Gold plunged more than 2% to a three-week low on Tuesday (October 28th), as optimism over easing trade tensions boosted risk appetite and dented demand for bullion as a safe-haven asset, while investors shifted their attention to this week's Federal Reserve policy meeting. Spot gold prices fell 2% to $3,899.94 per ounce at 08:57 GMT, hitting their lowest level since October 6th. US gold futures for December delivery fell 2.6% to $3,915.30 per ounce. "Hopes to avoid a full-blown trade war between the US and China... (are) driving a rally in risk assets like stocks. On the other hand, this...
The dollar weakened on Tuesday ahead of a series of central bank meetings that are likely to lead to interest rate cuts in the US and as investors continued to monitor President Donald Trump's visit to Asia, hoping for a trade deal with China. The yen strengthened more than 0.6% to 151.855 per dollar ahead of this week's Bank of Japan meeting, where the central bank is expected to keep interest rates unchanged, but focus will be on whether it provides any clues about the timing of the next hike. Comments from US Treasury Secretary Scott Bessent boosted the yen as he called for "sound...
Gold (XAU/USD) continued its decline on Tuesday (October 28th) as investors shifted away from safe-haven assets amid a resurgent risk-on sentiment. At the time of writing, XAU/USD was trading around $3,925, down nearly 1.3% on the day, after briefly dipping below $3,900, marking its lowest level in three weeks. The risk-on mood was fueled by optimism surrounding a potential US-China trade truce, with attention focused on the upcoming meeting between US President Donald Trump and Chinese President Xi Jinping, scheduled for Thursday on the sidelines of the APEC Summit in South Korea. The...
The dollar index was little changed around 98.8 on Tuesday, as traders avoided making major moves ahead of the FOMC meeting, with the Federal Reserve widely expected to announce another 25-basis-point cut to the federal funds rate on Wednesday. Investors also looked ahead to Thursday's planned meeting between US President Trump and Chinese President Xi, where the two leaders are expected to discuss a potential trade deal following reports that officials have agreed on a preliminary framework covering rare earth minerals, soybean purchases, and TikTok. The dollar fell sharply against the...