Precious metals news

Gold prices surged past $2,700 per ounce for the first time, driven by safe-haven demand amid geopolitical tensions and expectations of monetary policy easing. The precious metal's rally is fueled by uncertainty surrounding the U.S. presidential elections and ongoing conflicts in the Middle East, with analysts noting strong speculative interest from Asian markets.

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U.S. retail sales showed a solid increase of 0.4% in September, surpassing economists' expectations of a 0.3% rise. This growth was driven by strong consumer spending in various sectors, including restaurants, clothing stores, and online purchases. The increase in retail sales suggests that the U.S. economy maintained robust growth in the third quarter, supported by solid income growth, ample savings, and strong household balance sheets.

Hong Kong's Chief Executive John Lee has called for urgent action to strengthen the city's position as a global gold trading center, citing competition from Singapore's recent launch of a 500-tonne gold vault. Lee emphasized the need to build up Hong Kong's gold and commodity trading market from its current "low base" to transform it into a "game-changer" for the economy.

The European Central Bank is poised to cut interest rates for the third time this year, with markets expecting a 0.25% reduction. While this move is largely anticipated, investors are keen to understand the ECB's future policy direction. The euro has already weakened against the dollar, and the ECB's tone could further influence its trajectory. Simultaneously, global markets are watching other economic indicators, including TSMC's earnings and U.S. retail sales data.

China's government has announced plans to increase loans for unfinished residential projects to 4 trillion yuan ($562 billion) by year-end, but this fell short of market expectations. The measure, part of a broader package to support the struggling property sector, failed to impress investors, leading to a decline in property stocks. While officials expressed confidence in stabilizing the real estate market, analysts view the policies as incremental and insufficient to address the sector's deep-rooted issues.

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At the LBMA conference in Miami, delegates projected a 10.5% increase in gold prices over the next 12 months, alongside substantial gains for silver, platinum, and palladium. These predictions come amid a strong year for precious metals, with gold and silver already up 29% and 32% respectively in 2024, driven by factors such as Federal Reserve rate cuts and geopolitical tensions.

Atlanta Fed President Raphael Bostic revealed that he projected one additional 25 basis point rate cut for 2024 in his recent Federal Reserve meeting forecast. This is less than the median projection of 50 basis points in further cuts. However, Bostic emphasized that his outlook remains flexible and will be adjusted based on incoming economic data, particularly regarding inflation and employment.

In September 2024, India's trade balance showed signs of improvement as the deficit narrowed to $20.78 billion, lower than economists' expectations of $24.63 billion. This positive shift was largely attributed to reduced gold imports, which helped moderate the overall import bill. Despite global economic challenges, India's exports maintained a slight growth, with sectors like engineering goods, plastics, and pharmaceuticals performing well.

Gold prices are rising towards new record highs as investors focus on the upcoming U.S. presidential election and potential Federal Reserve rate cuts. The precious metal's appeal as a safe-haven asset, combined with strong central bank buying, has driven its performance in 2024. Uncertainty surrounding the election outcome and potential policy changes are prompting investors to adjust their portfolios, further supporting gold's rally.

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Central banks continue to value gold as a key component of their reserves, despite recent price increases and a slowdown in purchases by some countries. Representatives from the Czech Republic, Mongolia, and Mexico emphasized the importance of gold for diversification and security at a recent bullion conference. While global central bank gold purchases have slowed in 2024, they remain significant, with a 6% increase to 183 tons in the second quarter.

Despite expectations that investors would move money from cash to stocks after interest rate cuts, historical data shows this isn't always the case. Even after the Federal Reserve began lowering rates, money continued to flow into money market funds. This trend suggests investor caution and uncertainty about the economic outlook, rather than a rush to put cash back into the stock market.

Central banks worldwide are showing renewed interest in increasing their gold reserves, as highlighted by recent comments from officials representing Mexico, Mongolia, and the Czech Republic. These central bankers cited factors such as geopolitical tensions, lower interest rates, and economic uncertainty as reasons for potentially expanding their gold holdings. This shift in strategy comes amid a record-breaking rally in gold prices, which have surged over 25% in 2024, outperforming both US equities and bonds. The trend reflects a growing recognition of gold's role as a safe-haven asset and diversifier in national reserves.

In response to recent economic indicators, Federal Reserve Governor Christopher Waller has advocated for increased caution in implementing interest rate cuts. Waller noted that while his overall outlook still supports gradual rate reductions, the latest data on inflation, employment, and economic activity suggest a need for a more measured approach to loosening monetary policy compared to the Fed's actions in September.

Gold prices remain steady as the US dollar strengthens, with traders balancing profit-taking impulses against potential Federal Reserve rate cuts. The precious metal, hovering around $2,650 per ounce, faces headwinds from a robust dollar and higher Treasury yields but continues to be supported by expectations of future rate reductions. Despite these challenges, analysts anticipate gold could reach new record highs by the end of the year, building on its nearly 30% gain so far in 2024.

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The stock market is reaching new highs as investors anticipate positive earnings reports from major companies. Despite lower forecasts for third-quarter results, there's optimism that companies will surpass expectations, potentially validating the belief in a soft economic landing. With limited economic data available, corporate earnings are expected to be the primary driver of market sentiment in the coming days.