Geopolitical Tensions Send Oil and Gold Prices Soaring

Geopolitical tensions rose on Wednesday as markets awaited key US inflation data. Oil and gold prices climbed while regional shares edged higher, but the yen was mostly flat against the dollar.

The US and Yemen's Iran-aligned Houthis reported separate attacks on shipping, and North Korea launched a ballistic missile, causing ripples in Asian markets.

Spot gold gained 0.46% to $4,387.03 an ounce as investors sought safe-haven assets amidst the heightened tensions.

The US consumer price index data will be crucial in setting expectations for the Federal Reserve's meeting next month, with some analysts predicting a rate hike if the print comes in at zero.