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On October 16th, gold prices hit a new high of $4,226 in early trading, supported by concerns about trade tensions and market bets that the Federal Reserve will increase monetary easing before the end of the year. So far this week, gold prices have risen by over 5%, and the buying frenzy has also spread to other precious metals. Traders are heavily betting on at least one significant US interest rate cut before the end of the year, and Fed Chairman Powell hinted this week that the central bank will cut rates by another 25 basis points later this month. The ongoing US government shutdown also provided support for gold prices. Furthermore, the so-called "currency devaluation trade" is driving inflows into gold, with investors selling sovereign debt and currencies to hedge against the risks of widening fiscal deficits. Active gold purchases by central banks are a key support. Saad Rahim, chief economist at Trafigura Group, said that the gold rally is "primarily driven by physical buying. If you look at central banks, they are buying heavily."South Koreas chief presidential policy adviser expressed "optimism" when asked about US tariff negotiations.Honda Motor: Will make additional investment in California-based startup Helm.AI.ANZ Bank raised its gold price forecast to $4,400 an ounce by the end of this year, and expects it to peak at nearly $4,600 an ounce by June 2026.On October 16, the World Meteorological Organization (WMO) announced that atmospheric concentrations of carbon dioxide, methane, and nitrous oxide reached record highs in 2024. This phenomenon is attributed to continued human emissions of carbon dioxide and the frequent occurrence of wildfires. This, combined with the reduced absorption of carbon dioxide by carbon sinks such as terrestrial ecosystems and the oceans, could lead to a vicious cycle of climate change. WMO officials stated that the last time such high carbon dioxide concentrations were recorded in Earths history was approximately 3 to 5 million years ago, before the advent of humans.

S&P 500 Moves To Session Lows After Hawkish Comments From Fed Officials

Skylar Shaw

Nov 29, 2022 15:46

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Chinese protests and Fed speakers lower market sentiment

As traders reacted to protests in China and hawkish remarks from Fed officials, the S&P 500 ended the day below the 4000 mark.


Protests erupted in China after a fire in the Xinjiang province claimed the lives of 10 people. Protesters felt that anti-coronavirus precautions were to blame for the fire victims' delayed assistance.


Markets worry that China's zero-COVID policy and protests will increase economic pressure and cause more supply chain problems. These worries caused WTI oil to reach yearly lows, but oil markets recovered on December 4 amid speculations of a probable OPEC+ output cut.


Additional pressure was applied on market sentiment by Fed speakers. Fed's Williams stated that by the end of 2023, the jobless rate could reach 5% and inflation would still be too high. He stated that the Fed should keep raising interest rates.


Williams also said that the Fed would start lowering interest rates in 2024, which the market found to be excessively hawkish given that it had hoped the Fed would begin doing so in the second half of 2023.


Bullard of the Fed stated that the markets were underestimating the likelihood of increased interest rates. He said the rates have to be increased by at least 5%.


Tech equities, which are susceptible to shifts in the market's appetite for risk, were the main drivers of today's decline. In today's trading session, Apple, Microsoft, and Meta all experienced a slight decline of roughly 2%.

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