MUFG’s Hardman and Lockhart report that Brent Oil prices have shown a muted response to renewed US–Iran military exchanges, trading near recent lows after briefly dipping below USD 90 per barrel.

The West Texas Intermediate (WTI), futures on NYMEX, turns flat slightly above $88.00 in the European trade on Wednesday after clawing back its early losses.

Silver prices (XAG/USD) fell on Wednesday, according to FXStreet data. Silver trades at $63.99 per troy ounce, down 2.11% from the $65.37 it cost on Tuesday.

Gold (XAU/USD) slides to fresh 11-week lows on Wednesday as mounting speculation that the Federal Reserve (Fed) could raise interest rates later this year weighs on demand for the non-yielding metal. At the time of writing, XAU/USD is trading around $4,163, down 2.30% on the day.

Gold price (XAU/USD) trades 2.1% lower at around $4,170 during the European trading session on Wednesday.

UBS Chief Economist Paul Donovan expects May United States (US) headline consumer price inflation to rise as higher Oil-related costs are passed through to consumers. He notes firms can protect profit margins by raising prices while demand holds, with US consumers drawing on savings.

Crude prices are trading lower for the fifth consecutive day on Wednesday, with the US benchmark West Texas Intermediate (WTI) barrel trading at $86.60 at the time of writing, more than $4 down so far this week.

ING’s Warren Patterson and Ewa Manthey say China’s latest trade data for Copper are mixed, with higher unwrought Copper imports in May but lower year-to-date volumes due to stronger domestic refined output.

Rabobank’s Global Strategist Michael Every highlights that Oil prices fell as the United States (US) energy secretary reported rising Hormuz transits, with evidence the US Navy may be moving more crude through the Strait than official data show.

Silver price (XAG/USD) rebounds to near $65.00 in the European trading session on Wednesday after attracting bids at around over the two-month low of $63.45 earlier in the day.

ING analysts Warren Patterson and Ewa Manthey note that WTI and Brent fell sharply but see upside for Oil prices as US–Iran tensions persist and no peace deal is in sight.

Iran's Foreign Minister Abbas Araghchi warned that its neighbours in the Gulf have a “legal and moral responsibility” to prevent American and Israeli strikes, the Guardian reported on Wednesday.

West Texas Intermediate (WTI) – the benchmark US Crude Oil price – struggles to capitalize on a modest Asian session uptick and currently trades just below mid-$87.00s, nearly unchanged for the day.

Gold (XAU/USD) extends the recent breakdown momentum below a technically significant 200-day Simple Moving Average (SMA) and drops to a fresh low since March 23, further below the $4,200 mark during the Asian session on Wednesday.

Silver (XAG/USD) attracts some follow-through sellers for the second consecutive day and drops to its lowest level since March 23 during the Asian session on Wednesday.

West Texas Intermediate (WTI) oil price experiences volatility after registering over 2.5% losses in the previous day, trading around $87.40 per barrel during the Asian hours on Wednesday.

Iran's Foreign Minister Abbas Araghchi warned the United States (US) to leave the region or face consequences, adding that Iran's armed forces would not leave any attack or threat unanswered.

Gold price (XAU/USD) attracts some sellers to around $4,235, the lowest since March 23, during the early Asian session on Wednesday. The precious metal extends its downside on renewed tensions in the Middle East and rising expectations of a US interest rate hike this year.

United States API Weekly Crude Oil Stock came in at -9.119M, below expectations (-3.4M) in June 5

Trump announced on Tuesday that his military had concluded Iran shot down one of its Apache helicopters over the Strait of Hormuz during the overnight session, and that the US had no choice but to respond. Crude Oil's reaction was to fall.

Gold (XAU/USD) price plunges nearly 2% on Tuesday as tensions in the Middle East escalate afterUS President Donald Trump vowed a response to Iran's downing of a US helicopter near the Strait of Hormuz. At the time of writing, XAU/USD trades below $4,250, down 1.93% on the day.

Silver (XAG/USD) tumbles more than 3.5% on Tuesday as price action remains driven by rapidly changing headlines surrounding the Middle East war. At the time of writing, XAG/USD is trading around $65.50, its lowest level since March 23.

China’s central bank, one of the major Gold purchasers worldwide, continued to add the precious metal to its vaults in April, in a sign that demand from sovereigns remains high.

Gold (XAU/USD) shows signs of stabilization on Tuesday, supported by a softer US Dollar (USD) and lower Oil prices as signs of de-escalation in the Middle East war improve market sentiment.

Gold (XAU/USD) trades flat on Tuesday, near two-and-a-half-month lows at $4,268, with upside attempts capped below $4,360 so far.

Poland’s central bank was the top Gold buyer in April among its peers, consolidating its position as one of the world’s most active sovereigns that accumulate the precious metal.

Silver prices (XAG/USD) broadly unchanged on Tuesday, according to FXStreet data. Silver trades at $68.23 per troy ounce, broadly unchanged 0.08% from the $68.17 it cost on Monday.

West Texas Intermediate (WTI), futures on NYMEX, is down 1.8% to near $88.10 during the European trading session on Tuesday, and over 6% lower from Monday’s high of around $93.50.

Rabobank’s Global Strategist Michael Every notes that Oil prices were little changed after another sharp Middle East escalation involving Israel and Iran, as markets reverted to an ‘as you were’ stance.

OCBC’s FX Strategist Sim Moh Siong reports that Gold has come under pressure after breaking below its 200-day moving average on a more hawkish Fed narrative and oil-led inflation fears.