Dollar slips 0.12% against yen to 157.977; gold rises to $4,136.48/oz

The moves are small but directionally consistent: a softer dollar against the yen alongside firmer gold and silver points to modest safe-haven demand rather than a broad risk-off turn, especially since European equities are higher and the dollar is unchanged against the offshore yuan. That combination suggests currency and metals markets are pricing caution that equity markets are not. The scale is worth keeping in perspective — sub-half-percent moves in metals and a 0.12% currency shift are noise-level in isolation. Whether gold's bid persists if equities keep advancing is the open question.