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Gold Extends Gains Amid Rising Geopolitical Tensions in Europe

Gold Extends Gains Amid Rising Geopolitical Tensions in Europe

Gold prices continued to rise on Tuesday, supported by escalating geopolitical tensions in Europe,
despite diminished expectations for a Federal Reserve interest rate cut at its next meeting.

 

Contents

  • Gold
  • Japan
  • Artificial Intelligence

 

 

 

 

 

 

Gold

Gold futures for December delivery increased by 0.31% ($8.1), reaching $2,622.7 per ounce,
after gaining 1.75% in the previous session, marking the highest level since November 11.

Spot gold also rose by 0.27% to $2,618.96 per ounce,
while silver futures for December delivery gained 0.31% to $31.32 per ounce.
Platinum spot prices remained steady at $968.15 per ounce.

These movements came amid reports suggesting the Biden administration has allowed Ukraine to use
U.S.-made weapons for strikes deep inside Russian territory, raising concerns over potential military escalation in Europe.

 

 

 

 

 

Japan

Japanese Stocks Rise Amid Rate Hike Speculations and Monetary Policy Adjustments

Japanese stocks closed higher on Tuesday, driven by expectations that the Bank of Japan may raise interest rates
in December following the yen’s weakness.

The Nikkei index gained 0.51% to reach 38,414 points, while the Topix index climbed 0.68% to 2,710 points.

The Bank of Japan announced it would conduct a comprehensive review of its monetary easing tools
next month to assess their effectiveness over the past 25 years, without directly altering current policies.

Market expectations for a 25-basis-point rate hike rose to 54%, with the yen stabilizing at 154.64 against the dollar.
The banking sector also saw significant gains, with Tokyo Bank shares surging 13% over the past two weeks.

 

 

 

Artificial Intelligence

IBM and AMD Collaborate to Enhance AI Performance and Offer Innovative Enterprise Solutions

IBM has announced a partnership with AMD to improve the performance and
energy efficiency of generative AI models for enterprise clients.
According to a statement from IBM on Monday, AMD Instinct MI300X accelerators will be integrated into
IBM Cloud services starting in the first half of 2025.

The collaboration will also provide support for AMD Instinct MI300X accelerators within IBM’s Watsonx AI platform and data center.

AMD CEO Philip Guido emphasized that as businesses continue integrating AI models and databases into their operations, they require accelerators capable of handling intensive computational workloads with high performance and scalability.

 

 

 

Gold Extends Gains Amid Rising Geopolitical Tensions in Europe

Slowing Wage Growth and Rising Unemployment in the UK

Slowing Wage Growth and Rising Unemployment in the UK Support the Case for Monetary Easing by the Bank of England

Wage growth in the UK slowed during the quarter ending in September,
while the unemployment rate increased,
boosting the likelihood that the Bank of England will continue its monetary easing policies as the labor market loses some of its strength.

 

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UK

 According to data released by the Office for National Statistics on Tuesday,
the average weekly wage in the UK rose by 4.8% year-on-year in the three months to September,
compared to a 4.9% increase in the previous period ending in August,
and growth of about 8% during the same period last year.
The data also showed that the unemployment rate increased to 4.3% from 4.1%, with the number of unemployed rising by 210,000.

 

 

 

 

Euro 

Economic confidence in Germany and the Eurozone fell in November to levels lower than expected. Germany’s ZEW Institute released its economic sentiment indicators for both Germany and the Eurozone on Tuesday, which came in negative and below market expectations. According to the data, the ZEW economic sentiment index for Germany dropped to 7.4 points, below the expected rise to 13.2 points in September, and lower than October’s reading of 13.1 points. The ZEW economic sentiment index for the Eurozone also fell to 12.5 points in September, well below the expected 20.5 points and lower than October’s 20.1 points.

 

 

 

 

 

Gold 

Gold continues to drop near its 7-week low due to the rising dollar and Bitcoin boom.
Gold prices continued to decline in early Tuesday trading, reaching their lowest level in nearly seven weeks,
pressured by the rising U.S. dollar and the surge in Bitcoin, which has reduced demand for dollar-priced commodities, including gold.
This decline comes amid market expectations that the U.S. Federal Reserve under Trump will not rush to cut interest rates.
Additionally, Bitcoin’s record rise, surpassing $89,000, has drawn capital away from gold, further reducing demand for the precious metal. Markets are now awaiting the release of U.S. inflation data for October on Wednesday, which is expected to significantly impact the trajectory of U.S. monetary policy and, consequently, gold prices. In trading, spot gold contracts fell by 0.68%, losing about $17 in value to reach approximately $2,606.58 per ounce, while December gold futures fell by 0.37% to record $2,607.90 per ounce.

 

 

Slowing Wage Growth and Rising Unemployment in the UK

Trump Declares Victory in Presidential Election

Trump Declares Victory in Presidential Election, Calling It the Greatest Political Movement in American History

Republican candidate Donald Trump declared his victory in the 2024 U.S. presidential election on Wednesday, describing it as the “greatest political movement ever” and stating that he has “made history” with this win. Trump expressed his gratitude to his supporters and thanked them for helping him secure a second term as President of the United States. This announcement came after he took the lead in critical states such as Pennsylvania, North Carolina, and Wisconsin.

 

Content
Trump
Gold

 

 

 

 

Trump

Trump Media Group Stock Soars 41% After Trump Announces Election Victory and Receives Congratulations from European Leaders
The stock of “Trump Media & Technology Group” surged by 41.28%, reaching $47.95 during pre-market trading on Wednesday following Republican candidate Donald Trump’s announcement of his victory in the U.S. presidential election and his receipt of congratulations from several European leaders.
The stock, associated with the media industry, is seen as an indicator of market expectations regarding Trump’s chances of defeating his Democratic rival, Kamala Harris. Although the vote count has not been officially completed, early results suggest Trump has gained enough votes to become the 47th president of the United States.
This increase follows a 1.16% decline in the stock on Tuesday, closing at $33.94, impacted by voting-related volatility and the group’s announcement of a $19.2 million loss in the third quarter and a 5.6% drop in revenue to $1.01 million.

 

 

 

 

Gold

Gold Prices Plummet as Dollar Rises After Preliminary Results of Trump’s Presidential Victory
It prices saw sharp declines in early Wednesday trading following the announcement of Republican candidate Donald Trump’s win in the U.S. presidency, according to preliminary results. Fox News reported that Trump won Pennsylvania and Wisconsin, boosting his chances of becoming the 47th president of the United States, with Republicans potentially controlling both the House and Senate.
The preliminary results drove the U.S. dollar to its highest level since July, reaching 105.013 points, up by 1.53%. This surge in the dollar decreased demand for dollar-priced commodities, leading to a drop in gold prices. Spot gold prices fell by about 0.64% to $2,726.06 per ounce, while gold futures dropped by 0.51% to $2,735.55 per ounce.

 

 

Trump Declares Victory in Presidential Election

Stability of Oil and Gold Prices as U.S. Elections

Stability of Oil and Gold Prices as U.S. Elections and Middle East Tensions Approach

Oil and gold prices have remained stable in the markets amid escalating geopolitical tensions in the Middle East
and anticipation of the U.S. presidential elections.
Market movements reflect concerns about the election results and their potential impact on global economic policy,
as well as the effect of political decisions on energy supplies and precious metals.

 

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Oil:

Oil Price Stability: 

Oil prices stabilized after a 3% rise, with West Texas Intermediate (WTI) trading near $72 per barrel.
This stabilization followed a significant surge in the previous session, driven by OPEC+’s decision to delay increasing oil supply,
along with rising tensions in the Middle East, particularly after Iranian Supreme Leader Ali Khamenei warned of harsh responses to the country’s enemies.

Since the end of June, U.S. crude oil has dropped by about 12%,
due to weak Chinese demand and increased production from the Americas, particularly the United States.
As a result, the OPEC+ alliance decided to postpone its plan to restore production levels,
leaving markets cautiously awaiting the U.S. elections and their potential impact on oil prices and global energy policies.

 

Gold:

Gold Prices Await Elections:

 Gold prices remained steady as the decisive U.S. elections draw near, with the race between the main candidates still tight. This political uncertainty enhances gold’s appeal as a safe-haven asset, especially amid expectations that a win by Donald Trump could lead to rising inflationary pressures due to his promises of significant tariff hikes.

Gold prices have risen by about 33% this year, supported by accommodative monetary policies and central banks’ gold purchases. Geopolitical tensions have also contributed to this increase. Although gold stabilized at $2,736 per ounce, it remains about $50 below its highest level this year.

 

 

 

 

 

 

Outlook: 

The Federal Reserve is widely expected to cut interest rates by a quarter percentage point in its upcoming meeting,
which could further support gold prices in the future.
Meanwhile, all eyes are on the outcome of the U.S. elections and their potential impact on global markets,
particularly in the energy and precious metals sectors.

 

Conclusion: 

With geopolitical tensions persisting and uncertainty surrounding the U.S. election results,
markets are likely to remain volatile in the coming period.
Investors will continue to seek clarity on global economic policies and their effects on oil and gold.

 

 

Stability of Oil and Gold Prices as U.S. Elections

Gold Reaches New All-Time High

Gold Reaches New All-Time High: Gold prices significantly increased during Monday’s trading session,
continuing their gains for the third consecutive session.
The Gold rose by over $10, contributing to a new record level for the second time.
Despite the rebound in U.S. Treasury yields and the rise of the U.S. dollar, gold continued to strengthen,
reflecting its appeal as a haven for investors amidst economic tensions.

 

Content

Gold  

People’s Bank of China

 

 

 

 

Gold Reaches New All-Time High

Gold prices significantly increased during Monday’s trading session, continuing their gains for the third consecutive session.
The Gold rose by over $10, contributing to a new record level for the second time.
Despite the rebound in U.S. Treasury yields and the rise of the U.S. dollar, gold continued to strengthen,
reflecting its appeal as a haven for investors amidst economic tensions. 

In trading details, spot gold prices rose by 0.45% to reach $2,733.84 per ounce,
while December gold futures increased by 0.60% to $2,746.50 per ounce.
This strong performance comes amid expectations of continued demand for safe-haven assets,
especially with growing concerns about a global economic slowdown and inflationary pressures. 

This increase in gold prices demonstrates the precious metal’s resilience in the face
of global economic pressures as investors continue to turn to gold as a hedge against potential market volatility.

 

 

 

People’s Bank of China Lowers Lending Rates

The People’s Bank of China announced a reduction in its central lending rates,
including the benchmark mortgage loan rate, to stimulate China’s slowing economy and support the real estate sector.
This decision followed statements by the bank’s governor, Pan Gongsheng, during a financial conference last week.

In the bank’s monthly meeting on Monday, the one-year lending rate
used as a reference for commercial and consumer loans—was cut by 25 basis points (0.25%) to 3.10%.
The five-year lending rate, the benchmark for mortgage loans, was also reduced by the same amount to 3.6% from 3.85%.

This marks the first time since July that China’s central bank has lowered these rates.
The move is part of a monetary stimulus plan announced at the end of September.
The plan will support the struggling real estate sector and the broader Chinese economy.

However, Shane Oliver, Chief Economist at AMP, noted that China’s reduction
in borrowing costs alone would not stimulate the economy,
explaining that the core issue is weak demand for funds,
which requires additional fiscal measures to support economic recovery.

 

Gold Reaches New All-Time High

Australian Job Market Numbers Exceed Expectations

Australian Job Market Numbers Exceed Expectations

Data released by the Australian Bureau of Statistics on Thursday morning showed
that the Australian job market performed better than expected in September.

 

 

Content:
Australia
Gold
Inflation

 

 

Australia

The Australian economy added approximately 64.1 thousand jobs, surpassing market expectations of only 25.2 thousand jobs.
These numbers also exceeded August’s revised figure, which showed an addition of 42.6 thousand jobs,
up from the previously reported 47.5 thousand.

As for the unemployment rate, it remained steady at 4.1% in September, better than the expected 4.2%.
The August figure was also revised positively, showing a drop in unemployment from 4.2% to 4.1%.

 

 

 

 

 

Gold

It Nears Record High
Gold prices rose during Thursday’s trading session, nearing their historical highs amid ongoing uncertainty in the markets due to the upcoming U.S. elections and heightened anticipation for U.S. retail sales data.
Spot gold prices increased by 0.29%, or $7.6, reaching $2,680.9 per ounce, approaching the record high of $2,685.42 recorded on September 26.
Gold futures for December delivery also saw a slight increase of 0.16%, or $4.4, reaching $2,695.2 per ounce.

 

 

 

 

Inflation

Eurozone Inflation Rates Continue to Decline
Inflation in the Eurozone slowed in September, reaching 1.7% according to the second reading, lower than the previous estimate of 1.8%.
This deceleration follows a 2.2% rate recorded in August,
marking the lowest inflation level in over three years and below the target set by the European Central Bank,
reinforcing expectations of potential interest rate cuts.

Additionally, core inflation, which excludes energy and food costs, was confirmed to be 2.7%, in line with previous forecasts.

In a separate report, preliminary estimates showed a trade surplus of €4.6 billion in the Eurozone’s external goods trade during August, compared to €4.8 billion in the same month last year.

 

 

Australian Job Market Numbers Exceed Expectations

Gold Prices Decline as U.S. Interest Rate Cut Expectations Ease

Gold Prices Decline as U.S. Interest Rate Cut Expectations Ease

Gold prices retreated as traders scaled back their expectations for a U.S. Federal Reserve rate cut, following stronger-than-expected U.S. jobs data. Bullion was trading near $2,643 per ounce, still close to its record high of $2,685.58, which it reached late last month.

 

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Details

U.S. Treasury yields returned to 4% after Friday’s robust jobs report dampened the chances of a significant rate cut by the Federal Reserve in November. Money markets are now pricing in a rate reduction of less than a quarter-point next month.

Lower interest rates are often seen as supportive for non-yielding gold. Upcoming U.S. inflation data, expected later this week, could provide further insight into the trajectory of interest rates.

Additionally, Federal Reserve officials, including Alberto Musalem, are scheduled to speak at various events later on Monday.

 

 

U.S. Treasury Yields

Impact of U.S. Treasury Yields on Gold Prices

Gold prices were directly impacted by the return of U.S. Treasury yields to the 4% level, which led to a decline in gold’s positive momentum. The reduced expectations of a rate cut contributed to the rise in bond yields, negatively affecting gold.

 

 

 

 

 

 

Gold’s Performance

Gold’s Performance This Year and Support from Central Banks

Gold has surged by approximately 28% this year, marking a series of record highs, fueled by optimism surrounding interest rate cuts. The precious metal has also been supported by strong buying from central banks and demand for a safe haven amid ongoing conflicts in Ukraine and the Middle East.

 

 

Market Trends

Fund Managers’ Positions in the Gold Market

At the same time, fund managers reduced their net bullish positions on gold to the lowest level in three weeks as of October 1, according to data from the Commodity Futures Trading Commission (CFTC) released on Friday. This decline reflects investors’ concerns about market volatility.

 

 

Market Analysis

Market Analysis and the Performance of Other Metals

Ole Hansen, head of commodity strategy at Saxo Bank, wrote in a note: “Gold and silver markets have experienced net selling as traders locked in profits amid signs of exhaustion in the rally of both metals.” He added: “In gold, both long and short positions were reduced as short sellers became wary of price increases driven by geopolitical tensions, while long positions continued to take profits.”

Spot gold fell 0.4% to $2,642.88 per ounce as of 4:22 p.m. in New York. The Bloomberg Dollar Spot Index held steady, while the yield on 10-year U.S. Treasuries rose. Palladium prices increased, while platinum and silver prices declined.

 

 

 

Gold Prices Decline as U.S. Interest Rate Cut Expectations Ease

Gold Prices Stabilize as Investors Assess Middle East Tensions

Gold Prices Stabilize as Investors Assess Middle East Tensions and Interest Rates

Gold prices have stabilized as investors closely monitor the escalating tensions in the Middle East, alongside the impact of a stronger-than-expected U.S. jobs report, which has dampened expectations of a significant interest rate cut by the Federal Reserve.

 

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Price Movements Details

  • Bullion Prices: Gold prices dipped slightly to $2,651.57 per ounce in the morning session in Singapore.
  • Historical Level: Prices remain below the all-time high of $2,685.58 per ounce, recorded in September.

 

Key Influencing Factors

  1. Geopolitical Tensions:
    Tensions in the Middle East have escalated as Israel sent its forces into northern Gaza following an Iranian missile attack, which has increased demand for safe-haven assets like gold.
  2. U.S. Jobs Report:
    The latest jobs report exceeded expectations, reducing the likelihood of an interest rate cut in November, which negatively affects gold as it yields no interest.

 

 

Performance of Other Markets

 

Outlook

Investors expect that gold prices will continue to be influenced by developments in geopolitical tensions and U.S. economic indicators, especially with the potential for future adjustments to interest rates.

 

 

Gold Prices Stabilize as Investors Assess Middle East Tensions and Interest Rates

 

Chinese Stocks Achieve Best Performance in Four Years, Rising Over 4%

Chinese Stocks Achieve Best Performance in Four Years, Rising Over 4%

Chinese stock markets saw strong gains by the close of trading on Tuesday, following an announcement from the central bank about a new package of monetary easing measures aimed at helping China reach its targeted growth rate of around 5%.

 

 

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China:

In addition to supporting the struggling real estate sector, which has faced ongoing crises recently, People’s Bank of China Governor Pan Gongsheng announced that the bank would cut the main interest rate by 20 basis points and reduce the reserve requirement ratio for banks by 50 basis points. It will also lower lending rates and mortgage loan rates. As a result, the real estate sector’s CSI 300 index rose by 1.69%, while the broader CSI index climbed by 4.33%.

 

 

 

Gold:

Gold is trading near its all-time highs.
It prices remained stable near $2,630 per ounce due to the geopolitical tensions in the Middle East. Additionally, market expectations that the U.S. Federal Reserve will continue cutting interest rates in the coming period have supported gold’s upward momentum, as investors turn to gold amid the anticipated weakness in the U.S. dollar.

 

 

 

 

 

 

 

European Central Bank:

ECB Member Hints at Possible Rate Cut in October
Madis Müller, European Central Bank member and Governor of the Bank of Estonia, stated on Tuesday that a rate cut during the October monetary policy meeting is possible, although it is still too early to make a clear decision. Müller added that it might be easier to make a decision in December. He also emphasized the need for a further slowdown in inflation within the services sector. Markets have been expecting the ECB to consider a rate cut in December, following a 60-basis-point cut in its last meeting.

 

 

Chinese Stocks Achieve Best Performance in Four Years, Rising Over 4%

 

The U.S. Commerce Department Prepares to Ban Chinese Software for Smart Cars

The U.S. Commerce Department Prepares to Ban Chinese Software for Smart Cars

The U.S. Commerce Department is planning to unveil proposed rules by Monday to ban devices
and software for internet-connected cars made in China and Russia, according to people familiar with the matter.

 

Topic

United States

Gold

Europe

 

 

 

United States

The Commerce Department has held meetings with industry experts in recent months to address security concerns raised by the next generation of smart cars.
Sources indicate that this move will involve banning the use and testing of Chinese and Russian technology in autonomous driving systems and communication networks in vehicles.
While the focus of the ban is primarily on software, some hardware will also be included in the proposed regulations.

 

 

Gold

Gold mining companies turn to discipline amid a surge in acquisition deals. As gold prices hit unprecedented highs, mining companies are back on the hunt for new deals, while assuring investors that they’ve learned from past mistakes, especially those related to overspending. In recent months, there has been significant activity in the sector, with Gold Fields acquiring Osisko Mining in a $1.6 billion deal and AngloGold Ashanti purchasing Centamin for $2.5 billion. This flurry of activity has sparked speculation about more deals on the horizon, with signs that more companies are considering similar steps.
Mining companies are keen to show that they won’t repeat the same mistakes in an effort to reassure investors. For example, Equinox is planning to use its profits to reduce debt incurred in building the Greenstone mine. B2Gold is also focusing on “returning as much cash as possible to shareholders by increasing cash flow and paying solid dividends,” according to CEO Clive Johnson in an interview during a forum this week.

 

 

 

 

 

 

 

Europe

European floods threaten insurers with record losses. Insurance companies are expected to face the largest regional losses due to the devastating floods that have swept through Central and Eastern Europe.
Among the hardest-hit companies are “Powszechny Zakład Ubezpieczeń,”
“Vienna Insurance Group,” and “Uniqa Insurance Group.”
Global reinsurance broker “Gallagher Re” has estimated insurance losses from the Central European
floods to be between €2 billion ($2.2 billion) and €3 billion.
According to Bloomberg Intelligence data, these figures match the catastrophic flood losses seen in 1997, 2002, and 2013. Other insurers, such as “Generali” and “Allianz,” are also expected to face significant losses as a result of this disaster.
The storm “Boris” caused heavy, continuous rainfall across most of the Czech Republic, Austria,
southwestern Poland, and eastern Slovakia from September 12 to 15,
leading to widespread flooding.
Governments across the region have declared emergency measures and are preparing to spend hundreds of millions of euros on cleanup efforts, while water levels remain high.

 

 

 

The U.S. Commerce Department Prepares to Ban Chinese Software for Smart Cars