Oil Prices Rise as Seasonal Demand Picks UpMarket Talk

There are signs that American companies are racing to build up on European inventory before the re-imposition of sweeping import tariffs, Pantheon Macroeconomics' Melanie Debono writes in a note. According to closely-watched surveys of the private sector set out Wednesday, French manufacturing production expanded this month, a surprise amid a general downturn in business activity. New orders fell back, but that was largely due to a fallback in domestic demand, the surveys show. "This suggests some kind of tariff front-running as firms across the Atlantic in particular get orders in before any incoming rise in U.S. trade tariffs at the end of the quarter," Debono says. (joshua.kirby@wsj.com; @joshualeokirby)

Gold futures slump, falling back from record highs on profit-taking and easing safe-haven demand. Futures are down 2.8% at $3,322.40 a troy ounce, after setting an all-time record high of $3,509.90/oz on Tuesday's session. The pullback was triggered by U.S. President Trump's comments that U.S. tariffs won't ultimately be "anywhere near" the currently set 145% level, CBA's Vivek Dhar says in a note. This brightened U.S. trade policy outlook gave investors an opportunity to take profit, with gold still being up more than 23% year-to-date on safe-haven demand, Dhar says. While gold prices and central bank bullion purchases haven't shown much correlation, the anticipation of more central bank demand combined with safe-haven demand could see gold rise to $3,750/oz by the end of the year, Dhar adds. (joseph.hoppe@wsj.com)

Gold prices fell slightly on April 23, a day after the yellow metal hit the historic milestone of Rs 1 lakh per 10 grams. This comes as investors booked some profits at the exorbitant rates, which came on the back of global uncertainties and volatile markets.

Let's check the latest prices of 10 grams of 22 carat and 24 carat gold in major cities of the country:

CityPrice of 22k gold

Price of 24k goldDelhiRs 90,300/10g

Rs 98,500/10gMumbaiRs 90,150/10g

Rs 98,350/10gChennaiRs 90,150/10g

Rs 98,350/10gKolkataRs 90,150/10g

Rs 98,350/10gBengaluruRs 90,150/10g

Rs 98,350/10gJaipurRs 90,300/10g

Rs 98,500/10gLucknowRs 90,300/10g

Rs 98,500/10gHyderabadRs 90,150/10g

Rs 98,350/10gAhmedabadRs 90,200/10g

Rs 98,400/10g

(as per data on Good Returns)

Gold's June contracts on the Multi Commodity Exchange of India (MCX) traded at Rs 96,500 per 10 gram on April 23.

"Gold prices rallied to an all-time high of $3,500 in the previous session before retreating to close below the $3,400 mark, as investors opted to book profits. The pullback followed comments from U.S. Treasury Secretary Scott Bessent, who remarked that the ongoing tariff dispute with China is unsustainable and signalled expectations of a potential de-escalation. This reduced the safe-haven appeal of precious metals. Volatility is likely to persist through the week amid evolving geopolitical cues," Axis Securities said in its latest report.

Also read: JP Morgan see gold prices crossing $4,000/oz by Q2 2026

Shriram Group's Way2Wealth Brokers meanwhile said, "Despite the dip, gold remains up over 33% in 2025, with the gold-silver ratio near historic highs. On the technical front, gold continues to shine across all key indicators, signaling a strong uptrend and solid momentum. It is comfortably trading along the upper Bollinger Band. However, yesterday’s candlestick was bearish, hinting at potential consolidation. Currently, support is placed at 96,270 and 94,280, while resistance is seen at 99,000."Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

By Dow Jones Newswires Staff

Asian stock markets got a boost on Wednesday after President Trump signaled a softer tone on China tariffs and said he isn't planning to fire Federal Reserve Chair Jerome Powell.

Japan's Nikkei Stock Average closed 1.9% higher and South Korea's Kospi added 1.6%.

Taiwan's Taiex led the rebound, ending 4.5% higher as tech companies with high exposure to the U.S. gained on signs of easing trade tensions. Index heavyweight TSMC jumped 7.0% and Foxconn Technology was up 5.3%.

Tech stocks also advanced in Hong Kong, with the Nasdaq-like Hang Seng Tech Index adding 3.1% and the benchmark Hang Seng Index up 2.3%.

There's a mild risk-on tone on hopes that U.S.-China trade tensions could recede due to comments from Treasury Secretary Scott Bessent, said Matt Simpson, market analyst at forex.com and City Index.

Speaking at an event in Washington, D.C., on Tuesday organized by JPMorgan, Bessent said he expects the U.S. and China to start de-escalating trade hostilities in the "very near future," a person in the room told Barron's.

Markets were also somewhat relieved by comments Trump made at the Oval Office, saying he had no intention to fire Powell. Trump's softer tone came after he lashed out at the Fed chair last week, writing in a social media post: "Powell's termination cannot come fast enough!"

How long the uneasy calm will last remains to be seen.

Pepperstone's Michael Brown said he is taking the latest remarks about Powell with a huge pinch of salt, "especially when in the next breath Trump repeated his call for rate cuts."

The tentative cheer was more muted in China, where the benchmark Shanghai Composite Index erased earlier gains to be little changed. The Shenzhen Composite Index and the ChiNext Price Index, however, were both in the green as investors watch for Beijing's response to Trump and further stimulus announcements.

Oil futures rose amid positive sentiment, with front-month WTI up 1.6% at $64.69 per barrel and front-month Brent 1.5% higher at $68.47 per barrel.

Meanwhile, gold fell as prospects of easing U.S.-China tensions undermined the safe-haven appeal of the precious metal. Spot gold was 1.9% lower at $3,315.23 per ounce.

Write to Ronnie Harui at ronnie.harui@wsj.com

Malaysian palm oil futures rose nearly 1% to around MYR 4,000 per tonne, reversing early weakness after the Malaysian Palm Oil Council said demand from top buyers India and China is expected to increase in the coming months, with palm oil now more competitively priced than rival vegetable oils.

Some traders also engaged in bargain hunting after prices hit a seven-month low earlier in the week.

On the export front, cargo surveyors reported that Malaysian palm oil shipments during the first 20 days of April rose between 11.9% and 18.5% compared to the same period in March.

Meanwhile, China may reduce US soybean imports amid ongoing trade risks, which could further support palm oil demand.

In top producer Indonesia, exports of crude and refined palm oil fell nearly 2% month-on-month in March due to higher domestic consumption during the fasting month, although total shipments still reached a four-year high.

Silver rose 1% toward $33 per ounce on Wednesday, recouping losses from the previous session and tracking a broader rally in commodities amid signs of easing US-China trade tensions.

The white metal also decoupled from gold, which pulled back from record highs amid waning demand for safe-haven assets.

Instead, silver benefited from its dual role as both a precious and industrial metal, making it more responsive to improving macroeconomic conditions.

Investor optimism was sparked after US President Donald Trump downplayed the scale of future tariffs on Chinese imports, saying they “won’t be anywhere near as high as 145%,” though he clarified they “won’t be 0%” either.

Further lifting market sentiment, Trump affirmed he has no plans to remove Federal Reserve Chair Jerome Powell, easing concerns about central bank independence and policy direction.