Dollar rallies after US court blocks Trump’s tariffs

SINGAPORE – The US dollar rallied sharply on Thursday after a court blocked President Donald Trump from imposing his so-called Liberation Day import tariffs, with the currency surging against the euro, yen and Swiss franc in particular.

The Manhattan-based Court of International Trade said the US Constitution gives Congress exclusive authority to regulate commerce with other countries that is not overridden by the president’s emergency powers to safeguard the US economy.

In response, the Trump administration filed an appeal.

The move sparked a risk-on rally across markets, sending Wall Street futures up while the dollar jumped in a knee-jerk reaction to a potential reprieve for global trade.

The greenback rose 0.6% against the yen to 145.72 and 0.65% against the franc to 0.8326.

The euro slid 0.5% to USD 1.1232. Sterling fell 0.2% to USD 1.3432.

The dollar index, which measures the US currency against six major peers, climbed back above 100 for the first time in a week and was last at 100.40.

“We’re just trying to work out what it might mean basically but obviously the market is doing a kneejerk reaction so I guess it’s reversing a lot of the moves that we’ve seen… All the direction of change has been opposite to what we have seen since Liberation Day,” said Ray Attrill, head of FX strategy at National Australia Bank.

Trump’s tariffs have undermined investor confidence in US assets and prompted a rush of money out of the world’s largest economy.

That has in turn toppled the dollar, which is down nearly 8% for the year so far.

Elsewhere, the Australian dollar was little changed at USD 0.6428. The New Zealand dollar fell 0.13% to USD 0.59595.

(Reporting by Johann M Cherian and Stella Qiu; Editing by Christopher Cushing)

Stocks rally in Asia as Trump tariffs hit court hurdle

SYDNEY – Asian shares and Wall Street futures climbed in Asia on Thursday after a US federal court blocked President Donald Trump’s “Liberation Day” tariffs from going into effect, sending the dollar up on safe haven currencies.

The Manhattan-based Court of International Trade ruled that Trump overstepped his authority by imposing across-the-board duties on imports from nations that sell more to the United States than they buy.

The White House quickly appealed the decision, and could take it all the way to the Supreme Court if needed, but in the meantime it offered some hope that Trump might back away from the highest tariff levels he had threatened.

“We’re just trying to work out what it might mean basically but obviously the market is doing a knee-jerk reaction,” said Ray Attrill, head of FX strategy at NAB.

“So this may be an absolute storm in a teacup or potentially something more significant.”

Investors reacted by embracing risk assets and Japan’s Nikkei quickly rose 1%, while South Korea’s shares added 0.8%.

MSCI’s broadest index of Asia-Pacific shares outside Japan edged up, awaiting the opening of Chinese markets.

S&P 500 futures climbed 1.5%, while Nasdaq futures rose 1.8%. The latter had already been lifted by relief over earnings from Nvidia, which beat sales estimates.

The chipmaker and AI darling also projected strong revenues for the current quarter, sending its shares up 4.4% after hours.

That news helped offset a Financial Times report that the White House had ordered US firms that offer software used to design semiconductors to stop selling their services to Chinese groups.

The New York Times separately reported the United States had suspended some sales to China of critical US technologies, including those related to jet engines, semiconductors and certain chemicals.

PUSHING OUT RATE CUTS

The news of the court decision hit traditional safe havens, lifting the dollar 0.8% on the Swiss franc to 0.336. It gained 0.6% on the Japanese yen to 145.76 yen, while the euro dipped 0.5% to USD 1.1230.

Yields on 10-year Treasuries rose 3 basis points to 4.51% and markets further shaved the chance of a Federal Reserve rate cut anytime soon.

Minutes of the last Fed meeting showed “almost all participants commented on the risk that inflation could prove to be more persistent than expected” due to Trump’s tariffs.

A rate cut in July is now seen as just a 22% chance, while September has come into around 60% having been more than fully priced a month ago.

In commodity markets, gold slipped 0.9% to USD 3,259 an ounce.

Oil prices extended a rally begun on supply concerns as OPEC+ agreed to leave their output policy unchanged and as the US barred Chevron from exporting Venezuelan crude.

US crude firmed 47 cents to USD 62.31 per barrel.

(Additional reporting by Stella Qiu in Sydney; Editing by Sam Holmes)

US yields rise after three-day fall; five-year auction shows solid demand

NEW YORK – US Treasury yields advanced on Wednesday, after falling for three straight days, as investors consolidated their positions on a day when there was little economic data to drive the market, but they pared their rise after a successful auction of five-year notes.

The sale of USD 70 billion in US five-year Treasuries showed healthy foreign demand, easing worries about investors potentially shifting from dollar assets due to fiscal sustainability concerns and recent tariff-related volatility.

So-called “indirect bidders,” which include foreign central banks, took 78.4% of the auction. “It looks to be a record high for this group and therefore suggests strong foreign interest in this paper,” said Lou Brien, market strategist for DRW Trading in Chicago, in emailed comments after the auction.

The sale cleared at 4.071%, lower than the expected rate at the bid deadline, suggesting there was no need to add a premium to the yield as investor appetite for the note was strong.

The bid-to-cover ratio, another measure of demand, was at 2.39 cover, down slightly from last month’s cover of 2.41, but in line with the 2.38 average.

“In my view, auction bidders are back regardless of tariffs or new policies going through the US Government,” wrote Tom di Galoma, managing director at Mischler Financial in an email after the five-year note sale.

Primary dealers, who usually step in when investor demand is weak, ended up with 9.2%, the second lowest on record, di Galoma said.

In afternoon trading, the yield on the benchmark US 10-year Treasury note was up 4.3 basis points (bps), retreating after the auction from the 4.501% peak during the day. US 30-year yields were last up 3.1 bps at 4.970%, down from their 5% peak on Wednesday.

The minutes from the latest Federal Reserve Open Market Committee meeting, meanwhile, were seen as unsurprising and had little effect on the market. The minutes showed officials acknowledging they could face difficult tradeoffs in the coming months, in the form of rising inflation alongside rising unemployment.

“With inflation above target and a low unemployment rate, it’s not shocking that the Fed would think they can afford to wait for more clarity on the economic effects of tariffs,” said Brian Jacobsen, chief economist at Annex Wealth Management in Menomonee Falls, Wisconsin.

Jacobsen believes the Fed will take its lead from the markets. “As long as inflation expectations stay contained, they’ll likely view any tariff-induced inflation as fleeting. If yields start rising and it is because inflation expectations are becoming unmoored, then they’ll squawk hawkishly.”

The two-year US Treasury yield, which typically moves in step with interest rate expectations, was last up 4.3 bps at 3.992%.

Markets still hope for an interest rate cut in September, with a 58% chance, but the higher certainty, 79%, is for a reduction in the October Fed meeting, according to CME’s FedWatch tool.

STANDING REPO FACILITY

The Fed, meanwhile, announced on Wednesday that next month it will add morning offerings for its liquidity providing Standing Repo Facility, known as SRF, to the existing afternoon operations.

Launched in 2021, the facility helps the Fed keep the federal funds rate, its chief tool for influencing the course of the economy, in line with levels targeted by the Federal Open Market Committee.

“It is an attempt to make markets more resilient during times of stress by providing borrowers with an opportunity to tap the Fed facility earlier in the day,” said Gennadiy Goldberg, head of US rates strategy at TD Securities in New York. The SRF is currently not being used by banks, but in times of stress twice daily operations could help to backstop markets, he added.

On Thursday, the Treasury will again test demand for securities with a USD 44 billion offering of seven-year notes.

Among Fed officials speaking on Thursday are Richmond Fed President Thomas Barkin, San Francisco Fed President Mary Daly and Chicago Fed President Austan Goolsbee. A second estimate of the first-quarter GDP is expected to show the US economy contracted 0.3% in the period. Among other economic data points are weekly jobless claims and pending home sales in April.

(Reporting by Tatiana Bautzer; Additional reporting by Chuck Mikolajczak; Editing by Gertrude Chavez-Dreyfuss, Will Dunham, and Sonali Paul)

Indexes end down after chip designers ease late; Nvidia jumps after the bell

NEW YORK – US stock indexes closed lower on Wednesday as investors digested minutes from the last Federal Reserve meeting and shares of chip designers fell in late trading.

After the closing bell, shares of Nvidia rose 5% as the artificial intelligence leader reported
quarterly sales that beat analyst expectations. However, the chipmaker forecast second-quarter revenue below estimates.

Nvidia shares had ended the regular session down 0.5%.

Late in regular trading, shares of Cadence Design Systems and Synopsys dropped after the Financial Times reported that President Donald Trump’s administration has ordered US firms that offer software used to design semiconductors to stop selling their services to Chinese groups. The FT report cited people familiar with the move.

Cadence ended down 10.7%.

According to the minutes of the Fed’s May 6-7 session, US central bank officials acknowledged they could face “difficult tradeoffs” in coming months in the form of rising inflation alongside rising unemployment.

“The Fed minutes really didn’t reveal anything new,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York. “They basically indicate the Fed is in a wait-and-see mode and staying the line, trying to get more clarifications on trade.”

On Tuesday, stocks rose sharply after Trump backed down over the weekend from his threat of 50% tariffs on imports from the European Union.

On Wednesday, the Dow Jones Industrial Average fell 244.95 points, or 0.58%, to 42,098.70, the S&P 500 lost 32.99 points, or 0.56%, to 5,888.55, and the Nasdaq Composite lost 98.23 points, or 0.51%, to 19,100.94.

Also rising after the bell were shares of Broadcom, up 3.2%, and Advanced Micro Devices, up 1.5%.

The S&P 500 is up 0.1% for the year to date but remains down from its record closing high, reached on February 19. It fell as much as 18.9% below that level in the wake of Trump’s erratic tariff announcements that have whipsawed markets for much of his second term.

A poll of strategists and analysts conducted by Reuters showed that many market participants expected the benchmark index to finish the year near current levels.

Shares of sportswear retailer Dick’s Sporting Goods ended up 1.7% after its first-quarter results beat estimates.

Declining issues outnumbered advancers by a 2.79-to-1 ratio on the NYSE. There were 103 new highs and 34 new lows on the NYSE.

On the Nasdaq, 1,448 stocks rose and 2,960 fell as declining issues outnumbered advancers by a 2.04-to-1 ratio.

Volume on US exchanges was 15.60 billion shares, compared with the 17.7 billion average for the full session over the last 20 trading days.

(Reporting by Caroline Valetkevitch; additional reporting by Shashwat Chauhan and Kanchana Chakravarty in Bengaluru; Editing by Pooja Desai and David Gregorio)

Trump’s tariff reprieve pushes gold down for second straight session

Gold prices declined for a second consecutive session on Tuesday, as risk sentiment improved following US President Donald Trump’s decision to postpone tariffs on the European Union.

Spot gold fell 1.2% to USD 3,302.10 an ounce by 02:03 p.m. ET (1802 GMT) after rising nearly 5% last week.

US gold futures settled 1.9% lower at USD 3,300.40.

“There is a lot of volatility in gold prices as we keep having things change on the tariff front. Currently, the market may be under the impression that there is a deal to be had and that is pressuring gold,” Bart Melek, head of commodity strategies at TD Securities, said.

A weekend telephone call between Trump and EU chief Ursula von der Leyen gave “new impetus” to trade talks, the EU said, after Trump dropped his threat to impose 50% tariffs on imports from the European Union next month.

The US dollar strengthened and stock index futures surged. A stronger dollar and rising risk sentiment weighed on gold, a dollar-denominated asset typically favored during periods of economic and geopolitical uncertainty.

Federal Reserve Bank of Minneapolis President Neel Kashkari called for keeping interest rates steady until there is more clarity on how higher tariffs affect inflation.

The minutes from the Fed’s latest policy meeting are set to be released on Wednesday. Key US economic data scheduled for release this week include the first-quarter GDP estimate, weekly unemployment claims, and the core PCE price index.

“Our longer-term bullish view on gold has not changed. As soon as the market believes that the Fed is going to cut (rates), gold will start doing well,” Melek added.

Zero-yield bullion tends to do well in a low-interest rate environment.

Elsewhere, spot silver slipped 0.4% to USD 33.21 per ounce, platinum fell 0.1% to USD 1,084.02 and palladium dropped 1.2% to USD 975.49.

(Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Maju Samuel and Vijay Kishore)

Oil prices ease as US-Iran talks, OPEC+ plans spur supply concerns

HOUSTON – Oil prices settled 1% lower on Tuesday as investors worried about a supply glut after Iranian and US delegations made progress in their talks and on expectations that OPEC+ will decide to increase output at a meeting this week.

Brent crude futures closed down 65 cents, or 1%, at USD 64.09 a barrel, while US West Texas Intermediate crude fell 64 cents, or around 1.04%, to USD 60.89 a barrel.

The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, is not expected to change policy at a meeting on Wednesday.

However, another meeting on Saturday is likely to agree to a further accelerated oil output hike for July, three delegates from the group told Reuters.

Meanwhile, Iranian and US delegations wrapped up a fifth round of talks in Rome last week. While signs of limited progress emerged, there were many points of disagreement that were hard to breach, notably the issue of Iran’s uranium enrichment.

“OPEC+ also meets next week where they will likely agree on further output increases, which, if it occurs, will be a major near-term headwind for crude, especially if Iran adds barrels in the possible (US) deal,” said Dennis Kissler, senior vice president of trading at BOK Financial.

If nuclear talks between the US and Iran fail, it could mean continued sanctions on Iran, which would limit Iranian oil supply, while any resolution could add Iranian supply to the market.

Also on the supply side, US crude oil stockpiles likely rose by about 500,000 barrels last week, a preliminary Reuters poll found on Tuesday.

Supporting prices, US President Donald Trump’s decision to extend trade talks with the European Union until July 9 alleviated immediate fears of tariffs that could suppress fuel demand. Wall Street rose on Trump’s trade reprieve.

Easing trade concerns were supportive, said UBS analyst Giovanni Staunovo, adding that upside to prices remains limited until it is clear what OPEC+ will decide on Saturday.

Also helping prices, a wildfire in the Canadian province of Alberta prompted the temporary shutdown of some oil and gas production.

(Reporting by Seher Dareen and Enes Tunagur in London, Anjana Anil in Bengaluru; Additional reporting by Sudarshan Varadhan; Editing by Christian Schmollinger, Michael Perry, David Evans, Barbara Lewis, Rod Nickel, and Deepa Babington)

Dollar gains, yen slips as Japanese yields tumble

NEW YORK – The dollar strengthened on Tuesday as the yen came under pressure from a sharp fall in Japan’s long-dated bond yields, while the greenback was boosted by data improving US consumer confidence.

“It’s very much being driven by global bond markets, and most recently what we’ve seen in Japan,” said Eric Theoret, FX strategist at Scotiabank in Toronto. “Market participants are reading into the fact that the Ministry of Finance sent out a questionnaire to their primary dealers about issuance.”

Bloomberg reported on Tuesday that the Japanese Ministry of Finance sent a questionnaire to market participants regarding issuance and current market issues. Japan will consider trimming issuance of super-long bonds in the wake of recent sharp rises in yields for the notes, two sources told Reuters on Tuesday.

The plan comes amid a recent spike in super-long bond yields to record levels due to dwindling demand from traditional buyers such as life insurers and global market jitters over steadily rising debt levels.

The dollar was last up 1% at 144.28 Japanese yen. The euro fell 0.46% to USD 1.1335.

The greenback added to gains after data showed US consumer confidence in May was much better than economists had expected.

Data this week will include personal consumption expenditures for April, the Federal Reserve’s preferred inflation measure, on Friday.

Minneapolis Fed President Neel Kashkari on Tuesday called for keeping interest rates steady until there is more clarity on how higher tariffs affect inflation, warning against “looking through” the impact of such supply price shocks.

The euro, meanwhile, was dented by data showing that French inflation fell to its lowest level since December 2020 in May.

US President Donald Trump on Sunday dropped his threat to impose 50% tariffs on European Union imports from next month, which boosted risk appetite on Tuesday.

European Union policymakers have asked the EU’s leading companies and CEOs to swiftly provide detail of their US investment plans, according to two sources familiar with the matter, as Brussels prepares for trade talks with Washington.

Investors are concerned that tariffs will hurt growth and potentially reignite inflation, though traders have become less pessimistic on the US economic outlook since the United States and China earlier this month reached a deal to slash tariffs they had imposed on each other.

Longer-term, the more protectionist stance of the United States is expected to continue to hurt the greenback.

“We’re still in an environment of medium to longer term US dollar weakness,” said Theoret.

European Central Bank President Christine Lagarde said on Monday that the euro could become a viable alternative to the dollar if governments could only strengthen the bloc’s financial and security architecture.

Investors are also watching the passage of a spending and tax bill through the US Congress that is expected to add trillions of dollars of debt.

“Our first take on the House budget is it’s not too bad, but could be better. It will reduce the deficit-to-GDP ratio, though probably not enough to put the budget on a sustainable path,” Chris Low, chief economist at FHN Financial said in a note.

Low noted, however, that “no one is happy” with the bill, with right-wing commentators upset that it didn’t further DOGE spending cuts, while left wing pundits are mainly opposed to the size of cuts to social spending.

US Senate Republicans said on Thursday they will seek substantial changes to the spending bill after it narrowly won approval in the House of Representatives.

Elsewhere the dollar strengthened 0.77% to 0.827 Swiss franc.

Swiss inflation could enter negative territory in the coming months, but this will not necessarily trigger a reaction by the Swiss National Bank, SNB Chairman Martin Schlegel said on Tuesday.

(Reporting by Karen Brettell; Additional reporting by Lucy Raitano in London and Rocky Swift in Tokyo; Editing by Mark Potter, Bernadette Baum, and Sandra Maler)

Euro logs one-month high after Trump delays EU tariffs

TOKYO/LONDON – The euro hit a one-month high against the US dollar on Monday after US President Donald Trump backed down from threatened 50% duties on European Union shipments from June 1, as the bloc asked for time to “reach a good deal”.

The dollar continued its decline against a broad spectrum of other currencies as Trump’s policy reversals, as well as the sweeping spending and tax-cut bill, turned investors away from US assets.

“The ‘Sell America’ theme, which obviously was the dominant theme back in April, is back on show,” said Ray Attrill, head of FX research at National Australia Bank.

“Markets have probably taken the view – and probably rightly so – that where we land eventually on a tariff situation between the US and the EU is not going to be at 50%, but how we get there is frankly anybody’s guess at the moment.”

The euro climbed as much as 0.55% to reach USD 1.1418 for the first time since April 29. It was last up 0.17% on the day at USD 1.1375, bringing gains for the year so far to 10%.

Much of the dollar’s decline in the past couple of months has been to the benefit of the euro, as investors have targeted a range of non-US markets.

The single currency could become a viable alternative to the dollar, the world’s reserve currency, if governments can strengthen the bloc’s financial and security architecture, European Central Bank President Christine Lagarde said on Monday.

“The ongoing changes create the opening for a ‘global euro moment,'” Lagarde said at a lecture in Berlin. “The euro will not gain influence by default – it will have to earn it.”

Sterling rose by 0.39% to its highest level since February 2022 and was last up 0.15% at USD 1.356.

The safe-haven yen and Swiss franc eased against a backdrop of improved investor sentiment. The dollar was last up 0.2% against the yen at 142.84, and was steady against the Swiss franc at 0.821 francs.

Trump announced his decision to delay EU tariffs until July 9 on Sunday after a call with European Commission President Ursula von der Leyen, who asked for more time to reach an agreement. July 9 is the end of the 90-day pause on Trump’s April 2 “Liberation Day” levies on the EU and many other trade partners.

The announcement, although encouraging for investors, is a stark reminder of how suddenly US trade policy can turn.

“Following Trump’s latest U-turn, we will, of course, have to wait and see what happens next. It is possible that a deal with the European Union will be reached by 9 July,” Commerzbank currency strategist Michael Pfister said.

“However, it is questionable what has changed in terms of the fundamental problems following a phone call. One thing should be clear after Friday’s announcement: the brief respite from tariffs that we enjoyed was only temporary.”

In a possible nod to fiscal worries among investors, Trump also said on Sunday that the spending and tax-cut bill is likely to see “significant” changes in the Senate.

The House of Representatives’ version of the bill is calculated to add about USD 3.8 trillion to the federal government’s USD 36.2 trillion in debt over the next decade, according to the Congressional Budget Office.

“What seems clear from the reconciliation bill…is that Trump and (Treasury Secretary Scott) Bessent have shifted tactics, swiveling hard from fiscal conservatism and reduced spending to an outright pro-growth policy stance,” said Chris Weston, head of research at Pepperstone.

“It is fast becoming a consensus view that the USD is on the path to a multi-year decline.”

(Reporting by Kevin Buckland; editing by Lincoln Feast, Joe Bavier, Rachna Uppal, and Mark Heinrich)

Oil holds steady; market awaits clarity on OPEC+ next move

CALGARY – Oil prices held steady on Monday with news that eight OPEC+ countries, who had pledged extra voluntary oil output cuts, will now meet on May 31, a day earlier than previously planned.

Brent crude futures settled down four cents at USD 64.74 a barrel, while US West Texas Intermediate crude last traded at USD 61.53 a barrel, unchanged from the prior day’s session.

Trading volumes were light due to the US Memorial Day holiday.

Three OPEC+ sources told Reuters on Monday about the change of the meeting date. The meeting will likely decide on July output, which sources have previously told Reuters will entail another 411,000 barrels per day of production increase.

The meeting is separate from the online ministerial meeting of the Organization of the Petroleum Exporting Countries and its allies, led by Russia, set for May 28. Russian Prime Minister Alexander Novak said on Monday that OPEC+ has not yet discussed hiking output by another 411,000 barrels per day ahead of its meeting, RIA news agency reported.

“At this stage, it feels like the market is exhausted with this,” said Rory Johnston, a Toronto-based analyst and founder of the Commodity Context newsletter, adding investors and traders are still anticipating the arrival of additional OPEC barrels but are disinclined to react significantly until something material emerges.

OPEC oil output edged lower in April despite a scheduled output hike taking effect, Johnston pointed out, which added to the overall market hesitancy.

“It feels like (OPEC) really wants to have headlines every couple of days,” Johnston said. “But the market reaction to them at this point is waiting for anything (tangible) to actually show up.”

Both Brent and WTI had traded higher earlier in Monday’s session after US President Donald Trump said he agreed to extend a deadline for trade talks with the European Union until July 9, marking another temporary trade policy reprieve.

The extension eased concerns that US tariffs on the EU could hit fuel demand.

Global markets climbed on Monday and the euro rallied.

“Trump’s pivot, by postponing higher tariffs for the EU, and his comments on possible sanctions on Russia are moderately supporting crude prices today,” UBS analyst Giovanni Staunovo said.

Trump separately said in a social media post that Russian President Vladimir Putin had “gone absolutely CRAZY” by unleashing the largest aerial attack of the war on Ukraine and that he was weighing new sanctions on Moscow.

(Reporting by Amanda Stephenson in Calgary; Additional reporting by Ahmad Gaddar in London; Sam Li in Beijing, and Florence Tan in Singapore; Editing by Barbara Lewis, Bill Berkrot, and Cynthia Osterman)

Gold falls after Trump extends tariff deadline on EU goods

Gold prices fell on Monday after US President Donald Trump reversed course on his threat to impose 50% tariffs on goods from the European Union from June 1, reducing demand for the safe-haven asset.

Spot gold was down 0.8% at USD 3,329.78 an ounce, as of 1036 GMT. US gold futures GCcv1 fell 1.1% to USD 3,329.20.

“I would call it a range-trading day,” said Giovanni Staunovo, UBS analyst, attributing the modest drop in prices to Trump’s decision to delay the imposition of higher tariffs on the EU.

“With US Memorial Day, activity is likely to be on the lower end today.”

Markets in the United States and Britain were closed on Monday due to public holidays.

Trump on Sunday restored a July 9 deadline to allow for talks between Washington and the European Union to produce a deal.

Gold prices recorded their best week in six last week, after Trump renewed tariff threats on EU goods and said he was considering a 25% tariff on any Apple iPhones that are sold in the US but not made there.

The dollar index fell to a near one-month low against its rivals.

“We still look for higher prices over the coming months, expecting the yellow metal to retest the level of USD 3,500/oz,” Staunovo said.

Meanwhile, China’s net gold imports via Hong Kong more than doubled in April from March, and were the highest since March 2024, Hong Kong Census and Statistics Department data showed on Monday.

Citi on Sunday upgraded its zero-to-three-month price target for gold back to USD 3,500/oz – from USD 3,150 on May 12 – amid US tariff policies, geopolitical risks, and concerns around the US budget. The bank expects gold prices to consolidate between USD 3,100/oz and USD 3,500/oz.

Geopolitical risks include the war in Ukraine. Russia attacked Ukraine for a third night in a row, Ukrainian regional officials and emergency services said, a day after the biggest aerial attack of the war so far killed at least 12 people.

Spot silver fell 0.5% to USD 33.31 an ounce, platinum was down 0.8% to USD 1,086.2, and palladium lost 0.7% to USD 985.51.

(Reporting by Anmol Choubey in Bengaluru, additional reporting by Ishaan Arora; Editing by Janane Venkatraman and Susan Fenton)

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