Oil prices fell on Tuesday as investors awaited the outcome of possible talks between the United States and Iran in Doha, as the two sides exchanged missile launches over the weekend.
Reuters reported that Brent crude futures for August, which expire today, fell 1.03%, or 75 cents, to $72.40 a barrel.
The most-traded September contract fell 0.54%, or 40 cents, to $73.51 a barrel, while the price of U.S. West Texas Intermediate crude fell 0.66%, or 47 cents, to settle at $70.32 a barrel.
Gold hits historic low
Gold prices fell more than 1% on Tuesday, heading for their biggest monthly decline since October 2008, driven by expectations of U.S. interest rate hikes to curb high inflation.
Reuters quoted market sources as saying that the price of gold in spot transactions fell by 1.5% to reach $3956.92 an ounce, recording a loss of 12.7% since the beginning of the month.
It was the fourth consecutive monthly decline, and U.S. gold futures for August delivery fell 1.7% to $3,969.30.
Edward Meyer, an analyst at Marex, explained that pressures from high inflation, interest rate expectations and a stronger dollar have overcome the traditional factors supporting the precious metal, which is on track to record its first quarterly decline since 2024 and the largest since 2013 following the fallout from the war with Iran.
Asian Boom and Yen Decline
The MSCI Asia-Pacific index oscillated between gains and losses before closing 0.8% higher on the last trading day of the quarter, with Asian stocks heading for their biggest quarterly gain in 17 years on optimism about AI deals, while the Japanese yen fell to its weakest level against the dollar since 1986, surpassing the 162 yen barrier to the dollar.
Technology stocks cut the lead strip, with the Asian index up 21% over the past three months, and South Korea's Kospi as the world's top performer, supported by a 98% jump in Samsung Electronics and 225% for SK Hynix, amid heightened alert in Japan for the possibility of authorities intervening to support the national currency.
Artificial Intelligence Leads the World
Investors rushed to buy shares of companies benefiting from building AI capabilities, with global stocks heading for their best quarter in nearly six years, including Asian chip companies and early-stage suppliers.
Trading indicators showed the average Nikkei 225 index of Japanese stocks rose more than 37% this quarter in its best three-month performance ever.
Korea's Kospi index rose 68% in its strongest rally since 1998, while Chinese stocks declined in 2026 despite their previous advances.
Matt Malley, Chief Market Strategist at Miller Talk, said the technology sector will continue to be the main driver and fuel for the global stock market.
Financial market movements at the end of the current quarter reveal a clear sorting of investors' risk appetite, while geopolitical tensions between the United States and Iran have cast a shadow over energy and precious metals markets.
Inflation fears and interest rate hikes have stripped gold of its safe-haven luster, a state of investment maneuver dominates the technology and artificial intelligence sector, this huge influx of money towards digital chip companies has recast the performance of global and Asian stocks to record historic highs, at a time when major currencies such as the Japanese yen are suffering from sharp downward pressure due to divergent monetary policies.
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