☀️ Fri 9 Oct · ⚪ MIXED for gold
Gold about $4,180 (up about $45 since the last brief)
📰 What happened
🟢 Overnight: gold rose from about $4,130 late Thursday to about $4,180 in Asia, as US bond rates (yields) eased and the dollar's rise paused.
🟢 Strong demand at a US 30-year bond sale pulled long-term rates back from their highest since 2002.
🟢 Trump called talks with Iran "productive" and said no US attack is planned before the 3 Nov midterm elections. Oil (Brent) slipped to about $103.50. Easing oil fear helps gold a little.
🔴 Oil had jumped about 4% to about $104 on tanker attacks and reports the US was weighing strikes on Iran. Fear through oil means inflation fear while the Fed is raising rates.
🔴 Fed: Governor Waller and St. Louis Fed head Musalem said more rate rises are likely needed. Markets see about an 80% chance of a December hike.
📅 Next 24 hours (Times: UK / New York)
14:30 / 09:30 Kansas City Fed head Schmid (takes part in Fed rate meetings) speaks 🔥🔥 MEDIUM
Topic not confirmed
🟢 if he leans to a pause | 🔴 if he leans to more hikes
15:00 / 10:00 US consumer mood survey (University of Michigan) 🔥🔥 MEDIUM
Expected 47.5 to 47.6 (prev 48.1). Higher = shoppers more upbeat
🟢 if gloomier | 🔴 if more upbeat
21:00 / 16:00 Boston Fed head Collins (also in Fed rate meetings) speaks 🔥🔥 MEDIUM
Topic not confirmed
🟢 if she leans to a pause | 🔴 if she leans to more hikes
📖 Gold lesson
Gold pays no interest. When US bond rates fall, holding gold costs less in missed interest, so its price often rises.