Finance

U.S. sovereign debt markets experienced a brief respite as benchmark yields edged down from recent multi-decade peaks. Investors continue to digest contrasting signals between signs of a cooling domestic labor market and a roughly two-thirds probability of a Federal Reserve interest rate hike at the upcoming September meeting.

Crude oil benchmarks hovered at elevated levels, with Brent trading above $95 a barrel and West Texas Intermediate holding over $90. Prices fluctuated following direct military exchanges between the United States and Iran, though subsequent comments indicating the conflict could be short-lived tempered immediate inflation anxieties.

Spot gold prices staged a strong recovery to trade above $4,400 an ounce, bouncing back from multi-week lows. The precious metal capitalized on a softening U.S. dollar and a steep rally in the Japanese yen, which intensified expectations of regulatory intervention by authorities in Tokyo.