Your Morning Gold Update - 26th October 2023 🌅🥇

Hi there! Here's another quick rundown of morning gold news on Thursday 26th October 2023. Let's dive right in.

Gold Prices Soar Past $1,980 📈🔥

Gold prices are on the rise, reaching a five-month high of over $1,980/toz. This surge has been largely driven by geopolitical uncertainties in the Middle East.

The Unexpected Lift 🎈

Despite the strengthening of the U.S. dollar and an increase in Treasury yields, bullion prices continue to rise. Investors are also cautiously evaluating the Federal Reserve's monetary policy in anticipation of its upcoming meeting.

ECB's Due to Press Pause ⏸️💶

The European Central Bank (ECB) is expected to halt its 15-month streak of interest rate hikes due to slowing eurozone economy.

AI and Industrial Demand 🤖

Metals Focus, a research firm, predicts that the boom in Artificial Intelligence could drive up industrial demand for precious metals in the coming year.

Key Economic Indicators📊👀

U.S. Treasury Yields

Yields are nearing the 5% mark, which has adversely affected global stock markets. The U.S. 10-year Treasury yield increased by 11 basis points, reaching 4.989%.

U.S. Q3 GDP 📈

Strong growth is expected. If this happens, high interest rates may continue, which, as we know, can sway gold prices.

ECB Meeting & PCE Price Index 🏦📉

The PCE price index release (tomorrow) and today's ECB meeting are also indicators to watch, as they could have an impact on gold prices.

Market Trends & Earnings 📉📋

• Global shares are at multi-month lows, affecting Europe's STOXX index and Asia-Pacific shares notably.
• Tech stocks are in hot water, especially with Alphabet's shares dropping by 9.5%.
• Meta Platforms (formerly Facebook) had a positive earnings report but showed a shaky outlook, affecting investor confidence.

Currency and Commodities 🌐💱

• The Dollar Index reached a two-week high.
• Oil prices fell slightly but had risen 2% on Wednesday due to Middle East conflict.

What's Coming Up Today (UK time)📆🔮

• 12:15 PM: ECB Interest Rate Decision
  • Current rate stands at 4.5%. This decision could influence the European and global monetary policy landscape.
• 12:30 PM: US Durable Goods Orders for September
  • Expected to show a 0.2% increase. This is a key indicator of economic health that can affect market sentiments.
• 12:30 PM: US GDP Growth Rate for Q3
  • Anticipated to be around 2.1%. This is a significant economic indicator and could set the tone for future monetary policy.
• 12:45 PM: ECB Press Conference
  • More insights into Europe’s economic landscape, which can indirectly affect gold prices.

That's it for today.

Stay ahead, stay informed, and most importantly, stay golden!

DISCLAIMER: Please, note that the information provided in this personal post is a summary of news about gold, aggregated from multiple online sources. It is intended for informational purposes only and should not be construed as investment advice. Always consult with a qualified financial advisor before making any investment decisions.