of the US financial system and economic policy foundation.

“Anytime you have a new angle on something, the market reads it, trades on it a little bit, it has to digest it, and then it realizes this is just new news that’s consistent with prior events that have come out,” said Jim Barnes, director of fixed income at Bryn Mawr Trust in Berwyn, Pennsylvania.

“It feels as if the Fed is a tough institution to break, and so this is going to keep going on, though it’s not going to go away, the persistence will probably be there, and the market is just going to have to take it in stride.”

The yield on the benchmark US 10-year Treasury note edged up 0.6 basis points to 4.177% after climbing to 4.207% on the session.

The 30-year bond yield advanced 0.9 basis points to 4.828% after declining 4.5 basis points last week, its biggest drop since October.

Barnes said yields have been trading in a somewhat tight range over the past four months, holding near the top end of that range as economic data has indicated the Fed does not need to rush into additional rate cuts, which has exerted some upward pressure recently.

Employment data on Friday showed the US economy created fewer jobs than expected in December, but it was not weak enough to alter market expectations for just two rate cuts from the Fed this year.

Markets are awaiting inflation readings in the form of the consumer price index (CPI) and producer price index (PPI) this week to gauge the potential path of interest rates from the Fed. Those expectations showed little reaction to the subpoenas, with CME’s FedWatch Tool showing a 26.1% chance of a March rate cut, down from 27.6% in the prior session.

The two-year note yield, which typically moves in step with interest rate expectations for the Federal Reserve, shed 0.1 basis point to 3.539%.

An auction of USD 58 billion in three-year notes and USD 39 billion in 10-year notes was seen as solid by analysts. Demand for the 3-year was 2.65 times the notes on sale, slightly higher than average, while the 10-year saw demand of 2.55 times, roughly average.

More supply will come to the market on Tuesday when an additional USD 22 billion in 30-year bonds will be auctioned.

Trump’s actions come roughly two weeks before his effort to fire Fed Governor Lisa Cook will be argued before the Supreme Court. Market participants are also awaiting the Court’s decision on the legality of Trump’s sweeping tariff announcements, which could come this week.

Federal Reserve Bank of New York President John Williams is scheduled to speak later on Monday.

The breakeven rate on five-year US Treasury Inflation-Protected Securities (TIPS) was last at 2.357% after closing at 2.335% on Friday, its highest in a month.

The 10-year TIPS breakeven rate was last at 2.289%, indicating the market sees inflation averaging about 2.3% a year for the next decade.

(Reporting by Chuck Mikolajczak, additional reporting by Amanda Cooper in London; Editing by Peter Graff, Susan Fenton, and Deepa Babington)

Gold cracks USD4,600/oz as Fed uncertainty fans safe-haven rush

Gold hit a record above USD 4,600 per ounce on Monday, and silver reached a fresh peak as investors piled into safe-haven assets after uncertainty deepened over a Trump administration criminal probe into Federal Reserve Chair Jerome Powell.

Spot gold was up 2.2% at USD 4,609.58 per ounce as of 1:38 p.m. ET (1838 GMT), after earlier hitting a record high of USD 4,629.94. US gold futures GCcv1 for February delivery settled 2.5% higher at USD 4,614.70.

“Elevated uncertainty plays directly into the gold market, (and) every week we seem to have another area of uncertainty added,” said Michael Haigh, global head of commodities research at Societe Generale.

The backdrop underpinning the rally looked unlikely to reverse anytime soon, he added. Gold surged more than 64% last year, its best performance since 1979, while silver logged its strongest year on record with a 146.8% gain.

US President Donald Trump’s administration has intensified pressure on the Fed, threatening to indict Chair Jerome Powell over his comments on a building renovation project, an act Powell called a “pretext” to gain control over the rate cuts Trump seeks.

Powell’s term ends in May. The Trump administration is expected to interview BlackRock’s Rick Rieder as a potential candidate to succeed him, Fox News reported.

The Fed is expected to hold rates steady at its January 27–28 meeting, after cutting them by 75 basis points last year. However, markets are still pricing in two further rate cuts later this year, boosting appetite for non-yielding assets like gold.

Geopolitical tensions also remained elevated as Trump weighed potential responses to a deadly crackdown on protests in Iran, following his removal of Venezuelan President Nicolas Maduro and floating the idea of acquiring Greenland.

Spot silver hit an all-time high of USD 86.22, and was later up 6.8% at USD 85.39 per ounce.

Gold and silver “go together,” said Ned Naylor-Leyland, gold and silver fund manager at Jupiter Asset Management, but “when silver captures flow, (it) really runs because it’s a smaller channel and it’s more sensitive to the flows in and out.”

Spot platinum climbed 3% to USD 2,342.10 per ounce, while palladium gained 2.5% to USD 1,861.44.

(Reporting by Anmol Choubey in Bengaluru; Additional reporting by Naomi Rovnick in London; Editing by Jan Harvey, Susan Fenton, and Alan Barona)

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