Canadian Housing Market Resumes Gains as Lower Rates Spur Demand

Gold prices have experienced a decline as expectations for further interest rate cuts by the Federal Reserve diminish. This marks a continuation of a downward trend, with prices falling for the fourth consecutive trading session. Despite this drop, demand from central banks remains strong, indicating ongoing interest in gold as a reserve asset amidst economic uncertainties.

Japan's economy has contracted for the first time in six quarters, with real gross domestic product shrinking by 0.4% on a quarter-over-quarter basis. This decline raises concerns about the economic outlook and complicates the timeline for the central bank's next interest-rate hike.

The Taiwan dollar has reversed its largest gain in nearly three weeks, as concerns over equity outflows have overshadowed expectations for the currency's strengthening. The central bank's commitment to avoid manipulating exchange rates has not been enough to bolster confidence in the currency amid these outflows.

Canada's Prime Minister is pursuing a controversial strategy that relies on fossil fuels to stimulate the economy. This approach, described as Carney's 'energy superpower' vision, faces significant political hurdles. The government's commitment to fossil fuels as a means to revive economic growth has sparked debate about the sustainability and future of energy policies in Canada.