06:00 UK · Morning brief
☀️ Wed 7 Oct · ⚪ MIXED for gold
Gold about $4,140 (down about $25 since 22:00 UK / 17:00 New York on Tue 6 Oct)
📰 What happened
🟢 Tue 6 Oct: gold bounced from a two-month low to about $4,170 as US bond yields and the dollar eased.
🔴 Overnight: oil rose (Brent, the main world oil price, about $101) on Houthi attacks on Saudi Arabia and a storm heading for US Gulf oil fields. Oil fear means inflation fear, just after the Fed (US central bank) raised rates in September.
🔴 The US 10-year bond yield (interest on US government debt) is near 5.3%, close to its highest since 2002. Gold pays no interest, so high yields weigh on it.
🟢 China's central bank bought gold for a 23rd month in a row in September, about 23 tonnes.
📅 Next 24 hours (UK / New York)
19:00 / 14:00 Fed meeting minutes (written notes of the Fed's rate meeting) 🔥🔥 MEDIUM
Notes from September, when the Fed raised rates to 3.75%-4.00%
🟢 if they lean to a pause | 🔴 if they lean to more hikes
📖 Gold lesson
Gold pays no interest. When safe US bonds pay over 5%, holding gold means giving up that interest. That is why gold struggled even after the weak US jobs report on Fri 2 Oct.
11:56 UK · Week ahead
📅 Never forget when big gold news is coming
Our free gold news calendar puts the big US news that moves gold on your phone.
⏰ An alert 15 minutes before, and again when it lands.
🌍 It shows in your own time zone and updates itself.
✅ Never miss the US jobs report or a Fed decision again.
Still to come this week:
🔥🔥 Wed 7 Oct · Notes from the Fed's last rate meeting (minutes) · 19:00 UK / 14:00 New York
Next big one: 🔥🔥🔥 Wed 14 Oct · US inflation (CPI) · 13:30 UK / 8:30 New York
13:38 UK · Update
📉 Gold down 2.0% today · $4,081.80 at 13:29 UK
−$83 since the close on Tue 06 Oct
Why it moved (🔴 bearish news for gold):
🔴 The US 30-year bond yield rose 0.05 points to 5.70%, the highest since 2002
🔴 The yen weakened as bets on a Bank of Japan rate rise faded
💡 Higher US bond yields and a stronger dollar make gold less attractive to investors.
🕒 Wed 07 Oct · 13:29 UK / 08:29 New York
19:49 UK · News landed
⚡ 🔴 BEARISH for gold · 🇺🇸 Fed meeting notes (FOMC minutes) · 🔥🔥 MEDIUM
🕒 Wed 7 Oct, 19:00 UK / 14:00 New York
What happened: Notes from the Fed's September interest-rate meeting came out. Most officials saw another rate rise by year end as likely, and almost all saw inflation risks leaning higher.
Gold: about $4,110 by 19:42 UK / 14:42 New York
Gold was already down about 1.3% on the day before the notes, as the dollar and US bond rates rose.
Why: A tougher (hawkish) Fed means higher rates for longer and a firmer dollar, so bearish for gold. Mostly what the Fed flagged in September, and written before the weaker jobs and inflation data since.
21:22 UK · Gold today
🌙 Gold today · Wed 7 Oct · $4,106, down 1.4%
Change on the day: down $58
Range $4,066 to $4,171
What moved it
🔴 Oil back above $100 on Hormuz ship attacks (by 13:30 UK / 08:30 New York)
bearish for gold
🔴 US borrowing cost (10-year yield) hits 24-year high (15:14 UK / 10:14 New York)
bearish for gold
🔴 Fed meeting notes (minutes): most see another rate rise this year (19:00 UK / 14:00 New York)
bearish for gold
Thu 8 Oct
🔥🔥 Fed rate-setter Waller speaks, 09:30 UK / 04:30 New York
🔥🔥 US jobless claims (new benefit claims), 13:30 UK / 08:30 New York
