✨ MACRO PULSE

Sharp oil decline tempered inflation expectations, pushing the US 10-year yield slightly lower. The dollar edged lower in limited fashion as markets priced potential dollar softness linked to the peace framework.

✨ OIL
Brent crude trades near $100 per barrel, down around 1% on the day, after touching sub-$100 levels for the first time since late April. WTI holds near $94.8 per barrel, largely flat. The pullback follows optimism around a US-Iran memorandum, with prices still up roughly 64% year-to-date from early 2026 levels, and well below the wartime peak near $114.4.

Key oil headlines center on memorandum progress and Hormuz traffic. Markets watch for confirmation of gradual reopening as the main catalyst for further downside in energy-driven inflation.

✨ GOLD — UP
Inflation concerns easing plus MOU optimism lifted gold. Spot gold trades around $4,730 per ounce, with Comex front month settling near $4,700, up for three consecutive sessions and reaching the highest settlement since late April. Persistent Iran-related caution continues to provide underlying support.

✨ SILVER — UP
Silver extended Wednesday's strong gain into Thursday. Spot silver trades near $77.8 to $80 per ounce, supported by easing inflation pressure reviving industrial demand expectations. The move aligns with a softer dollar backdrop near the 98 level on DXY, making metals more attractive for international buyers.

✨ Energy-driven disinflation supports risk assets while keeping precious metals bid on residual geopolitical premium. Watch Brent holding $100 as a pivot, gold $4,700 as momentum confirmation, and silver $80 as breakout validation.
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