Precious and industrial metals show strong growth. Oil grows amid the news about the death of Iran’s leader

Reddit (RDDT) surged over 13% after it partnered with OpenAI to bring its content to chatbot ChatGPT. According to analysts, the deal will boost Reddit’s data licensing business. Advanced Micro Devices (AMD) shares rose more than 2% on Friday after Wolfe Research added it to its alpha list, replacing Nvidia (NVDA).

Gold rose to a record $2,430 an ounce on Monday after recent US economic data reinforced speculation that the Federal Reserve may go for at least two rate cuts this year. Silver surpassed $30 an ounce, hitting its highest level since January 2013, thanks to higher gold prices and robust investment and industrial demand. While ETF funds have shown little interest in silver, physical buying has increased.

WTI crude oil prices rose above $80 a barrel on Monday, extending gains from last week after Iran’s state media reported the death of a leader at the crash site of a helicopter carrying President Ebrahim Raisi, adding to political uncertainty in one of the largest oil-producing countries. The foreign minister was in the helicopter with him.

Asian markets were mostly rising last week. Japan’s Nikkei 225 (JP225) gained 1.51%, China’s FTSE China A50 (CHA50) added 1.29%, Hong Kong’s Hang Seng (HK50) gained 4.74%, and Australia’s ASX 200 (AU200) was positive 0.84%.

The People’s Bank of China (PBoC) left key lending rates unchanged during its May meeting, matching market expectations. The 1-year prime rate (LPR), the benchmark for most corporate and household loans, was kept at 3.45%. Meanwhile, the 5-year rate, the benchmark for real estate mortgages, was maintained at 3.95% after a record 25 bps decline in February. Both rates are at record lows amid Beijing’s attempts to stimulate economic recovery after mixed activity data in April, marked by solid industrial production growth, the lowest unemployment rate in five months, and weak retail sales.

The Australian dollar climbed above $0.67, hitting four-month highs. New stimulus measures in China and bets on lower interest rates in the US boosted commodity prices, boosting sentiment in Australian markets. Later last week, China announced a broad package of measures to support the struggling real estate market, including easing mortgage lending rules and urging local governments to buy unsold homes. Domestically, investors are eagerly awaiting the minutes of the Reserve Bank of Australia’s latest meeting for clues on the future path of rates.

Investors in New Zealand look forward to Wednesday’s Reserve Bank of New Zealand (RBNZ) meeting. The Central Bank is expected to leave the official money rate at 5.5% for the 7th consecutive meeting, with policymakers likely to reiterate the need to maintain restrictive policies for an extended period to bring inflation back into the 1–3% target range.