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Silver price (XAG/USD) is up 1.5% to near $72.35 during the European trading session on Thursday. The white metal gains ground after posting a fresh three-week low at $70.86 on Wednesday.

The Bank of England (BoE) is widely expected to hold the benchmark Bank Rate unchanged at 3.75% for a third consecutive meeting on Thursday, as traders assess the impact of the Middle East war on prices and the UK economy.

The Indian Rupee (INR) plunges to record lows against the US Dollar (USD) at open on Thursday.

USD/CHF extends its gains for the third consecutive day, trading around 0.7920 during the Asian hours on Thursday.

The AUD/JPY cross gains ground to near 114.25 during the early European session on Thursday. The Australian Dollar (AUD) strengthens against the Japanese Yen (JPY) as Australia’s Consumer Price Index (CPI) inflation surged in March, as war in the Middle East drove up energy costs.

A report released by the Bank of Japan (BoJ) on Thursday revealed that the impact of weak Japanese Yen shock on inflation bigger than that from oil shock.

Gold prices remained broadly unchanged in India on Thursday, according to data compiled by FXStreet.

The USD/JPY pair steadies near a 21-month high of around 160.45 during the early European trading hours on Thursday. Traders prefer to wait on the sidelines as Japanese authorities are on high alert for intervention after the Japanese Yen (JPY) breached the psychological level.

West Texas Intermediate (WTI) oil price extends its gains for the fourth consecutive day, trading around $105.70 per barrel during the Asian hours on Thursday. Crude oil prices climb as a deepening naval blockade of Iranian ports.

Oil prices continued to climb in early Asian trade on Thursday, with traders pricing in a prolonged disruption to Middle East supply flows as inventories continue to shrink. Brent crude for July delivery climbed to $113.09, up 2.65%, while West Texas Intermediate rose 2.28% to trade at $109.30. Nota

Gold (XAU/USD) builds on the overnight modest rebound from the $4,500 neighborhood, or a fresh monthly trough, and gains some positive traction during the Asian session on Thursday.

USD/CAD edges lower after remaining flat in the previous day, trading around 1.3680 during the Asian hours on Thursday.

Silver (XAG/USD) attracts some buyers during the Asian session on Thursday and reverses a part of the previous day's losses to the $70.85 region, or over a three-week low. The white metal climbs further beyond the $72.00 mark in the last hour, though the upside potential seems limited.