☀️ Tue 6 Oct · 🔴 BEARISH for gold
Gold about $4,122 (down about $13 since Monday's brief)
📰 What happened
🔴 US services survey (ISM, above 50 = growing): 54.9, close to forecast. But prices firms pay hit the highest since July 2022. That can keep US rates high.
🔴 US 10-year bond rate (yield) about 5.3%, near its highest since 2002. Gold pays no interest.
🔴 The dollar stayed strong as the euro slid on French debt worries. That makes gold dearer in other currencies.
⚪ Markets see about a 1 in 5 chance of a Fed rate rise on 28 Oct, but over 80% by December.
⚪ Oil steady near $101 (Brent). Gulf shipping is recovering, but tanker attacks keep worries alive.
📅 Next 24 hours (UK / New York)
06:35 / 01:35 Bank of Japan boss Ueda speaks 🔥🔥 MEDIUM
Markets watch for hints of a Japan rate rise
🟢 if he hints at a rise | 🔴 if in no rush (via the dollar)
14:05 / 09:05 New York Fed's Williams hosts a panel 🔥🔥 MEDIUM
At a conference on bank culture, rates may not come up
🟢 if softer on rates | 🔴 if tougher
15:45 / 10:45 Fed's Bowman (votes on US rates) 🔥🔥 MEDIUM
Topic: bank rules and supervision
🟢 if softer on rates | 🔴 if tougher
Wed 00:00 / Tue 19:00 Dallas Fed's Logan speaks 🔥🔥 MEDIUM
Topic not confirmed
🟢 if softer on rates | 🔴 if tougher
📖 Gold lesson
Gold pays no interest. When safe US government bonds pay about 5.3% a year, holding gold means giving that up. That is why rising bond rates often weigh on gold.