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Silver
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PA
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Gold prices continued to surge on Tuesday, reaching $1,862.8 per ounce for spot gold and $1,876.9 for US gold futures. The escalation of the conflict in the Middle East between Israel and Hamas has increased safe-haven demand for assets like gold and oil. This follows Monday’s significant one-day jump in gold prices, marking the biggest such increase in five months. The surge was largely driven by market uncertainty ahead of the corporate earnings season and U.S inflation data release.
Financial market analyst Kyle Rodda suggests that while these events have catalyzed gold’s rebound from oversold conditions, U.S rates will be a larger driver in the long run. This perspective is backed by remarks from Fed Vice Chair Philip Jefferson and Dallas Fed president Lorie Logan that led to a retreat in benchmark 10-year Treasury yields from their 2007 highs. This indicates a potential shift in the Federal Reserve’s short-term policy rate.
As investors await the minutes from the U.S. central bank’s September meeting due on Wednesday, spot silver, platinum, and palladium prices also showed fluctuations.
In corporate news, notable events included John Humphrey’s appointment as chairman of Lynas Rare Earths, Rio Tinto (NYSE:RIO)’s heritage-related survey suspension, and the ACCC’s approval of a Brookfield-led takeover of Origin Energy. Additionally, share increases in Core Lithium (OTC:CXOXF) and Pilbara were triggered by broker rating changes.
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Source: Investing.com
