Gold fell below $3,150, oil prices dropped over 3%, and the USD/JPY fell 0.7%

On Thursday, according to The Paper, an advisor to Iran's Supreme Leader stated that Iran is willing to commit to never producing nuclear weapons in exchange for the U.S. lifting sanctions, causing oil prices to drop over 3%. Following South Korea's discussion on foreign exchange policy, Japan's opposition parties outlined bargaining chips for U.S.-Japan trade negotiations, leading to a decline in the dollar and a rise in the yen.

Additionally, due to market expectations that the economic outlook will improve after the U.S.-China trade truce, the Federal Reserve's interest rate cuts will be delayed, resulting in a rise in U.S. Treasury yields. The 30-year U.S. Treasury yield approached the 5% mark, while the 10-year U.S. Treasury yield broke above 4.5%. High U.S. Treasury yields pressured commodities, with gold, silver, and copper collectively dropping over 1%.

• European stocks opened lower.
• The Indian stock market maintained its upward trend, as Trump stated that India had previously proposed eliminating all tariffs on U.S. goods.
• U.S. Treasury yields declined.
• Both WTI and Brent crude oil fell over 3%. Spot gold, spot silver, London copper, and New York copper all dropped over 1%.
• The U.S. dollar index fell about 0.3%, and the dollar against the yen dropped about 0.7%, as Japan's opposition parties outlined bargaining chips for U.S.-Japan trade negotiations, including buying U.S. Treasuries and importing cars produced by Japanese companies in the U.S.
• The UK economy grew by 0.7% quarter-on-quarter in the first quarter, the best performance in four quarters, with the pound slightly rising against the dollar.

In terms of commodities, WTI crude oil fell over 3% during the day, trading at $60.60 per barrel; Brent crude oil also fell over 3%, trading at $63.97 per barrel.

With the easing of geopolitical tensions and high U.S. Treasury yields, commodities faced downward pressure, with gold, silver, copper, and oil all declining. Additionally, optimistic progress in trade negotiations has weakened gold's appeal as a safe haven.

After dropping over 2% on Wednesday, spot gold continued its downward trend on Thursday, falling over 1% to below $3,150, marking its lowest level in over a month.

In the stock market, the Euro Stoxx 50 index opened down 0.5%, the German DAX index fell 0.4%, the UK FTSE 100 index dropped 0.5%, and the French CAC 40 index decreased by 0.3%.

The Indian stock market maintained its upward trend after U.S. President Donald Trump stated that India had proposed eliminating tariffs on U.S. goods. Currently, India is seeking to reach a tariff agreement with the U.S.

On Thursday, Trump spoke at an event in Qatar with business leaders, stating that the Indian government "has proposed an agreement to us, basically they are willing not to charge us any tariffs." Trump did not provide further details on this proposal from New DelhiIn terms of foreign exchange, the US dollar fell 0.7% against the Japanese yen, at 145.70.

The leader of Japan's opposition Democratic Party for the People stated that holding long-term US Treasury bonds and importing Japanese cars made in the US could be bargaining chips for Tokyo in trade negotiations with Washington.

Yamaki Yuichiro said in an interview on Thursday that Japan could propose reinvesting the proceeds from maturing US Treasury bonds into ultra-long-term bonds in exchange for concessions on tariffs. Although the Democratic Party for the People is not large, it is quite influential.

He stated that given Japan holds over $1 trillion in US Treasury bonds, reinvesting them into long-term bonds would be "a huge support," adding that "the US government does seem to be concerned about the interest rates on long-term US bonds."

Yamaki Yuichiro also mentioned that Japanese policymakers need to take action to protect the economy from the impact of taxation, suggesting a reduction in sales tax and a more flexible approach to reducing the central bank's domestic bond purchases.

The Nikkei 225 index closed down 1%. The Tokyo Stock Exchange index closed down 0.9%. The Seoul Composite Index closed down 0.7%