Gold prices seem to be a bit stuck following a very impressive rally to the all-time highs. On one hand we can see oil prices surging on the geopolitical risks. That should be positive for the Gold prices as well. However, we are also looking at the stronger dollar and declining bond prices – both in the aftermath of the surprisingly strong September NFP report. In fact, rising oil prices may further dent expectations for interest rate cuts in the US and… exert more pressure on Gold prices. So Gold seems to be in a bit of a tricky spot. For sure the metal would benefit from weaker US data. Nevertheless, the longer term rally remains valid, at least for now.
Market wrap: Oil gains amid US - Iran tensions 📈 European indices muted before US NFP report
📈 Gold jumps 1.5% ahead of NFP, hitting its highest level since Jan. 30
Silver rallies 3% 📈 A return of bullish momentum in precious metals?
Daily summary: Weak US data drags markets down, precious metals under pressure again!